New York, US, May 16, 2022 (GLOBE NEWSWIRE) — Healthcare Business Intelligence Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare Business Intelligence Market Information by Component, Function, Application, Deployment, End User, And Region – Forecast till 2030“, the market is estimated to grow at a 16.10% CAGR by 2030.

Market Synopsis

The healthcare business intelligence industry provides excellent patient safety, lower expenses, and higher revenue, improving financial and operational outcomes. It also ensures better clinical results and clinical performance. The health sector is becoming more data-driven, driving up demand for business intelligence solutions. The rising usage of cloud-based BI fuels the rise of solutions by well-known industry players and patient engagement CRM due to its agility and accessibility.

In the healthcare industry, data is increasingly synonymous with a competitive difference. One of the valuable data points that have been harnessed with the help of healthcare BI is electronic health records or hospital information. Because digitization is likely to become prevalent in developing economies over the coming few decades, the trend has been very effective in giving a constant development impetus to the usage of BI. The adoption of cloud-based software enables hospitals, health providers, payers, and life sciences firms to transform their data into actionable dashboards and graphs, propelling the market growth.

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Healthcare Business Intelligence Market Competitive Landscape:

The prominent contenders in the healthcare business intelligence market are:

  • MicroStrategy Incorporated
  • Qlik Technologies
  • Microsoft Corporation
  • International Business Machines Corporation
  • SAP SE
  • Oracle Corporation
  • SAS Institute
  • Tableau Software
  • Information Builders
  • Sisense
  • Yellowfin International Pty Ltd
  • BOARD International SA.

Market USP Covered:

Healthcare Business Intelligence Market Drivers:

In recent years, significant progress has been made in the healthcare sector due to increased technological integration. Business intelligence is currently one of the most in-demand technologies in the healthcare industry, with demand multiplying worldwide. Healthcare business intelligence improves clinical treatment by improving personnel distribution, reducing readmissions, and facilitating expense control. In addition, it quickly analyses patient health data. Remote health care is crucial where healthcare BI shows its full potential. For healthcare BI developers, increased telehealth usage and remote patient monitoring, particularly for elderly patients and patients with chronic diseases, will bring considerable potential.

The presence of high-quality, sophisticated health services at affordable prices, particularly in the United States, will favor the market in various developed nations. Furthermore, healthcare service providers’ willingness to adopt new technologies, such as healthcare intelligence services and solutions, would boost market size.

Healthcare Business Intelligence Market Restraints:

In the years ahead, the intricacies of BI systems and the requirement for large sums of money could be a growth impediment for the global market. The high cost of research and development, lack of awareness in developing nations, limited infrastructural facilities, increasing occurrences of inaccurate and unmanaged data, and a scarcity of experienced medical personnel and researchers are all projected to stymie market expansion. In addition, the market will face challenges in the forecast period due to a lack of attractive reimbursement scenarios and technological penetration in developing nations, and the demand for high-end capital investment to present and maintain such services.

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COVID 19 Analysis

The COVID-19 epidemic caused an economic slowdown and supply chain disruption. However, the rising need for BI. solutions had a minor influence on the healthcare BI market. The market is growing due to the increased adoption of innovative solutions and the usage of business intelligence for emergency medical services. AREU, for example, used a BI daily tracker to keep track of infectious people. The growing demand for innovative technology to store and investigate patient data has opened the door for cloud computing in the healthcare industry. Healthcare providers were also concentrating on developing highly secure cloud storage solutions to manage many cases. To fight the COVID-19 dilemma, market companies are quickly grow data analytics and AI in healthcare. The industry is being propelled forward by increased investment in cloud-based solutions and the introduction of new solutions.

Healthcare Business Intelligence Market Segmentation

By Component

Due to the growing demand for customized BI solutions that cater to specific enterprise requirements and give them the flexibility to construct and integrate BI solutions into current healthcare business applications for enhanced service efficiency and lower healthcare costs, the platforms segment is expected to hold a significant market share all through the forecast period.

Based on Function

The performance management segment is likely to lead the global market in the forecast period.

Based On Application

The financial analysis will gain the lead position in the overall market through the forecast period.

By Deployment Model

The cloud-based segment is estimated to gain a majority share in the forecast period.

Based on End User

The payers’ segment is estimated to hold the maximum stake in the forecast period.

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Healthcare Business Intelligence Market Regional Insights

Because of the availability of software and services, high-quality health services, and increased use of healthcare intelligence solutions by healthcare organizations in the United States and Canada, the Americas lead the healthcare business intelligence market. The rapid adoption of advanced medical technologies, widespread internet of things (IoT) connectivity, expanding healthcare industries, and growing preference for predictive systems and electronic health record (EHR) software in Germany, the UK, France, and Spain are all contributing to Europe’s second-largest healthcare business intelligence market.

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Due to increased investment in healthcare infrastructure, rising smartphone and internet penetration, advancements in algorithm development, and machine learning, the market in Asia-Pacific will grow at the quickest rate throughout the forecast period. Furthermore, Indian organizations are moving away from strategic, conventional, and tool-centric data and analytical projects and toward strategic, state-of-the-art, and architecture-centric data and analytical programs, assisting in profitable market growth.

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