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
“Growing adoption of data-driven decision-making is expected to drive the overall growth of the healthcare business intelligence market”
The healthcare business intelligence market is projected 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. The growth of this market is majorly 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. However, high initial investments are required for purchasing a suitable BI software or platform, implementing it in an organization, and maintaining and training employees on using it. This is expected to restrain market growth to a certain extent during the forecast period.
“Performance management segment is expected to grow at the highest CAGR during the forecast period”
Based on device type, the healthcare business intelligence market is segmented into OLAP & visualization, performance management, and query & reporting. In 2018, the performance management segment is expected to grow at the highest CAGR during the forecast period majorly due to the advantages associated with these tools. Performance management tools help healthcare organizations measure, monitor, and track strategic goals and performance milestones.
“In 2108, On-premise model segment is expected to account for the largest share of the healthcare business intelligence market, by deployment model”
Based on deployment model, the healthcare business intelligence market is segmented into on-premise, hybrid, and cloud-based models. In 2018, the on-premise model segment is expected to account for the largest share of the healthcare business intelligence market. The large share of this segment is attributed to the the fact that the on-premise model is more customizable than the other two deployment models.
“North America to dominate the market during the forecast period”
In 2018, North America is expected to account for the largest share of the healthcare business intelligence market. This market is also expected to grow at the highest CAGR during the 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.
The primary interviews conducted for this report can be categorized as follows:
By Company Type - Tier 1: 37%, Tier 2: 22%, Tier 3: 41%
By Designation - C-level: 25%, D-level: 20%, Others: 55%
By Region - North America: 40%, Europe: 27%, Asia: 20%, RoW: 13%
List of Companies Profiled in the Report
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 report provides a picture of the global healthcare business intelligence market. It aims at estimating the size and future growth potential of the market across different segments, such as componet, function, application, deployment model, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of key market players, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them the closest approximations of the revenue numbers for the overall healthcare business intelligence market and its subsegments. Also, this report will help stakeholders to better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. It will also enable stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.