Healthcare Business Intelligence (BI) Market is Experiencing Unprecedented Growth, Driven by Growing Demand for Data-driven Decision-making in Healthcare

AUSTIN, TEXAS, UNITED STATES, February 19, 2024 /EINPresswire.com/ -- The report provides a comprehensive analysis of the healthcare business intelligence (BI) market, detailing its current size and anticipated growth. Valued at USD 7.27 billion in 2022, the Healthcare Business Intelligence (BI) Market is expected to reach USD 20.32 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.7% during the forecast period from 2023 to 2030. The report explores key factors driving this growth, such as increasing adoption of data-driven decision-making in healthcare, rising demand for advanced analytics solutions, and regulatory requirements for healthcare data management. Additionally, it delves into market trends, including the development of cloud-based BI platforms, integration of artificial intelligence and machine learning in BI tools, and emergence of real-time analytics solutions. By offering insights into market size, growth projections, and key trends, the report aims to assist stakeholders in understanding the dynamics of the healthcare BI market and making informed decisions to capitalize on growth opportunities.

Healthcare Business Intelligence (BI) encompasses a broad spectrum of data analytics tools, platforms, and solutions designed to collect, integrate, analyze, and visualize healthcare data from disparate sources, including electronic health records (EHRs), clinical systems, financial systems, and administrative databases. These BI solutions enable healthcare stakeholders, including providers, payers, regulators, and policymakers, to gain actionable insights, identify trends, patterns, and opportunities, and make data-driven decisions to enhance patient care, optimize resource allocation, and drive organizational performance.

Major Key Players in the Healthcare Business Intelligence (BI) Industry:

• Qlik
• SAP SE
• TIBCO Software
• SAS Institute
• Tableau Software (now part of Salesforce)
• Yellowfin International Pty Ltd.
• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• Information Builders
• MicroStrategy

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Healthcare Business Intelligence (BI) Market Growth Drivers

The healthcare business intelligence (BI) market is experiencing significant growth due to several key drivers. One prominent factor contributing to this expansion is the increasing adoption of digital health records and data analytics solutions by healthcare organizations, which are leveraging BI tools to gain valuable insights into their operations and patient populations. Additionally, the rising demand for improved quality of care and cost efficiency in the healthcare industry is driving the need for BI technologies that can help identify trends, track performance metrics, and optimize workflows. Furthermore, regulatory requirements such as the Affordable Care Act are propelling the implementation of BI systems to ensure compliance and improve overall decision-making processes. As a result, there is a growing focus on leveraging data-driven strategies within healthcare organizations, leading to substantial growth opportunities in the healthcare BI market in the coming years.

Healthcare Business Intelligence (BI) Market Opportunities

Healthcare Business Intelligence (BI) market opportunities are vast and promising, as the demand for data-driven decision-making in the healthcare industry continues to grow. With the increasing adoption of electronic health records and digital health technologies, there is a wealth of data available that can be harnessed to improve patient care, operational efficiency, and financial performance. Healthcare organizations are increasingly recognizing the value of BI tools in analyzing complex data sets to identify trends, patterns, and insights that can inform strategic decision-making. This presents significant opportunities for BI vendors to develop innovative solutions tailored to the unique needs of the healthcare sector. From predictive analytics for population health management to real-time dashboards for monitoring key performance indicators, healthcare BI offers a wide range of applications that can drive improved outcomes and competitive advantage in an increasingly data-driven industry.

Healthcare Business Intelligence (BI) Market Segmentation

By Component Type
• Software
• Services

By Mode of Delivery
• On-premise
• Cloud-based
• Hybrid

By Application
• Financial Analysis
• Operational Analysis
• Clinical Analysis
• Patient Care

By End-use
• Payers
• Healthcare Provider
• Healthcare Manufacturers

The software segment accounted for the largest market share of 69.9% in 2022 on the basis of mode of delivery, due to its widespread use in the healthcare sector. Business intelligence software enables administrators to monitor critical performance that analyses, manages and supports their organization's adaptation in the context of precise data analysis and analytics-based insights. This segment growth is driven by the continuous development of these applications and their focus on improving patient outcomes, as well as real time sharing of patients' data. It will also help to identify financial patterns and provide insight that will help to make decisions.

Based on application, financial analysis is the largest application segment and held a revenue share of 37.5% in 2022. It offers a wide range of functions, such as cost management, cash flow management, claims management, and sales and profitability management. Market growth is driven by a growing adoption of financial analysis software in the providers for revenue cycle management, risk assessment and claims processing.

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Key Regional Development

In view of the increasing use of BI solutions and services in healthcare to provide better care for patients, North America had the highest revenue share at 47.4% by 2022. One of the main drivers for growth in the region is lower costs coupled with the presence of large manufacturing bases. In addition, this growth is being driven by continuous improvements in healthcare and information technology infrastructure as well as growing adoption of cloud computing. With the high adoption of advanced BI technology coupled with changing Analytics Protocols, easy availability of BI infrastructure and a professional Big Data Community.

In view of the growing awareness amongst healthcare providers and organisations about BI tools as a result of increased government initiatives, Asia Pacific is expected to be the largest region market over the forecast period. Furthermore, the region's growth is being driven by a growing adoption of mobile solutions in countries such as India, China and Japan which are also making greater use of technical BI solutions.

Key Takeaway from Healthcare Business Intelligence (BI) Market Study

• In the Asia Pacific region, healthcare business intelligence market is expected to be driven by a rapid growth over the forecast period.
• In all areas of the healthcare industry, software for health business intelligence is used widely. Analytics tools for healthcare business intelligence use data to provide accurate outcomes.

Recent Development Related to Healthcare Business Intelligence (BI) Market

• In Jan 2022, INSIGHTs, an enhanced self service healthcare business intelligence solution that creates customized, on demand analytics, has been launched by PINC Al, the technology and services platform of Premier Inc. Insight is a vendoragnostic analytical platform that provides access to PINC Al's clean, standardized and riskadjusted healthcare data covering more than 45% of all hospital discharges in the US.
• In Jan 2022, CareCloud Inc., one of the nation's leading providers of healthcare technology solutions for doctors and health systems, announced the launch of a simplified business intelligence platform, PrecisionBI LitePBI, to expand the company's addressable market and extend powerful financial analysis and business intelligence to small, independent practices.

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Akash Anand
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