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Monday, Mar 18, 2002

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`Bio-IT to grow 24 pc annually'

Our Bureau

BANGALORE: The bio-IT market will increase at a compounded annual growth rate (CAGR) of 24 per cent to nearly $ 38 billion by 2006, according to IDC's new research and advisory service.

The bio-IT market was also expected to drive incremental revenue into IT for at least the next 10 years, said the study. All major hardware, software, and services OEMs are expected to target the bioscience market with products and services.

``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,'' said the release.

The sector would require high-performance computers and servers, storage and data and knowledge management, database technologies and tools, visualisation, application software, as well as the associated services.

The study said that storage would be one of the largest areas of bio-IT spending and would account for $11.8 billion by 2006.

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