Growth Strategies Adopted by players to Sustain their growth in the Healthcare IT Consulting Market

Posted on 2020-05-28 by MarketsandMarkets in Healthcare // 0 Comments

The global Healthcare IT Consulting Market is expected to reach USD 45.42 Billion by 2022 from USD 18.38 Billion in 2017, at a CAGR of 19.8%. Growing digitization in healthcare, rapid changes in the HCIT landscape, government support for healthcare IT solutions, growing HCIT expenditure, lack of skilled IT professionals in healthcare, increasing venture capital investments in health IT and rising need for data security are the major factors that are expected to drive the growth of the HCIT consulting services market

Partnerships, collaborations, agreements, and acquisitions accounted for the majority of the growth strategies adopted by players to sustain their growth in the market.

The global HCIT consulting services market is highly fragmented with several big and small players. Prominent players in the market include Accenture plc (Ireland), Cognizant Technology Solutions Corporation (US), Deloitte Touche Tohmatsu Limited (US), Cerner Corporation (US), Siemens Healthineers (Germany), McKesson Corporation (US), Epic Systems Corporation (US), IBM Corporation (US), General Electric Company (US), Tata Consultancy Services Limited (India), Koninklijke Philips N.V. (Netherlands), NTT DATA Corporation (Japan), Infor Inc. (US), Allscripts Healthcare Solutions, Inc. (US), and Oracle Corporation (US).

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In 2016, Accenture plc dominated the HCIT consulting services market. With its large presence and expertise in the area of IT consulting services, the company has maintained its leading position in the market. The company’s expertise, experience, and comprehensive capabilities in various industries (including healthcare) and business functions, enable it to maintain its position in the market. The company has a wide global presence with operations in North America, Europe, and rest of the growth markets. The company mainly focuses on inorganic approaches like partnerships and acquisitions to enhance its position in the HCIT consulting services market. For instance, in May 2016, the company entered into a partnership with GE Healthcare (US) to introduce an offering to help improve medical claims processing and related cash flow for healthcare providers.

Cognizant Technology Solutions Corporation has maintained its strong market position by dominating the global HCIT consulting services market. The company has adopted inorganic strategies like partnerships and agreements to maintain its position in the market. For instance, in September 2015, the company entered into a partnership with Verizon Communications Inc. (US) to accelerate the delivery of technology-based solutions to enterprise clients including healthcare organizations.

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