Healthcare Business Intelligence Market Size, Growth and Share Analysis By Component (Platforms, Software, Services), Function (OLAP and Visualization, Performance Management), Application (Financial Analysis), Deployment Model, and End User, Global Forecast till 2023
Healthcare Business Intelligence Market Overview
Healthcare business intelligence, simply put, is the aggregation, use, and clinical intelligence analysis of healthcare settings for effective decision-making. It also includes the use of non-traditional, operational, and financial data captured from external and internal sources of healthcare settings. The Healthcare Business Intelligence Market size in 2017 was valued at USD 3,650.1 million and is likely to grow at a 15.5% CAGR between 2018- 2023, according to the latest analysis by Market Research Future (MRFR). Clinical business intelligence is a technique of applying healthcare data analytics to medical records of patients through different systems to improve medical care.
This analysis helps managers and care providers in making better decisions regarding the patient’s current and future treatment. Various factors are adding to the healthcare business intelligence market growth. According to the new MRFR report, such factors include increasing need to curb healthcare costs, the presence of government initiatives to increase the adoption of the electronic health record, increasing use of big data in healthcare management analysis, and increase in patient registries. On the contrary, the dearth of skilled experts may limit the healthcare business intelligence market growth over the forecast period.
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Healthcare Business Intelligence Market Key Players
Leading players profiled in the global healthcare business intelligence market report include BOARD International S.A., Yellowfin International Pty Ltd, Sisense, Information Builders, Qlik Technologies, MicroStrategy Incorporated, Tableau Software, SAS Institute, Oracle Corporation, SAP SE, International Business Machines Corporation, and Microsoft Corporation.
Healthcare Business Intelligence Market Regional Analysis
Based on the region, the global healthcare business intelligence market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will dominate the market over the forecast period. Increasing use of these services and solutions by healthcare enterprises in Canada & the US, accessibility of high-quality health services, and the presence of leading software & service providers are adding to the healthcare business intelligence market growth in the region.
The healthcare business intelligence market in Europe is predicted to hold the second-largest share over the forecast period. Burgeoning demand for electronic health record software & predictive systems in Spain, France, Germany, and the UK, spreading IoT connectivity, growing healthcare industries, and rising adoption of advanced medical technologies are adding to the healthcare business intelligence market growth in the region.
The healthcare business intelligence market in the APAC region is predicted to grow at a fast pace over the forecast period. Indian companies shifting focus to architecture-centric, state of the art, and strategic data & analytics programs, advances in machine learning and algorithm development, rising investment in healthcare infrastructure, and increasing penetration of internet & smartphones are adding to the healthcare business intelligence market growth in the region.
The healthcare business intelligence market in the MEA is predicted to have modest growth over the forecast period for increasing spending on business intelligence & analytics in the UAE & South Africa, presence of digital transformation initiatives, and cloud-based deployments of enterprise application solutions gaining momentum in the GCC region as it provides cost benefits, scalability, and flexibility to healthcare enterprises are adding to the healthcare business intelligence market growth in the region.
Healthcare Business Intelligence Market Segmentation
The MRFR report gives an inclusive segmental analysis of the global healthcare business intelligence market report based on end user, deployment model, application, function, and component.
By function, the global healthcare business intelligence market is segmented into query and reporting, performance management, and OLAP & visualization. Of these, OLAP & visualization will dominate the market over the forecast period.
By component, the global healthcare business intelligence market is segmented into services, software, and platform. Of these, platforms will lead the market over the forecast period.
By application, the global healthcare business intelligence market is segmented into operational analysis, clinical analysis, and financial analysis. Financial analysis is again segmented into risk adjustment & assessment, waste and abuse, payment integrity and fraud, revenue cycle management, and claims processing. Clinical analysis is again segmented into precision health, comparative analytics/effectiveness, regulatory reporting and compliance, clinical decision support, and quality improvement & clinical benchmarking. Operational analysis segment is again segmented into strategic analysis, workforce analysis, and inventory analysis. Of these, financial analysis will have a major share in the market over the forecast period.
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By deployment model, the global healthcare business intelligence market is segmented into hybrid, on-premise, and cloud-based. Of these, the on-premise segment will spearhead the market over the forecast period.
By end user, the global healthcare business intelligence market is segmented into providers, payers, and others. Of these, payers will have lions share in the market over the forecast period.
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