BANGALORE, India, June 30, 2021 The Healthcare Business Intelligence Market is Segmented by Type (Traditional BI, Cloud BI, Mobile BI), by Application (Clinical, Financial Analysis, Operational Performance & Cost Management). The report covers global opportunity analysis and industry forecasts from 2021 to 2026. It is published on Valuates Reports in the Healthcare Category.
The global Healthcare Business Intelligence market size is projected to reach USD 7625 Million by 2026, from USD 4335.8 Million in 2020, at a CAGR of 9.9% during the forecast period 2021-2026.
Major factors driving the growth of the Healthcare Business Intelligence Market:
The increasing adoption of this software by hospitals, health providers, payers, and life sciences manufacturers to convert their data into useful dashboards and graphs in order to make business critical decisions.
Increasing need to attain improved operational workflow and enhanced patient care mainly by healthcare providers, and manufacturers.
The emergence of cloud-based business intelligence (BI) solutions, rising adoption of mobile-based BI solutions along with the increasing requirement for better cost management are a few key factors boosting the growth.
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TRENDS INFLUENCING THE HEALTHCARE BUSINESS INTELLIGENCE MARKET
End-users benefit from the dashboard’s interactive graphs, which allow them to manage revenues, patient care status, service rate comparisons, patient admission patterns, and simple access to patient data by age, gender, and Emergency Room (ER) visits without having to sift through endless data. End-users can use graphs in BI-enabled analytics to make data-driven decisions that cut operating costs, improve service. These features offered by BI solutions are expected to drive the growth of the healthcare business intelligence market.
The rise of big data is expected to provide a lucrative growth opportunity for the healthcare business intelligence market. These solutions help users increase productivity and efficiency in a variety of applications, including health care, financial management, workforce management, and administration.
The industry has been revolutionized as cloud computing has become more widely adopted around the world. The widespread availability of cloud-based analytics and business intelligence tools, as well as their numerous uses, is altering the industry. Manufacturers and providers are focusing on improving patient care and revenue optimization, which is driving up demand for cloud-based software. The adoption of cloud-based healthcare business intelligence solutions by providers to improve revenue cycle management, supply chain management, and performance management, is expected to drive the growth of the healthcare business intelligence market.
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THE HEALTHCARE BUSINESS INTELLIGENCE MARKET SHARE ANALYSIS
Based on application, the financial analysis segment is expected to be the most lucrative during the forecast period. The market for financial analysis is predicted to rise significantly during the projected period, owing to payers’ increased focus on early identification of fraud and lowering avoidable expenditures.
Based on region, North America is expected to be the most lucrative segment. The rising adoption of healthcare intelligence solutions and services by healthcare providers (particularly in the US) to provide better quality treatment and decrease healthcare costs is a prominent driver driving market expansion in the North American industry.
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Major Players in the Healthcare Business Intelligence Market
Qlik Technologies, Inc
SAS Institute, Inc
TIBCO Software Inc
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– The global Big Data Analytics in Healthcare market size is projected to reach USD 20910 Million by 2026, from USD 8965.4 Million in 2019, at a CAGR of 12.4% during 2021-2026. The adoption of big data analytics in the healthcare market in North America has been aided by technological improvements and the widespread usage of cloud deployment platforms. Furthermore, increased adoption of big data analytics for healthcare-related applications in Asia-Pacific, such as cost-effective medication, insurance planning for population health, and diagnostic approaches, has encouraged vendors to invest in big data analytics product development in the healthcare market.
– The North America big data analytics in healthcare market size was valued at USD 9.36 Billion in 2017, and is projected to reach USD 34.16 Billion by 2025, growing at a CAGR of 17.7% from 2018 to 2025.
– The global healthcare analytics market size is expected to grow from USD 11.461 Billion in 2019 to USD 40.781 Billion by 2025, at a compound annual growth rate (CAGR) of 23.55% during the forecast period. Due to better healthcare infrastructure in the United States, the US healthcare analytics market holds the largest market share in the North America region.
– The U.S. healthcare analytics market size to grow from USD 2.72 Billion in 2019 to USD 3.34 Billion by 2020, and will grow at a compound annual growth rate (CAGR) of 25.5% in 2021-2026
– The global predictive analytics in healthcare market size was valued at USD 1,806 Million in 2017 and is estimated to reach USD 8,464 Million by 2025 at a CAGR of 21.2% from 2018 to 2025.
– The global healthcare payer services market size was valued at USD 19,409.52 Million in 2019, and is projected to reach USD 41,906.64 Million by 2027, registering a CAGR of 10.6% from 2020 to 2027.
– The global Clinical Healthcare Analytics Services market is segmented by market players, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Clinical Healthcare Analytics Services market will be able to gain the upper hand as they use the report as a powerful resource.
– The U.S. healthcare information technology (HCIT) market size was evaluated at USD 61,018 million in 2017, and is estimated to reach USD 149,178 Million by 2025, at a CAGR of 11.7% during the forecast period.
– The global Business Intelligence market size is projected to reach USD 27870 Million by 2026, from USD 18720 Million in 2019, at a CAGR of 5.4% during the forecast period 2021-2026
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