Market Overview:
The need to reach effective and profitable decisions in the business sector is essential to achieve growth. Reports that review the healthcare industry has been offered by Market Research Future, which generates reports on industry verticals that evaluate the market development and opportunities. The market is expected to tap into the favorable CAGR of 15.5 % in the course of the forecast period.
The need to observe current, historical and futuristic views of business operations is expected to motivate the healthcare business intelligence market. The benefit of financial, clinical, operational, and non-traditional data in making prudent decisions is the main factor promoting the healthcare business intelligence market. The presence of factors such as the appearance of big data in the healthcare industry, increasing demand to curb healthcare spending is expected to motivate the Healthcare Business Intelligence Market in the upcoming years.
On the other hand, the complexity of systems and the requirement of high investments are major constraints to the growth of this market. Nevertheless, cost-competitive deployment and effective features of healthcare business intelligence would support the growth of the market, widening its adoption increasingly. Also, the demand for cloud-based healthcare business intelligence has grown ominously due to cost-effective and easier classification features would bolster the growth of the market.
Competitive Analysis
The level of competitiveness of the environment in the market is expected to be reasonable as there is ample scope for progress. The market is anticipated to display positive signs for market growth in the approaching period. The demographic changes are expected to show a positive effect on the progress of the market. The surge in e-commerce activities is expected to motivate the market in the upcoming years. The fiscal policies that are in effect in the market are expected to lead to a robust pace of development. The leverage created by the companies by deploying marketing strategies and activities is further enhancing the expansion of the market. The enhancement of production facilities is expected to motivate the market’s progress. The trade liberalization in the market and technological developments are expected to encourage the development of the market in the approaching years.
Major Players:
• 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
• BOARD International S.A.
Segmental Analysis
• The segmental evaluation of the healthcare business intelligence market has been carried out on the basis of end-user, component, deployment model, function, application, and region.
• Based on component, the healthcare business intelligence market has been segmented into software, platforms, and services.
• Based on the function, the healthcare business intelligence market has been segmented into performance management, OLAP and visualization, and query and reporting. The segmentation of the healthcare business intelligence market based on application comprises of clinical analysis, financial analysis, and operational analysis. Based on the deployment model, the healthcare business intelligence market has been segmented into on-premise, hybrid, and cloud-based.
• On the basis of end-user, the healthcare business intelligence market has been segmented into providers, payers, and others.
• By region, the healthcare business intelligence market has been segmented into Europe, Asia-Pacific, the Americas, and the Middle East & Africa.
Detailed Regional Analysis
North America leads the global healthcare business intelligence market with the largest market share. Factors such as the presence of leading software and service providers, availability of high-quality health services, and rising adoption of healthcare intelligence solutions & services by healthcare enterprises drive the regional market growth. Besides, intense research and development in the field of healthcare IT alongside, the evolving trends such as data proliferation, increasing competition, and cloud deployment foster the growth of the North American healthcare business intelligence market.
Europe takes the second leading position in the global healthcare business intelligence market. The rapid adoption of advanced medical technologies and growing healthcare industries in the region boost the growth of the market. Moreover, improved Internet connectivity, alongside the proliferation of the internet of things (IoT) devices impact the growth of the regional market. Furthermore, an increasing demand for predictive systems and electronic health record (EHR) software in the UK, Germany, France, and Spain are supporting the market growth in the region.
The Asia Pacific healthcare business intelligence market is rapidly emerging as a profitable market globally. Attributing to the increasing investment in the healthcare infrastructure, advancement in the algorithm, and developments in machine learning in the region, The APAC healthcare business intelligence market is expected to witness a flourishing growth over the forecast period.
Besides, the rising penetration of smartphones and the internet would fuel the growth of the regional market. Notably, Indian companies are shifting from traditional, tactical, and tool-centric data & analytical projects to strategic, state-of-the-art, and architecture-centric data & analytics programs, which, in turn, is assisting in the profitable growth of the regional market.