Healthcare Business Intelligence Research Report with Outlook, Strategies, Challenges, Geography Trends and Forecast 2027
Business intelligence is a set of processes, architectures,
and technologies used for the collection, integration, analysis, and
presentation of business information. Healthcare data analytics provides
healthcare companies and hospitals to prepare, analyze & visualize big and
disparate data. Factors characterizing the market growth are the worldwide
surge in the number of patient registries, increasing adoption of big data in
healthcare, the presence of government initiatives to increase electronic
health record (EHR) adoption, and growing need to curb healthcare costs. On the
contrary, the lack of skilled professionals in the Asia-Pacific and African
regions along with the complexity of systems is anticipated to hinder the
market growth over the forecast period.
The global healthcare
business intelligence (BI) market held a market value of USD 3,650.1
million in 2017 and is projected to grow at a CAGR of 15.5% over the forecast
period. Novel trends in the healthcare business intelligence are artificial
intelligence (AI) or machine learning, data insurance or security, multi-cloud
system, and advanced analytics, which is increasingly facilitating the adoption
of BI in the healthcare sector. Big data analytics along with the internet of
things are revolutionizing the healthcare sector in terms of health tracking,
reducing healthcare associated costs, assisting high-risk patients, and
preventing human errors.
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Key Players
Some of the foremost players in the global healthcare
business intelligence market are Microsoft Corporation, International Business
Machines Corporation, SAP SE, Oracle Corporation, SAS Institute, Tableau
Software, MicroStrategy Incorporated, Qlik Technologies, Information Builders,
Sisense, Yellowfin International Pty Ltd, and BOARD International S.A.
Segmentation
The global healthcare business intelligence market has been
segmented into component, function, application, deployment model, end user,
and region.
By component, the market has been segmented into platforms,
software, and services.
On the basis of function, the market has been divided into
OLAP and visualization, performance management, and query and reporting.
Based on application, the market has been categorized into
financial analysis, clinical analysis, and operational analysis. The financial
analysis is further categorized into claims processing, revenue cycle
management, payment integrity and fraud, waste, and abuse, and risk adjustment
and assessment. The clinical analysis segment is sub-segmented into quality
improvement and clinical benchmarking, clinical decision support, regulatory
reporting and compliance, comparative analytics/effectiveness, and precision
health. The operational analysis segment is additionally divided into inventory
analysis, workforce analysis, and strategic analysis.
By deployment model, the market has been divided into
cloud-based, on-premise, and hybrid. On the basis of end user, the market has
been categorized into payers, providers, and others.
Regional Analysis
The global healthcare business intelligence market has been
segmented by region into the Americas, Europe, Asia-Pacific, and the Middle
East & Africa. On the basis of region, the Americas is expected to dominate
the global healthcare business intelligence market. This is due to the presence
of software and service vendors, and sophisticated healthcare infrastructure,
mounting adoption of data-driven decision-making, and emerging fields of
prescriptive, predictive analytics.
Europe would be the second-largest region in the healthcare
business intelligence market due to burgeoning healthcare vertical, increasing
adoption of advanced medical technologies, and the presence of vendors such as
SAP SE and BOARD International S.A.
The market in Asia-Pacific is expected to exhibit
comparatively higher CAGR over the forecast period owing to increasing
penetration of smartphones and internet, increasing investments in the
healthcare infrastructure, rapid industrialization in India, China, and Japan,
and a growing number of start-ups focusing on mobile application development.
The Middle East & Africa has the least share of the
global healthcare business intelligence market. Additionally, the major market
share of the region would be held by the Middle East region as the business
intelligence and analytics solutions are of paramount importance to organizations
in the Gulf Cooperation Council (GCC) countries.
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