Global Healthcare Business Intelligence (BI) Market Size By Component, By Function, By Application, By Geographic Scope And Forecast
Report ID: 370892|No. of Pages: 202
Global Healthcare Business Intelligence (BI) Market Size By Component, By Function, By Application, By Geographic Scope And Forecast
Healthcare Business Intelligence (BI) Market Size And Forecast
The global Healthcare Business Intelligence (BI) Market size is valued at USD 7.7 Billion in 2023 and is projected to reach USD 21.5 Billion by 2030, growing at a CAGR of 13.4% during the forecast period 2024-2030.
Global Healthcare Business Intelligence (BI) Market Drivers
The market drivers for the Healthcare Business Intelligence (BI) Market can be influenced by various factors. These may include:
- Growing Volume of Healthcare Data: Electronic health records (EHRs), patient data, medical imaging, and other sources all contribute to the enormous volume of data generated by the healthcare sector. The need for BI solutions is fueled by the analysis and significant insights that can be extracted from this data with the aid of healthcare BI technologies.
- Increasing Healthcare Expenses: Healthcare businesses are looking for ways to improve overall financial performance, cut expenses, and improve operational efficiency as a result of the ongoing global increase in healthcare costs. BI technologies help with resource allocation optimization and cost savings identification.
- Technological Developments: Healthcare companies can now store, process, and analyze massive volumes of data more effectively because to technological developments like cloud computing and big data analytics. BI systems that make use of these technologies provide improved decision-making capabilities.
- Demand for Real-Time Analytics: It’s imperative that the healthcare industry has access to fast and useful insights. Healthcare personnel may quickly make well-informed decisions thanks to real-time insights from BI technologies, which improves patient care and operational effectiveness.
- Emphasis on Patient-Centric Care: As the healthcare sector moves toward patient-centric care models, there is a greater need than ever for business intelligence (BI) tools that may aid in the better understanding of patients’ requirements, preferences, and behaviors.
- Growing Use of Electronic Health Records (EHRs): A multitude of digital data has been produced by the extensive use of EHRs. In order to enhance clinical decision-making and enhance patient outcomes, BI technologies are essential for extracting valuable data from EHRs.
- Growth of Predictive Analytics: Predictive analytics features are frequently included in healthcare business intelligence (BI) solutions, enabling firms to anticipate trends, spot possible problems, and take proactive measures to resolve them. This improves overall healthcare management.
Global Healthcare Business Intelligence (BI) Market Restraints
Several factors can act as restraints or challenges for the Healthcare Business Intelligence (BI) Market. These may include:
- Privacy and Data Security Concerns: Sensitive patient data is handled by the healthcare industry, raising serious issues regarding data security and privacy. Healthcare companies frequently struggle to ensure the safe storage and transfer of patient data, despite the importance of complying with laws like HIPAA.
- Integration Problems: Integrating data from several sources, such as electronic health records (EHRs), billing systems, and other health information systems, is a common task for business intelligence in the healthcare industry. Integration problems, such as those with data standardization and interoperability, can make it more difficult to deploy and use BI tools successfully.
- Cost of Implementation: Software, hardware, training, and continuing maintenance are among the major up-front expenses associated with putting in place a healthcare business intelligence system. It could be difficult for smaller healthcare institutions in particular to set aside funds for these kinds of expenditures.
- Complicated Regulatory Environment: Regulations pertaining to the healthcare sector are intricate and constantly changing, with regional variations possible. It can be difficult and time-consuming to follow legal obligations and standards, such as those pertaining to reporting and data governance.
- Opposition to Change: Healthcare personnel and professionals may be resistant to change, as the sector has historically been hesitant to embrace new technologies. A number of things, including lack of experience with BI tools, uncertainties about job responsibilities, and the learning curve of new technology, might contribute to resistance.
- Absence of Skilled Professionals: Professionals with experience in data analytics, business intelligence, and healthcare domain knowledge are needed to use healthcare BI systems effectively. The lack of qualified personnel in these fields may provide a challenge for healthcare institutions looking to optimize and apply BI systems.
- Interoperability challenges: Inaccuracies and incompleteness in the data available for business intelligence analysis might result from interoperability problems across various healthcare IT systems, which can impede the smooth flow of data.
- Limited IT Infrastructure in Certain Areas: Healthcare institutions may have limited IT infrastructure in some areas, particularly in developing nations. Because BI solutions frequently depend on reliable IT infrastructure and fast connectivity, this restriction may make it more difficult for them to be adopted and used effectively.
- Complexity of Healthcare Data: A lot of healthcare data is unstructured, diverse, and complex. It can be difficult to analyze and draw conclusions from such data, particularly in the absence of sophisticated data processing and analytics tools.
- Slow Return on Investment (ROI): Some firms may see a slow ROI, and it may take some time to fully realize the benefits of healthcare BI systems. For people on a tight budget or seeking immediate results, this factor may be a turnoff.
Global Healthcare Business Intelligence (BI) Market Segmentation Analysis
The Global Healthcare Business Intelligence (BI) Market is Segmented on the basis of Component, Function, Application, and Geography.
Healthcare Business Intelligence (BI) Market, By Component
- Software: BI applications and platforms designed for data analysis, reporting, and visualization.
- Services: Includes consulting, implementation, training, and support services.
Healthcare Business Intelligence (BI) Market, By Function
- Reporting and Analysis: Tools for generating reports and analyzing data to derive insights.
- Performance Management: Solutions focused on monitoring and improving key performance indicators (KPIs).
- Query and Reporting Tools: Platforms allowing users to query databases and generate reports.
Healthcare Business Intelligence (BI) Market, By Application
- Clinical Analysis: BI tools used for analyzing clinical data, patient outcomes, and treatment effectiveness.
- Financial Analysis: Solutions for financial data analysis, billing, and revenue cycle management.
- Operational Analysis: BI applications addressing operational efficiency, resource utilization, and workflow optimization.
- Population Health Management: Tools for analyzing and managing the health of specific populations.
Healthcare Business Intelligence (BI) Market, By Geography
- North America: Market conditions and demand in the United States, Canada, and Mexico.
- Europe: Analysis of the Healthcare Business Intelligence (BI) Market in European countries.
- Asia-Pacific: Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa: Examining market dynamics in the Middle East and African regions.
- Latin America: Covering market trends and developments in countries across Latin America.
Key Players
The major players in the global Healthcare Business Intelligence (BI) Market include:
- IBM
- Microsoft
- Oracle
- SAP
- SAS Institute
- Qlik
- Tableau
- Sisense
- ThoughtSpot
- Domo
- Power BI
- Google Cloud
- Amazon Web Services
- Alibaba Cloud
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2020-2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2030 |
| Historical Period | 2020-2022 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | IBM, Microsoft, Oracle, SAP, SAS Institute, Qlik, Tableau, Sisense, ThoughtSpot, Domo, Power BI. |
| Segments Covered | By Component, By Function, By Application, and By Geography. |
| Customization scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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Customization of the Report
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Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. Healthcare Business Intelligence (BI) Market, By Component
• Software
• Services
5. Healthcare Business Intelligence (BI) Market, By Function
• Reporting and Analysis
• Performance Management
• Query and Reporting Tools
6. Healthcare Business Intelligence (BI) Market, By Application
• Clinical Analysis
• Financial Analysis
• Operational Analysis
• Population Health Management
7. Regional Analysis
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• IBM
• Microsoft
• Oracle
• SAP
• SAS Institute
• Qlik
• Tableau
• Sisense
• ThoughtSpot
• Domo
• Power BI
• Google Cloud
• Amazon Web Services
• Alibaba Cloud
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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