Healthcare Business Intelligence Market worth $8.9 billion by 2023
Factors such as the implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, and the increasing number of patient registries are expected to drive the growth of the healthcare business intelligence market.
“Healthcare Business Intelligence Market by Component (Platform, Software, Service), Function (OLAP, Performance Management), Application (RCM, Inventory, Strategy Analysis), Deployment Model (Cloud, Hybrid) & End User (Payer, Hospital) – Forecast to 2023”, published by MarketsandMarkets, 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% during the forecast period.
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Vendors are increasingly delivering BI platforms with high levels of internal platform integration and embedded BI capabilities which is driving the growth of this segment
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.
OLAP & visualization is expected to account for the largest share of the healthcare business intelligence market in 2018
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.
The increasingly focusing on cutting costs and implementing practices that will help their operations remain profitable has made financial analysis solutions all the more significant
Based on application, the healthcare business intelligence 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.
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North America is expected to account for the largest market size during the forecast period
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.
Key players in healthcare business intelligence market
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).