Global Cloud-based Drug Discovery Platforms Market: Overview
Drug discovery platform basically is a research and development facility, physical or virtual, where medicines are discovered and formulated for different diseases. Over the years, with gigantic leaps in technology, the drug discovery platforms too have undergone sea change. The most recent trend is the uptake of digital technologies. An example in that direction is the cloud-based drug discovery platforms that offer manufacturers the opportunity to store substantial data cost effectively. This convenience has ensured that the budding global cloud-based drug discovery platforms market is on a sustained growth high growth trajectory.
The various kinds of services in the global cloud-based drug discovery platforms market can be classified into Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). PaaS provides full hardware architecture and software framework; IaaS provides servers, data-center space, and network equipment such as software for businesses and switches and routers; and SaaS gives access to software only through online medium.
Global Cloud-based Drug Discovery Platforms Market: Key Trends
The global cloud-based drug discovery platforms market is gaining traction because of the massive benefits it offers to end users. It enables customers to carry out their tasks smoothly by deploying a variety of mobile and web-accessible applications. It also serves to bring about collaborative and secure project management and sharing of information seamlessly. Further, the cloud-based drug discovery platform is scalable and can provide tailor-made solutions for projects.
The global could-based drug discovery platforms market is being boosted by the continued progress in technology too. It is helping to add innovative features to users. The cloud-based drug discovery platforms are accessible via notebook, computers, and mobiles. It is secure and can be maintained by a third party as well.
The global cloud-based drug discovery platform market is mainly being driven owing to the demand generated by end use segments of biotech vendors, pharmaceutical vendors, contract research organizations, and others. Among them, the pharmaceutical vendors generate most of the demand in the market at present. Contract research organizations are also an attractive end use segment.
Global Cloud-based Drug Discovery Platforms Market: Regional Outlook
Geographically, the global cloud-based drug discovery platforms market is spread across Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Western Europe and North America are prominent regions among them. Several pharma companies in the region have already leveraged cloud-based drug discovery platform, and in future more companies are expected to follow suit. Meanwhile, the cloud-based drug discovery platforms market in Asia Pacific is set to gain momentum in the near future. For example, the life sciences companies in the APAC region are embracing clinical cloud platforms to create more evolved technologies having enhanced operational efficiency and productivity.
Global Cloud-based Drug Discovery Platforms Market: Competitive Dynamics
Prominent participants in the global cloud-based drug discovery platforms market that have been profiled in the report include IBM Corporation, Tata Consultancy Services Limited, Accenture PLC, BioXcel Corporation, SAS Institute Inc., and Cloud Pharmaceuticals Inc.