Healthcare Business Intelligence (BI) Market is estimated to reach at US$8.9 Bn by 2026
The healthcare business intelligence (BI) market is expected to reach US$8.9 billion by 2026 from US$4.4 billion in 2018, at a CAGR of 15.3% during the forecast period. The study involved four major activities to estimate the current size of the market. Exhaustive secondary research was done to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub segments.
With the constantly increasing number of data sources and the complexity of data generated within the healthcare organizations, which can be useful and also has the potential to increase revenue as well as profitability, the healthcare business intelligence market is shaping up. Overall this involves the aggregation, analysis, and use of clinical, financial, operational, and non-traditional data captured inside and out of the healthcare setting to directly inform decision-making. It has the power to positively impact patient care delivery, health outcomes, and business operations.
The driver for this is the need for advanced analytics to support decision-making capabilities. Hospitals and other healthcare organizations require predictive modeling and data visualization tools from modern business intelligence software applications to gain insights regarding patient care and satisfaction, labor distribution, clinical operations, daily practices of physician and nurses, and administration and management.Healthcare is increasingly dependent on digital technology to support the operations of a functioning healthcare system. Hospitals and other healthcare organizations need an environment that supports the daily practices of physicians, administration, and all other healthcare personnel.The restraints has been the changing govt regulations which can prove too costly at times as it might result in overhauling the system and thus cost factor might result in stagnating the market.
The opportunities has been in providing services to small hospitals and whose budget are low. Thus, custom solutions-based ion the budget of small hospitals is going to prove new avenue to explore. Further collaborations with govt for real time healthcare under the programs of e governance and digitizing the healthcare services sponsored by government is the arena where the BI can get an enormous Phillip.Based on the application, the healthcare business intelligence market is segmented into clinical analysis, financial analysis, and operational analysis. On the basis of deployment model, the healthcare business intelligence market is segmented into on-premise, hybrid, and cloud-based models. On the basis of the region, the healthcare business intelligence market is segmented into North America, Europe, Asia, and the RoW.North America is expected to account for the largest share of the market, followed by Europe. On-premise model segment is expected to account for the largest share of the healthcare business intelligence market, in the classification based on deployment model.
Some of the major players in the market are Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), Micro Strategy Incorporated (US), QlikTech International AB (US), Information Builders (US), Sisense Inc. (US), Yellowfin BI (Australia), and BOARD International (Switzerland) are some of the leading payers in healthcare business intelligence market.
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