Healthcare Business Intelligence Market: Size, Share, Growth, Trends, and Forecasts 2018–2026

Sarasota, FL -- (SBWire) -- 01/04/2019 --Global Healthcare Business Intelligence Market: Overview

Providing better patient and clinical care, improving personnel distribution, decreasing readmissions, and managing expenses require the smart application of business intelligence in healthcare. The true value for healthcare stems from providing the best level of care for patients based on well-analyzed data.

Healthcare is changing rapidly and so is the business need for analytics and business intelligence and this has resulted in massive demand for healthcare business intelligence..

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Global Healthcare Business Intelligence Market: Growth Factors

Escalating demand for reducing healthcare expenses, need to enhance operational efficacy & business decision-making procedure, need for bringing improvement in patient satisfaction, and requirement for regulatory compliance & reporting are the key factors driving the growth of healthcare business intelligence market.

Big data analytics and BI are the fastest emerging topics witnessed in the healthcare sector. The emerging blend of bioinformatics and health informatics has encouraged research in all healthcare segments, such as target drug, personalized medicine, clinical decision support, and population health management. The demand for big data analytics, along with the adoption of BI, integrates most recent innovations in machine learning, logical methodologies, computational intelligence, and data mining. Many healthcare experts including payers and providers are now starting to analyze big data to obtain detailed knowledge. Though these efforts are still in the early stages, it would collectively help the industry to tackle problems regarding inconsistencies in healthcare quality and escalating healthcare expenditures. All these aforementioned factors are likely to drive the healthcare business intelligence market growth over the coming years

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Improvement in the quality of people's daily health and life activities, as well as, BI to support and promote such research activities are some of the key growth drivers of the healthcare business intelligence market.

Global Healthcare Business Intelligence Market: Segmentation

The global healthcare business intelligence market can be divided based on component, function, application, and end-user. Based on the component, the market is segmented into platform, service, and software. On the basis of function, the healthcare business intelligence market is sectored into OLAP, Management, and Performance. On the basis of application, the market is divided into RCM, strategy analysis, and inventory. Based on the deployment mode, the market is further sectored into cloud and hybrid. Global healthcare business intelligence market is classified into payer and hospital on the basis of end-user.

Global Healthcare Business Intelligence Market: Regional Analysis

Based on regions, the global healthcare business intelligence market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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North America is expected to account for the largest share of the market, followed by Europe over the coming years. The largest share of the North American market is attributed to the factors such as massive adoption of healthcare intelligence solutions and services by healthcare service providers in countries such as U.S. along with their ability to provide better quality healthcare services at lower costs. Europe is expected to hold the second-largest share over the estimated timeframe. Factors such as the need for improved healthcare quality will drive the adoption of healthcare business intelligence tools to streamline healthcare delivery and this will favor the growth of the healthcare business intelligence market in Europe.

In 2017, the United States healthcare business intelligence market held the largest share in North America due to the increasing healthcare expenditure and the presence of high-quality healthcare systems, and modern medical technology in the country.

Global Healthcare Business Intelligence Market: Competitive Players

The key market players of the global healthcare business intelligence market include Microsoft, IBM, Oracle, SAP SE, SAS Institute Inc., Tableau Software, MicroStrategy Incorporated, QlikTech International AB, Information Builders, Sisense Inc., and Yellowfin BI.