Business Intelligence (BI) In Healthcare Market Healthcare Estimated At About $2.4 Million In 2013, Is Expected To Reach More Than $4.7 Million By 2018, Growing At A Compound Annual Growth Rate Of 14.8 Percent Over The Period.
Market Research Future (MRFR) announces the publication of its research report – Global Healthcare Business Intelligence Market, 2018–2023. The Global Healthcare Business Intelligence (BI) Market Held A Market Value Of USD 3,650.1 Million In 2017 And Is Projected To Grow At A CAGR Of 15.5% Over The Forecast Period.
Some Of The Leading Players In The Global Healthcare Business Intelligence Market Are: Oracle Corporation, SAS Institute, Tableau Software, MicroStrategy Incorporated, Qlik Technologies, Information Builders, Sisense, Yellowfin International Pty Ltd, and BOARD International S.A.
Factors characterizing the market growth are the emergence of big data in the healthcare industry, rising demand to curb healthcare costs and improve patient outcomes, a surging number of patient registries, and increasing adoption of data-driven decision-making. In contrast, the complexity of systems and the dearth of skilled personnel in the Asia-Pacific and African regions are anticipated to limit the adoption of BI in healthcare space over the forecast period.
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Currently, the global healthcare business intelligence market is led by numerous key players. The major value contributors in the market are implementing miscellaneous growth strategies such as new product launches, collaborations & partnerships, operational & geographical expansion, joint ventures, divestitures, and mergers & acquisitions.
For instance, in March 2018, International Business Machines (IBM) Corporation launched a new cloud for data science and engineering called Cloud Private Data. This is designed to assist healthcare enterprises to utilize data science and machine learning techniques to generate insight from data, and then engineer artificial intelligence (AI) products that put those insights into use.
The Global Healthcare Business Intelligence Market (BI) Has Been Segmented Into Component, Function, Application, Deployment Model, End User, and Region.
By component, the market has been segmented into platforms, software, and services.
On the basis of function, the market has been divided into OLAP and visualization, performance management, and query and reporting.
Based on application, the market has been categorized into financial analysis, clinical analysis, and operational analysis. The financial analysis is further categorized into claims processing, revenue cycle management, payment integrity and fraud, waste, and abuse, and risk adjustment and assessment. The clinical analysis segment is sub-segmented into quality improvement and clinical benchmarking, clinical decision support, regulatory reporting and compliance, comparative analytics/effectiveness, and precision health. The operational analysis segment is additionally divided into inventory analysis, workforce analysis, and strategic analysis.
By deployment model, the market has been divided into cloud-based, on-premise, and hybrid. On the basis of end user, the market has been categorized into payers, providers, and others.
Europe would be the second-largest region in the healthcare business intelligence market due to burgeoning healthcare vertical, increasing adoption of advanced medical technologies, and the presence of vendors such as SAP SE and BOARD International S.A.
The market in Asia-Pacific is expected to exhibit comparatively higher CAGR over the forecast period owing to increasing penetration of smartphones and internet, increasing investments in the healthcare infrastructure, rapid industrialization in India, China, and Japan, and a growing number of start-ups focusing on mobile application development.
The Middle East & Africa has the least share of the global healthcare business intelligence market. Additionally, the major market share of the region would be held by the Middle East region as the business intelligence and analytics solutions are of paramount importance to organizations in the Gulf Cooperation Council (GCC) countries.
The global market in the Americas is segmented into two major regions, i.e., North America andtLatin America. The North American region is to witness supremacy over other regions in next five years owing to the abundant presence of business intelligence providers and advanced healthcare infrastructure, comparatively higher adoption of big data, high per capita healthcare costs, increasing cases of payment frauds in the US and Canada.
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