Biology and other life sciences will soon emerge as a major new market for data management vendors, says IDC. While other information technology sectors are struggling, the Bio-IT sector is gaining rapid momentum. According to IDC, the Bio-IT market will increase at a compound annual growth rate of 24 percent to nearly $38 billion by 2006.
Factors driving this growth include rapid acceptance of new biology methods and informatics-based drug design, according to IDC. “We see this market driving incremental revenue into IT, particularly high-performance computers and servers, storage and data and knowledge management, database technologies and tools, visualization, and application software as well as the associated services required to support these emerging organizations for at least the next 10 years,” says Debra Goldfarb, IDC group vice president, worldwide systems and life sciences research.
Goldfarb also notes:
- By 2006, storage will represent the largest single element of Bio-IT spending, accounting for $11.8 billion. Driving this demand for storage systems is the exponential growth in data and complex data elements emerging in the post- genomics era.
- Servers will represent the second- largest element of spending across all sectors. This growth will occur as increasingly complex computational workloads emerge, as the industry moves beyond genomics into proteomics, systems biology, and docking applications.
- Increased demand for gigabit or higher switched LAN infrastructure as well as demand for data and application integration, process reengineering, architectural design and deployment, and consulting services will result in robust growth in the networking and services sectors of 35 percent and 33 percent, respectively.
- Pharmaceutical, biotechnology and basic research are the top target markets for IT suppliers, based on infrastructure spending. These sectors are experiencing the most significant build out of infrastructure.
- All major hardware, software and services OEMs will target the bioscience market with products and services.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access