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The healthcare business intelligence (BI) market size is estimated to grow at a CAGR of 17.02% between 2022 and 2027. The market size is forecast to increase by USD 8,991.58 million. The growth of the market depends on several factors, including the improved efficiency of BI tools, the growing integration of big data with healthcare analytics, and the increasing use of smart connected devices.
This business intelligence market report in the healthcare sector extensively covers market segmentation by component (software and services), deployment (cloud-based and on-premise), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The improved efficiency of BI tools are notably driving the market growth, although factors such as the presence of open-source BI vendors may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key drivers supporting the growth of the healthcare BI market is the improved efficiency of BI tools. BI tools provide real-time information that can help end-users to avoid process delays and centralize their management to improve market response and decision-making. They help hospitals and other end-users to transform raw sales consistently and efficiently, service, marketing, and patient data into useful information.
Moreover, within the healthcare sector, business intelligence has a wide range of applications, such as the analysis of social media conversations, fraud detection, management information systems, and disease diagnosis. The use of business intelligence in the healthcare sector helps the stakeholders in tracking health records regarding the treatment and medications of patients in real-time and storing the information. Thus, the improved efficiency will drive the healthcare business intelligence market growth during the forecast period.
One of the key trends fueling the growth of the healthcare BI market is the increasing use of predictive analytics and artificial intelligence in healthcare. The market is seeing a trend towards increasing the use of predictive analytics and artificial intelligence (AI). With the availability of vast amounts of data, including electronic health records (EHRs), medical images, and patient-generated data from wearables, healthcare organizations are turning to advanced analytics to gain insights and improve patient care. Predictive analytics can help healthcare organizations identify patients at high risk for certain conditions and intervene early to prevent or manage those conditions. AI can be used to analyze medical images and help radiologists identify abnormalities more quickly and accurately. Natural language processing (NLP) can also be used to analyze unstructured data from sources such as clinical notes and patient feedback to identify patterns and trends.
Moreover, in the past, a lot of these decisions would have been made as a reaction to what had already happened. However, predictive analytics provides a different approach. Thus, the increasing use of predictive analytics in healthcare is expected to spur the growth of the global business intelligence market in the healthcare sector during the forecast period.
One of the key factors challenging the healthcare BI market growth is the presence of open-source BI vendors. Open-source BI vendors offer software solutions that are freely available and that users can modify as needed. While this provides greater flexibility and economics for users, it also poses challenges as commercial BI vendors have to compete with free software. Providers such as Pentaho, BIRT, SpagoBI, KNIME, and JasperReport offer BI solutions for free. One of the challenges with the existence of open-source BI vendors is that it can be difficult for commercial vendors to monetize their products. This is because customers may choose to use a free, open-source solution instead of a commercial BI product that costs money. As a result, commercial BI vendors may need to offer additional features and services to attract customers.
Another challenge is that open-source BI vendors may have a strong community of developers and users who are constantly improving and updating the software. This can make it difficult for commercial vendors to keep up with the latest trends and technologies and may result in them falling behind in terms of product development and innovation. Additionally, open-source BI vendors may have a larger user base than commercial vendors, which can make it difficult for commercial vendors to compete on price. Customers may be more inclined to choose open-source solutions that are free, even if they are not as comprehensive or feature-rich as commercial solutions. Overall, the presence of open-source BI vendors in the healthcare sector presents challenges for commercial BI vendors, which is expected to affect the growth of the market in the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Business Intelligence Market in the Healthcare Sector Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the software segment will be significant during the forecast period. The global healthcare business intelligence market can be segmented by component into the following categories for software such as BI platforms, Dashboard and reporting software, Data analytics software, Data warehousing software, Mobile BI software, Self-service BI software, and Cloud-based BI software.
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The software segment was valued at USD 2,275.75 million in 2017 and continued to grow until 2021. The software component of the business intelligence market in the healthcare sector includes various types of software, such as query and reporting, performance management, and analytics solutions where these software tools are designed to help healthcare organizations improve their operational efficiency, reduce costs, and improve patient outcomes by providing insights into their data which will help to drive the growth of the market in focus in the forecast period.
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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American market is dominated by the United States, which accounts for the majority of the market share. The market is driven by factors such as the increasing demand for healthcare services, the need to reduce healthcare costs, and the availability of advanced technology. The healthcare sector is adopting business intelligence solutions to improve patient outcomes and to optimize clinical operations. Business intelligence tools are used to analyze data from electronic health records, patient satisfaction surveys, and other sources to identify trends, patterns, and opportunities for improvement. These insights can be used to develop targeted interventions and improve patient care. Such factors will increase the market growth in this region during the forecast period.
The COVID-19 pandemic had a significant impact on the North American business intelligence market in the healthcare sector. However, in post covid scenario the predictive analytics tools are helping healthcare organizations to be aware of poor outcomes, resource shortages, and other impacts where the adoption of BI in the healthcare sector is increasing mainly for analyzing data and presenting actionable information to help businesses make informed decisions which is expected to drive the growth of the market in focus in the region in forecasted period.
The business intelligence market in the healthcare sector report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global healthcare business intelligence market as a part of the global application software market within the global IT software market. The overall global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Healthcare Business Intelligence (BI) Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.02% |
Market growth 2023-2027 |
USD 8,991.58 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
16.6 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 30% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
Accenture Plc, Alphabet Inc., Board International SA, Domo Inc., Hexaware Technologies Ltd., Idera Inc., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Open Text Corp., Oracle Corp., Perficient Inc., QlikTech international AB, Salesforce.com Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., and TIBCO Software Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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