According to the new market research report “Healthcare Business Intelligence Market by Component (Platform, Software, Service), Function (OLAP, Performance Management), Application (RCM, Inventory, Strategy Analysis), Deployment Model (Cloud, Hybrid) & End User (Payer, Hospital) – Forecast to 2023“, published by MarketsandMarkets™, the Healthcare Business Intelligence Industry is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3% during the forecast period.
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The growth of this market is mainly driven by the 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, and the increasing number of patient registries.
Clinical analysis segment is expected to grow at the highest CAGR in the Healthcare Business Intelligence Market during the forecast period.
Based on the application, the Healthcare Business Intelligence Industry is segmented into clinical analysis, financial analysis, and operational analysis. In 2018, the clinical analysis segment is expected to grow at the highest CAGR during the forecast period market, primarily due to the growing pressure to curtail healthcare spending, increasing government incentives (especially in the US) for improving the quality and reducing the cost of care, growing adoption of EHRs, and rising focus on building patient registries.
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Growing demand for cloud-based healthcare BI solutions is driving the growth of this segment
On the basis of deployment model, the Healthcare Business Intelligence is segmented into on-premise, hybrid, and cloud-based models. In 2018, cloud-based models are expected to register the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, their highly adaptable nature, ease of use, affordability, reliability, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model is expected to boost the demand for healthcare business intelligence services.
North America is expected to lead the Healthcare Business Intelligence Market in 2023
On the basis of the region, the Healthcare Business Intelligence Industry is segmented into North America, Europe, Asia, and the RoW. In 2018, North America is expected to account for the largest share of the market, followed by Europe, The largest share of the North American market is attributed to the factors such as 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. In 2018, Europe is expected to hold the second-largest share. Factors such as the need to provide quality healthcare quicker and efficiently rises, it will drive the adoption of tools to streamline healthcare delivery; this will prove favorable to the growth of the Healthcare Business Intelligence Industry in Europe.
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The Healthcare Business Intelligence Market is highly competitive, with the presence of both large and small players. 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), and BOARD International (Switzerland) are some of the leading payers in Healthcare Business Intelligence Industry.
IBM is one of the leading player in the healthcare business intelligence industry. The company’s R&D expenditure increased substantially in 2017 as compared to 2015. This significant investment in R&D is allowing the company to offer innovative solutions such as the Cognos Analytics platform in the market.