The global healthcare business intelligence (BI) platform market is expected to reach US$3.91 bn by the end of 2023. According to a research report released by Transparency Market Research, this market is expanding at a CAGR of 11.7% within a forecast period from 2015 to 2023. The global healthcare business intelligence (BI) platform market was recorded at US$1.52 bn in 2014. The report, featured under the technology and media section, is entitled, “Healthcare BI Platform Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 – 2023.”
Similar to business intelligence platforms in other sectors, healthcare BI platforms can help any healthcare organization create relevant applications to gain a stronger grasp on the various processes they are running. BI platforms make use of technologies that can improve a healthcare organization’s quality assurance levels and even help in reducing overspending. These can be considered as the biggest drivers for the global healthcare BI platform market.
This market is expected to grow at an accelerated rate due to the advancements in existing technologies. Moreover, the integration of cloud computing solutions into healthcare BI is expected to be a major driver for the market. Another factor propelling the global healthcare BI platform market is the growing number of collaborations between players and clients to improve existing trends such as self-service BI platforms.
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The report presents a segmented analysis of the global healthcare BI platform market on the basis of function, type, model, and region.
The various functions in the global healthcare BI platform market are operational analysis, financial analysis, clinical analysis, and others such as regulatory reporting. In 2014, 35.0% of the market was held by the segment of financial analytics, which was the leading segment at the time.
On the basis of deployment type, the market is segmented into cloud and on-premise. Of these, TMR analysts expect cloud-based deployment platforms to show the fastest growth rate in the forecast period.
With corporate and self-service being the two model types in the global healthcare BI platform market, it is expected to be propelled by the high growth rate of the self-service segment.
The report’s geographical perspective sheds light on the most active and successful regions in the global healthcare BI platform market. As per the findings, 47.8% of the market was occupied by North America in 2014, owing to high healthcare expenditures and a growing need to cut costs internally. The North America healthcare BI platform market has especially experienced a major increase in the demand for cloud computing solutions in the recent past. The demand is expected to increase even further in the given forecast period.