NEW
YORK, July 26, 2024 /PRNewswire/ -- The
global business intelligence in the healthcare sector market
size is estimated to grow by USD 14.20
billion from 2024-2028, according to Technavio. The market
is estimated to grow at a CAGR of 21.22% during the forecast
period. Improved efficiency of BI tools is driving market
growth, with a trend towards increasing use of predictive
analytics and artificial intelligence in healthcare.
However, presence of open-source bi vendors poses a challenge.
Key market players include Accenture Plc, Alphabet Inc., Board
International SA, Domo Inc., Hexaware Technologies Ltd., Idera
Inc., Infor Inc., International Business Machines Corp., Microsoft
Corp., MicroStrategy Inc., OpenText Corp., Oracle Corp., Perficient
Inc., QlikTech international AB, Salesforce Inc., SAP SE, SAS
Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., and
TIBCO Software Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Component (Software and
Services), Deployment (Cloud-based and On-premise), and Geography
(North America, Europe, APAC, South America, and Middle East and
Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
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., OpenText Corp., Oracle
Corp., Perficient Inc., QlikTech international AB, Salesforce Inc.,
SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services
Ltd., and TIBCO Software Inc.
|
Key Market Trends Fueling Growth
The healthcare sector's business intelligence market is
experiencing a significant trend towards the adoption of predictive
analytics and artificial intelligence (AI). With the abundance of
healthcare data, such as electronic health records (EHRs), medical
images, and patient-generated data from wearables, healthcare
organizations are leveraging advanced analytics to uncover valuable
insights and enhance patient care. Predictive analytics enables
identification of patients at risk for specific conditions,
enabling early intervention. AI assists radiologists in analyzing
medical images for quicker and more accurate abnormality detection.
Natural language processing (NLP) is utilized to analyze
unstructured data from sources like clinical notes and patient
feedback, revealing patterns and trends. Predictive analytics
applications in healthcare include forecasting sepsis rates,
identifying high-risk readmission patients, determining
co-morbidities requiring additional care, estimating finances per
quarter, and managing PPE supply and demand. Historically,
decisions were reactive, but predictive analytics offers a
proactive approach, making it a crucial driver of growth for the
global business intelligence market in healthcare during the
forecast period.
In today's data-driven world, Business Intelligence (BI) plays a
crucial role in the healthcare sector. With the increasing
penetration of data, managing and analyzing patient data has become
essential for better patient safety, clinical performance, and
improved patient outcomes. Chronic diseases and critical care units
generate massive data that require advanced analytics tools like
Artificial Intelligence (AI) and Machine Learning (ML) for
effective analysis. Self-Service BI tools are trending, allowing
healthcare professionals to access critical insights without IT
intervention. Electronic Health Records (EHR) are the new norm, and
BI tools help make sense of this data. Industries 4.0 and Cloud
Computing have made BI tools more accessible, with Google Cloud
leading the way. Healthcare Analytics includes Clinical, Financial,
and Operational categories, with on-premise and cloud-based
deployment options. Function categories include Corporate BI,
Self-Service BI, and Dashboard models. Deployment categories
include On-Premise, Cloud-Based, and Self-Service BI models. BI
tools offer interactive graphs, dashboards, and data-supported
decisions, enabling predictive analytics and epidemiology.
Large-scale data distribution is made possible through software
solutions and SaaS applications. Data-driven decision-making is the
future, and BI tools provide the infrastructure, data modeling,
database design, and data visualizations needed to make it a
reality. Big data operations and telehealth are also benefiting
from these advanced tools.
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Market Challenges
- Open-source Business Intelligence (BI) vendors offer
cost-effective and flexible software solutions for the healthcare
sector. These solutions can be customized according to user needs,
posing a challenge for commercial BI vendors. Notable open-source
BI providers include Pentaho, BIRT, SpagoBI, KNIME, and
JasperReports. Commercial vendors face difficulties monetizing
their products due to the availability of free alternatives.
Additionally, open-source BI vendors often have large communities
of developers and users, making it challenging for commercial
vendors to keep up with the latest trends and technologies. Their
larger user bases also make it difficult for commercial vendors to
compete on price. As a result, commercial BI vendors must offer
additional features or services to attract customers and remain
competitive in the healthcare sector market.
- Business intelligence (BI) plays a crucial role in the
healthcare sector, helping providers make data-driven decisions to
improve patient care and operational efficiency. However,
implementing BI solutions comes with challenges. Hospitals,
government agencies, and various organizations face obstacles in
integrating data from multiple sources, including electronic health
records, medical devices, and health information exchanges. Private
exchangers, software vendors, and IT firms offer on-premise,
cloud-based, and hybrid BI solutions. Challenges include claims
processing, operational analysis, supply chain analysis, workforce
analysis, strategic analysis, clinical analysis, quality
improvement, clinical benchmarking, clinical decision support,
comparative analytics, precision health, patient care, and
financial analysis. BI tools help with revenue cycle management,
payment integrity, query and reporting, OLAP and visualization, and
more. Key stakeholders like practitioners, payers, and third-party
administrators benefit from BI in healthcare. Market segments
include healthcare providers, physician practices, post-acute care
organizations, ambulatory care settings, accountable care
organizations, managed care organizations, and managed care
organizations. Chronic disorders, global healthcare, and remote
patient monitoring are areas where BI can make a significant
impact. BI tools enable data-driven insights for managing costs,
improving patient outcomes, and enhancing overall quality of
care.
