Healthcare Business Intelligence Market Overview
The global healthcare business intelligence market is predicted to grow at a 15.5% CAGR between 2018-2023, reveals the latest Market Research Future (MRFR) report. Business intelligence has revolutionized the healthcare industry. Right from the remaining complaint, monitoring cash flows, better visibility to financial operations, reduced costs, management, to improved patient safety, the healthcare sector is moving towards the data-driven world. Business intelligence is no longer an option but has turned into a necessity for healthcare.
Novel trends in the healthcare business intelligence market are artificial intelligence (AI) or machine learning, data insurance or security, multi-cloud system, and advanced analytics, which is increasingly facilitating the adoption of BI in the healthcare sector. Big data analytics along with the internet of things are revolutionizing the healthcare sector in terms of health tracking, reducing healthcare associated costs, assisting high-risk patients, and preventing human errors.
Various factors are propelling the healthcare business intelligence market growth. These factors, as per the new Market Research Future (MRFR) report, include growing need for enhanced patient outcomes, increasing prevalence of chronic diseases, rising need for improved data regularization, trend of personalized medicines, increasing use of healthcare analytics software in clinical trials, and technological advancements in cloud computing, big data, and business intelligence. Additional factors pushing market growth include rising adoption of data-driven decision-making, increasing number of patient registries, and increasing pressure to recover patient outcomes and restrict healthcare expenses.
Healthcare Business Intelligence Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the healthcare business intelligence market on the basis of end user, deployment model, application, function, and component.
- Based on the component, the healthcare business intelligence market is segmented into services, software, and platforms. Of these, the platforms segment will have the largest share in the market over the forecast period chiefly due to the increasing requirement for customized BI solutions that caters to the specific needs of enterprises.
- Based on function, the healthcare business intelligence market is segmented into reporting, query, performance management, and OLAP and visualization. Of these, the OLAP and visualization segment is predicted to lead the market over the forecast period as it offers competitive advantages, enables productivity improvement, and offers quick insights for decision-making.
- Based on the application, the healthcare business intelligence market is segmented into the operational analysis, clinical analysis, and financial analysis.
- Based on the deployment model, the healthcare business intelligence market is segmented into hybrid, on-premise, and cloud-based. Of these, the on-premise model segment will have the maximum share in the market over the forecast period as it is more customizable.
Healthcare business intelligence Market Competitive Landscape:
Some of the foremost players in the global healthcare business intelligence market are Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle Corporation, SAS Institute, Tableau Software, MicroStrategy Incorporated, Qlik Technologies, Information Builders, Sisense, Yellowfin International Pty Ltd, and BOARD International S.A.
Healthcare business intelligence Market Regional Analysis
By region, the healthcare business intelligence market report covers the latest trends and growth opportunities across the Americas, the Middle East and Africa, the Asia Pacific, and Europe. Of these, the Americas will dominate the market over the forecast period. Factors aiding the growth of the healthcare business intelligence market in the region include emerging fields of predictive, prescriptive analytics, increasing adoption of decision-making that is data-driven, sophisticated healthcare infrastructure, and the presence of several service and software vendors.
The healthcare business intelligence market in Europe is predicted to have the second-largest share in the market over the forecast period. Factors aiding the growth of the healthcare business intelligence market in the region include the presence of leading vendors in the region, growing use of advanced medical technologies, and burgeoning healthcare vertical.
The healthcare business intelligence market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding the growth of the healthcare business intelligence market in the region include an increasing number of start-ups emphasizing on mobile application development, rapid industrialization in India, Japan, and China, rising investments in the healthcare infrastructure, and increasing penetration of the internet and smartphones.
The healthcare business intelligence market in the MEA is predicted to have a small share over the forecast period.
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