Healthcare Business Intelligence Market, Opportunities, Size, Share, Trends Analysis and Forecast to 2030
Healthcare Business Intelligence Market
Healthcare
business intelligence market is expected to reach USD 6753.15 Million by 2030 at 14.9% CAGR during
the forecast period.
Business
intelligence is a set of processes, architectures, and technologies used for
the collection, integration, analysis, and presentation of business information.
Healthcare data analytics provides healthcare companies and hospitals to
prepare, analyze & visualize big and disparate data. Factors characterizing
the market growth are the worldwide surge in the number of patient registries,
increasing adoption of big data in healthcare, the presence of government
initiatives to increase electronic health record (EHR) adoption, and growing
need to curb healthcare costs. On the contrary, the lack of skilled
professionals in the Asia-Pacific and African regions along with the complexity
of systems is anticipated to hinder the market growth over the forecast period.
Novel trends in the
healthcare business intelligence are artificial intelligence (AI) or machine
learning, data insurance or security, multi-cloud system, and advanced
analytics, which is increasingly facilitating the adoption of BI in the
healthcare sector. Big data analytics along with the internet of things are
revolutionizing the healthcare sector in terms of health tracking, reducing
healthcare associated costs, assisting high-risk patients, and preventing human
errors.
Major Key
Players:
Some of the Key Healthcare Business Intelligence Market
Players are
Microsoft Corporation, International Business Machines Corporation, SAP SE,
Oracle Corporation, SAS Institute, Tableau Software, MicroStrategy
Incorporated, Qlik Technologies, Information Builders, Sisense, Yellowfin
International Pty Ltd, and BOARD International S.A.
Segment Analysis
The business intelligence in healthcare market 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.
Regional Analysis
The global healthcare business
intelligence market has been segmented by region into the Americas, Europe,
Asia-Pacific, and the Middle East & Africa. On the basis of region, the
Americas is expected to dominate the global healthcare business intelligence
market. This is due to the presence of software and service vendors, and
sophisticated healthcare infrastructure, mounting adoption of data-driven
decision-making, and emerging fields of prescriptive, predictive analytics.
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.
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