Hewlett-Packard’s (HPQ - Free Report) analytical platform, Vertica, has been chosen by Cerner Corporation (CERN - Free Report) , a provider of health care delivery systems.
H-P’s Vertica Analytics Platform, part of the HP HAVEn initiative has provided Cerner with the required analytics and data management services and solutions to improve the performance of Cerner’s Millennium and Health Facts solutions.
Leveraging H-P’s Vertica Analytics Platform, Cerner is now able to manage and analyze large amounts of information for efficient and advanced clinical analysis and improved patient care.
H-P has realized that better management and analysis of data can help companies efficiently manage their customers. With this in mind, H-P has recently shifted its focus toward the analytics market. However, other consulting and IT companies such as Accenture Plc. (ACN - Free Report) , International Business Machines (IBM - Free Report) and Cognizant Technologies have been in the analytics market for quite some time which might make it difficult for H-P to pick up market share.
As per a recent research report published by Gartner, the global analytics and business intelligence market is expected to grow 7.0% in 2013. Though this growth rate seems decent, it is low compared with the 16.0% growth estimated for 2011.
Gartner also expects the growth rate to remain in the single-digit range for the next few years. At the end of 2013, the analytics and business intelligence market will remain at $13.8 billion and grow to $17.1 billion by 2016.
Nonetheless, H-P is still reeling under pressure from the declining PC business and broad-based revenue declines from its other revenue generating segments. The company has also hinted at muted revenue growth in 2014.
However, H-P’s growing focus on new business segments, such as electronic medical records, cloud computing and the recently added analytics will help the company to grow in the coming quarters.
Currently, H-P has a Zacks Rank #3 (Hold).