Healthcare business intelligence Market Overview
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. 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.
Novel trends in the healthcare business intelligence market analysis 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.
Healthcare business intelligence Market 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, emerging fields of prescriptive, predictive analytics and healthcare business process outsourcing.
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. healthcare business process outsourcing
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.
Healthcare business intelligence Market Competitive Landscape:
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.
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