Business intelligence (BI) platforms allow healthcare organizations to create applications that can assist them in comprehending their processes and utilize technology to control cost and achieve improved healthcare quality. The adoption rate of BI platforms is increasing in the healthcare sector owing to their ability of provide integration, information delivery, and analysis abilities to the organizations engaged in the healthcare sector. Thus, increased adoption of these services will help in the growth of the global healthcare BI platform market in the years to come.
The partially and fully digitized healthcare institutions generate a huge amount of data today. This data can be utilized by the organizations in the healthcare sector for performing critical business decision-making activities. Thus, these organizations are increasing their focus toward the incorporation of varied technological advancements such as healthcare BI platforms, which help in the various activities such as patient management, clinical performance, cost and waste reduction, and disease management. In short, the healthcare BI platforms are helping healthcare organizations in achieving improvement in their regular activities, and thereby advancing the quality of the services they offer.
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The government bodies of many countries across the globe are introducing various regulations such as Affordable Care Act (2010). These regulations are encouraging healthcare organizations to replacement of conventional systems with new technologically advanced systems. This factor is expected to translate into increased demand opportunities for vendors operating in the global healthcare BI platform market. With the increasing healthcare expenditure, the need for the use of technology to achieve cost reduction together with high quality care is growing. This factor is resulting into increased sales avenues in the healthcare BI platform market.
The global healthcare BI platform market is expected to expand at 11.7% CAGR during the forecast period 2015–2023, states a new study by TMR. Further, the report highlights that the market will gain the revenue of US$3.9 Bn by 2023. With an aim of offering inclusive overview of the market, the study analysts have provided in-depth data on drivers, restraints, growth opportunities, trends, and challenges in the market for healthcare BI platform.
Partnering With Healthcare Bodies And Hospital Groups: Key Tactic of Market Players to Boost Their Sales
Some of the key players operating in the global healthcare BI platform market include Oracle Corporation, Microsoft Corporation, Information Builders, SAP SE, IBM Corporation, SAS Institute Inc., and OpenText Corporation. Due to the presence of many active enterprises, the competitive landscape of the market for healthcare BI platform seems to be highly intense. This scenario is encouraging market companies to indulge into various organic and inorganic strategies. Thus, many players in the healthcare BI platform market are seen entering into the partnerships agreements with healthcare bodies and hospital groups. These partnerships are focused on the integration of healthcare BI solutions at the center of services.
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North America: One of the Prominent Regions in Market for Healthcare BI Platform
On the basis of region, the global healthcare BI platform market is divided into many regions such as Europe, North America, Middle East and Africa, Asia Pacific, and Latin America. Among all geographical regions, North America seems to be one of the key market regions. The market may experience lucrative avenues in the North America region owing to the presence of many government regulations such as Affordable Care Act. Apart from this, the presence of sturdy healthcare infrastructure in the region will result into making the North America healthcare BI platform as one of the fastest growing and largest market in the years ahead. This aside, the market is estimated to gather promising expansion avenues in the Asia Pacific region.