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challenges - Download a Sample Report
Segment Overview
This business intelligence in the healthcare sector market
report extensively covers market segmentation by
- Component
- 1.1 Software
- 1.2 Services
- Deployment
- 2.1 Cloud-based
- 2.2 On-premise
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Software- The global business intelligence market in
the healthcare sector is segmented into five main software
categories: BI platforms, dashboard and reporting software, data
analytics software, data warehousing software, mobile BI software,
self-service BI software, and cloud-based BI software. These tools
help healthcare organizations enhance operational efficiency,
reduce costs, and enhance patient outcomes by deriving insights
from their data. BI platforms serve as software tools that analyze
data from various sources to generate valuable insights. Dashboard
and reporting software create customized visualizations of key
performance indicators (KPIs) and metrics in real-time. Data
analytics software uses advanced algorithms to uncover hidden
patterns and trends. Data warehousing software stores, manages, and
organizes large volumes of structured and unstructured data. Mobile
BI software enables healthcare professionals to access business
intelligence data on mobile devices, while self-service BI software
empowers non-technical users to create their reports and
dashboards. Lastly, cloud-based BI software offers a scalable and
flexible platform for managing and analyzing business intelligence
data in the cloud. These software solutions play a crucial role in
driving the growth of the business intelligence market in the
healthcare sector, as they provide valuable insights that help
organizations make informed decisions, ultimately improving patient
care and outcomes.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Artificial Intelligence (AI) in the healthcare
sector market is experiencing rapid growth, driven by advancements
in machine learning, big data analytics, and the increasing need
for personalized medicine. AI technologies are revolutionizing
diagnostics, treatment planning, and patient management, enhancing
efficiency and outcomes. Simultaneously, the global Healthcare
Analytics Market is expanding as healthcare providers leverage data
analytics for predictive modeling, patient care optimization, and
operational efficiency. The integration of AI and analytics is
poised to transform healthcare, offering significant opportunities
for innovation and improved patient care.
Research Analysis
Business Intelligence (BI) in the healthcare sector is
revolutionizing the industry by enabling data-driven decisions,
improved patient outcomes, and enhanced clinical performance. With
the increasing penetration of Electronic Health Records (EHR), the
sector is witnessing a data explosion. Self-Service BI tools are
empowering healthcare providers to analyze this data and gain
insights into patient safety, clinical performance, and financial
analysis. Industries 4.0 and advanced technologies like Artificial
Intelligence (AI) and Machine Learning (ML) are transforming
healthcare analytics. Critical Care Units (CCUs) are leveraging
real-time data from remote patient monitoring and telehealth to
deliver personalized care. Google Cloud is a significant player in
this data-supported world, offering predictive analytics,
epidemiology, and customer relationship management solutions. BI
tools are helping healthcare providers make data-driven decisions,
manage chronic disorders, and optimize resources. The future of
healthcare lies in the effective use of BI tools to improve patient
care and outcomes in this data-driven world.
Market Research Overview
In the healthcare sector, Business Intelligence (BI) has become
a crucial tool for transforming data into valuable insights. With
the increasing penetration of data in healthcare, self-service BI
has emerged as a popular choice for patients, providers, and
industries. Electronic Health Records (EHR) are the primary source
of data, and Industries 4.0, Artificial Intelligence (AI), and
Machine Learning (ML) are revolutionizing the way data is analyzed.
Critical Care Units, Cloud Computing, and Healthcare Analytics are
some of the function categories that heavily rely on BI. Clinical
Analytics, Financial Analytics, and Operational Analytics are the
three main model categories, with on-premise and cloud-based
deployment options. Cloud-based BI tools offer advantages like
data-supported decisions, predictive analytics, and interactive
graphs in a data-driven world. Customer Relationship Management
(CRM) and Google Cloud are gaining popularity in the healthcare
sector. Patient safety, clinical performance, and patient outcomes
are some of the critical areas where BI plays a significant role.
BI tools enable data-driven decision-making, data visualizations,
and customizations. However, security breaches and cost management
are major concerns in the healthcare sector. Software solutions and
SaaS applications offer various functionalities like claims
processing, operational analysis, supply chain analysis, workforce
analysis, strategic analysis, clinical analysis, quality
improvement, clinical benchmarking, clinical decision support,
comparative analytics, precision health, patient care, and
corporate BI. Healthcare payers, providers, hospitals, government
agencies, private exchanges, and pharmaceutical companies are some
of the industries that heavily rely on BI. BI tools help in cost
management, cash flow management, claims management, and financial
analysis. The future of BI in healthcare is promising, with
advancements in big data operations, telehealth, telecloud, and
on-premises, hybrid, and cloud-based deployment options.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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