Healthcare Business Intelligence Market

Market Synopsis:

The Global Healthcare Business Intelligence Market is valued at USD 8.02 Billion in the year 2022 and is projected to reach a value of USD 23.68 Billion by the year 2030. The market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 14.50% over the forecast period.

The Healthcare Business Intelligence industry offers benefits such as improved patient safety, minimized costs, and increased revenue earning which enhances financial and operations outcomes. Moreover, it ensures better clinical performance and better patient outcomes. The healthcare industry is moving into the data-driven world, thereby, increasing the demand for Bl tools. The increased adoption of cloud-based Bl tools, such as Customer Relationship Management (CRM) applications by renowned market players, patient engagement RM owing to their properties such as agility and accessibility is propelling the growth.

The growing global geriatric population, rising prevalence of chronic and acute illnesses, rising rate of hospital admissions, and rapid adoption of Healthcare Business Intelligence solutions for improved clinical decision-making and better patient outcomes are some of the major factors driving revenue growth in the Global Healthcare Business Intelligence market. Other major factors driving the Global Healthcare Business Intelligence market revenue growth include increasing adoption of healthcare information technology (HCIT) solutions, the growing need for improved healthcare infrastructure management and enhanced patient care, rising Telehealth and telemedicine trends, and rapid adoption of Health (mobile health) solutions.

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Market Segmentation:

The Healthcare Business Intelligence Market is segmented on the basis of component, application, function, deployment model and end users. On the basis of component, the market is segmented as Platforms, Software and Services. Based on function, the market is segmented Query and Reporting, OLAP and Visualization and Performance Management. Based on applications, the market is segmented as Financial Analysis and Clinical Analysis. Based on the deployment model, the market is segmented as On-premise Model, Cloud-based Model, Hybrid Model, Payers, Providers and others. Based on end users, the market is segmented as health information exchanges (HIEs), accountable care organizations (ACOs), third-party administrators (TPAs) and managed care organizations (MCOs)

Based on Components:

On the basis of component, the Healthcare Business Intelligence market is segmented into platforms, software, and services. In 2021, the Healthcare Business Intelligence platforms segment is expected to account for the largest share of the market. The platform segment dominated the market in 2021 and is expected to continue to do so during the forecast period. This can be attributed to an increase in demand for customized business intelligence solutions for each industry in order to integrate BI solutions into existing businesses and thus reduce healthcare costs while improving service efficiency. The growing demand for customized BI solutions that cater to individual requirements of organizations and give them the flexibility to build and integrate Bl solutions into existing healthcare business applications for increased efficiency and lower costs is driving this market segment's large share.

Based on Function:

The market is divided into three categories based on function: OLAP and visualization, performance management, and query and reporting. The market for OLAP and visualization is predicted to be the largest in 2021. OLAP and visualization give immediate insights for decision-making, boost efficiency, and provide competitive advantages, all of which have contributed to the market segment's growth. OLAP also offers multidimensional business-focused analysis and quick reporting, which is projected to drive the segment forward during the projection period.

North America is expected to acquire the largest market share during the year 2021:

North America holds more than 39.60% of the Healthcare Business Intelligence Market share. North America leads the market, followed by Europe, Asia, and the rest of the world. During the projected period, the market in North America is predicted to expand the most. The rising use of healthcare intelligence solutions and services by healthcare providers (particularly in the US) to deliver better quality treatment and decrease healthcare costs is a prominent driver driving market expansion in the North American industry. Furthermore, the presence of large manufacturing hubs and the constant upgrading of healthcare and IT infrastructure along with increased adoption of cloud computing is contributing to the growth. This may be ascribed to the existence of major software and service providers for the healthcare business in the United States and Canada, such as Microsoft Corporation, Oracle Corporation, and SAS Institute, as well as high awareness of the software and easy access to high-quality health services.

Competitive Landscape:

Key players operating in the Global Healthcare Business Intelligence Market include 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).

Segmentation of Global Healthcare Business Intelligence Market: