Healthcare Business Intelligence Market Worth $10.64 Billion by 2025
The global healthcare business intelligence market size is expected to reach USD 10.64 billion by 2025, registering a CAGR of 12.8% during the forecast period, according to a new report by Grand View Research, Inc.
Increase in adoption of data-driven decision making, emergence of cloud based business intelligence (BI) solutions for healthcare industry, increased focus to reduce spending, and emergence of mobile-based healthcare BI solutions are the key factors contributing to the growth. Growing requirement of business intelligence tools to reduce costs for operational performance, claims, and clinical analysis is another major factor positively impacting the market. Key suggestions from the report:
1) Software emerged as the largest product segment with a revenue share of 68.4% in 2018
2) Cloud-based mode of delivery accounted for the largest revenue share in 2018 and is expected to register the fastest CAGR over the forecast period
3) Healthcare payers emerged as the leading end use segment, however healthcare providers end use segment is expected to grow at a significant CAGR over the forecast period
4) North America accounted for the largest share of the healthcare business intelligence market due to increased implementation of healthcare BI solutions and services by the providers to offer enhanced patient care and reduced healthcare expenses
5) Market players, such Oracle Corporation; SAP; Microsoft; Salesforce; Tableau Software; TIBCO Software Inc.; Sisense Inc.; and Looker Data Sciences, Inc. are focused on increasing collaboration with powerful analytics platform providers to gain competitive edge in the market
Factors, such as the constantly increasing volume of digital information and data sources, complexity of data generated in healthcare organizations, coupled with growing need for the advanced business intelligence solutions to support decision-making are boosting the demand for business intelligence solutions and services. The massive amounts of unstructured and structured data generated by medical organizations and institutions is critical to manage, thus there is huge requirement for advanced healthcare BI software by hospitals and other healthcare organizations.
In order to gain insights about patient care and satisfaction, clinical operations, labor distribution, physician practices, and administration and management; hospitals and other healthcare facilities require data visualization and predictive modeling tools, which in turn is increasing demand for healthcare business intelligence software among these end users.
Increasing adoption of cloud-based healthcare BI software solutions coupled with high dependency of healthcare on digital technology to operate functions of a complex healthcare system is further boosting the adoption of BI software over the past years. For instance, KenSci Clinical Analytics, a platform designed by Microsoft to predict clinical and operational risk involved in a healthcare facility to improve health outcomes and reduce operational costs.
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