Healthcare Business Intelligence Market
Healthcare business intelligence market is projected to grow from USD 2.87 Billion in 2023 to USD 6.61 billion by 2030 at CAGR 14.90% 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 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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