Companies that have delivered the right blend of 360 degree consulting, easier and shorter training sessions and exceptional operational services along with round-the-clock support and maintenance services have been displaying market leadership in terms of revenues and number of installed bases.
New analysis from Frost & Sullivan (healthcareIT.frost.com), Healthcare IT Professional Service Markets in Europe, finds that the markets earned revenues of $2.19 billion in 2008 and estimates this to reach $3.64 billion in 2015. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: healthcare IT consulting services, training services, operational services and support and maintenance services.
"The revenue potential of professional services in the healthcare IT (HIT) markets is significant because they create a recurring revenue stream for vendors," notes Frost & Sullivan Senior Research Analyst S. Priyan. "IT services expenditure is one of the main concerns of end users in the context of HT spending. Support and maintenance services, in particular, account for more than 50 per cent of the total professional services markets in Europe."
Professional services markets in Europe are projected to grow at a compound annual growth rate (CAGR) of more than 7 per cent by 2015. The support and maintenance services segment is poised to continue holding a major share of overall market revenues. The development of a suite of highly customised and user-friendly services could further enhance the growth rate of the market.
The already sizeable demand for experts in healthcare IT professional services is increasing in Europe. However, the scarcity of professionals with expertise in both healthcare and IT sectors, coupled with the high pay cheques demanded by professionals, are imposing more constraints on market expansion.
"Mounting pressure to reduce costs in the healthcare sector will make it increasingly difficult for vendors to continue with current spending levels on the employment of professional services experts," explains Priyan.
The supply of professional services experts should rise not only to meet the currently growing demand but also to control the costs associated with their pay cheques.
Easily customised and adaptable training services with appreciable post-sale support and maintenance services will boost customer retention, system utilisation and overall growth of the market.
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Katja Feick, Corporate Communications, at katja.feick[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by email.
Healthcare IT Professional Services Markets in Europe is part o f the Healthcare & Life Sciences IT Growth Partnership Service programme, which also includes research in the following markets: Regulations Affecting European Healthcare IT, Primary Care Information Systems Market in Europe, Global Pharmaceutical CRM Markets, Laboratory Information Systems Market in Europe, and European Market for Imaging in Healthcare. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 35 offices on six continents.
Healthcare IT Professional Services Markets in Europe / M37E