The mHealth market will account for nearly $18 billion in revenues in 2016, and is expected to grow at a CAGR of 40% over the next 5 years, according to a recent report from Research and Markets.

Estimates suggest that mHealth centric wearable devices will account for over 130 million unit shipments by the end of 2020. In order to gain valuable insights from the data generated by these devices, healthcare providers and other stakeholders are increasingly investing in Big Data and analytics technology.

Related to that, Big Data and analytics technology investments in the healthcare sector will account for over $4 billion by 2020, following a CAGR of over 14% between 2015 and 2020.

Beyond healthcare providers, we have pharmaceutical companies increasingly incorporating smartphone and tablet based monitoring apps in their clinical trials to reduce error rates and enhance patient monitoring.

mHealth has the potential to dramatically reduce the costs of healthcare operations, while improving the quality of healthcare. By the end of 2016, mHealth could represent up to $340 billion in annual healthcare cost savings worldwide.