Global Healthcare Business Intelligence (BI) Market is expected to reach US$ 10.89 Bn by 2024 from US$ 3.6 Bn in 2016 at CAGR of 14.85%
Global healthcare business intelligence (BI) market is segmented by function, technology, application, end user, and geography. Function segment is classified as query & reporting tools, OLAP and visualization tools and performance management/ monitoring & alerts. Technology segment is classified as traditional BI, mobile BI, and cloud BI. Various applications covered under the scope of this reports are clinical, financial analysis, and operational performance & cost management. The end-user segment is divided into hospitals, physician practices/clinics, IDNs/MCOs/ACOs/HIEs and healthcare payers. The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Healthcare Business Intelligence (BI) assists in handling and analyzing large amounts of data generated in healthcare for effective decision making and enable healthcare organizations to build applications that help them understand their processes and use technology to help ensure health care quality and reduce cost. Increasing demand for reduction in healthcare costs is trending the overall global healthcare business intelligence (BI) market. However, the lack of skilled resources with cross-functional skills will restrain the market growth. In 2017, the financial analytics segment dominated the healthcare BI platform market accounting for US$ 532.0 Mn in revenue. Financial analytics function of healthcare BI platforms fulfill the primary requirements of healthcare organizations by defining financial goals, developing business plans, and monitoring costs and revenue which drives its demand. However, clinical analytics is anticipated to be the fastest growing segment in the healthcare BI platform market over the forecast period. In terms of region, North America dominates the global healthcare BI platform market in terms of revenue and it is anticipated to continue witnessing the highest growth over the forecast period. North America is followed by the Asia Pacific in terms of growth attributed to growth in BI adoption by China, India, Singapore, Malaysia, among others. The European market is anticipated to grow at the lowest CAGR mainly due to an economic crisis, cultural barriers to IT adoption, and lack of initiatives for implementing BI systems. Some of the key players in the healthcare business intelligence (BI) market are SAP SE, IBM Corporation, Oracle Corporation, Microsoft Corporation, SAS Institute, Inc., OpenText Corporation, and Information Builders.
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