Healthcare Business Intelligence (BI) market assists in handling and analyzing large amounts of data generated in healthcare for effective decision making & enable healthcare organizations to build applications that help them understand their processes and use technology to help ensure healthcare quality and reduce cost. Healthcare business intelligence market is segmented into OLAP & visualization, performance management, and query & reporting.
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Report provides a picture of healthcare business intelligence market. It aims at estimating the size and future growth potential of market across different segments, such as componet, function, application, deployment model, end user, and region. The healthcare business intelligence market is dominated by North America, followed by Europe, Asia, and RoW. Market in North America is expected to witness highest growth during forecast period.
“Growing adoption of data-driven decision-making is expected to drive the overall growth of the healthcare business intelligence market”
Healthcare business intelligence market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3% during forecast period. Factors like implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, & increasing number of patient registries are expected to drive growth of market.
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The healthcare business intelligence market is segmented into OLAP & visualization, performance management, and query & reporting. In 2018, performance management segment is expected to grow at highest CAGR during the forecast period majorly due to advantages associated with these tools. Performance management tools help healthcare organizations measure, monitor, and track strategic goals and performance milestones.
North America is expected to account for largest share of healthcare business intelligence market. This market is also expected to grow at highest CAGR during forecast period. The increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.
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Key players in the healthcare BI market and provides a comprehensive range of solutions for this market. IBM is an innovation-centric company; its R&D expenditure has increased substantially in 2017 as compared to 2015. In 2017, it invested 7.3% of its annual revenue in R&D activities. High growth of North American market can be attributed to increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.
List of Companies Profiled in the Report
- Microsoft (US)
- IBM (US)
- Oracle (US)
- SAP SE (Germany)
- SAS Institute Inc. (US)
- Tableau Software (US)
- MicroStrategy Incorporated (US)
- QlikTech International AB (US)
- Information Builders (US)
- Sisense Inc. (US)
- Yellowfin BI (Australia)
- BOARD International (Switzerland)
This a major reason for the lack of skilled IT personnel in the healthcare industry. Apart from the developed countries of North America and most of Europe, the crunch is highly prominent in the countries of Asia-Pacific and Africa, that are still to achieve medical facilities in remote areas.