Healthcare Business Intelligence Market | Cloud-Based Healthcare BI Solutions
Posted by HealthcareNews on August 18th, 2020
Healthcare Business Intelligence (BI) Market by Component (Platform, Software, Service), Function (OLAP, Performance Management), Application (RCM, Inventory, Strategy Analysis), Deployment Model (Cloud, Hybrid) & End User (Payer, Hospital)
[194 Pages Report] The healthcare business intelligence market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3%.
Market Growth Drivers:
1. Adoption of Data-Driven Decision-Making
2. Implementation of Government Initiatives to Increase EHR Adoption
3. Growing Pressure to Curb Healthcare Spending and Improve Patient Outcomes
4. Big Data in Healthcare
5. Increasing Number of Patient Registries
1. Growing Demand for Cloud-Based Healthcare BI Solutions
2. Increasing Focus on Value-Based Medicine
3. Use of BI in Precision and Personalized Medicine
Objective of Study:
1. To define, describe, and segment the global market by product & service, technology, application, end user and region.
2. To provide detailed information about factors influencing market growth (drivers, restraints, and opportunities).
3. To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the global industry
4. To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
5. To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
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In-Depth Market Segmentation Analysis:
On the basis of component, the healthcare BI market is segmented into platforms, software, and services. In 2018, the healthcare business intelligence platforms segment are expected to account for the largest share of the market. The large share of this market segment is mainly driven by the increasing requirement for customized BI solutions catering to individual requirements of organizations and allowing them the flexibility to build and integrate BI solutions into existing healthcare business applications for higher efficiency and reduced costs.
The market, by function, is segmented into OLAP & visualization, performance management, and query & reporting. In 2018, OLAP & visualization is expected to account for the largest share of the market. OLAP & visualization provides quick insights for decision-making, allows for productivity improvement, and provides competitive advantages; these benefits have supported the growth of this market segment.
Based on application, the healthcare business intelligence (BI) market is segmented into clinical analysis, financial analysis, and operational analysis. In 2018, financial analysis segment are expected to account for the largest share of the market. Due to the rising focus of payers on the early detection of fraud and reducing preventable costs, the market for financial analysis is expected to register a significant growth during the forecast period.
Geographic Growth Analysis:
Detailed analysis of market in European countries such as the UK, Germany, France, Italy, Spain, and others.
Detailed analysis of industry in Asia Pacific countries such as China, Japan, India, and others.
The market is dominated by North America, followed by Europe, Asia, and RoW. The market in North America is expected to witness the highest growth during the forecast period. The high growth of the North American market can be attributed to the increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.
The market is highly competitive in nature, with several big as well as emerging players. Prominent players in this market include Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US), Information Builders (US), Sisense Inc. (US), Yellowfin BI (Australia), and BOARD International (Switzerland).
IBM is one of the key players in the healthcare BI market and provides a comprehensive range of solutions for this market. IBM is an innovation-centric company; its R&D expenditure has increased substantially in 2017 as compared to 2015. In 2017, it invested 7.3% of its annual revenue in R&D activities.