The Healthcare Business Intelligence Market is expected to be valued at USD 15.14 Billion in 2027 from USD 5.40 Billion in 2019, registering a CAGR of 14.6% through the forecast period. The market is poised to expand significantly during the estimated timeframe accredited to the escalating demand for better claim management solutions. The growing demand for improved cost management solutions is projected to bolster the industry’s growth. Additionally, the rapid adoption of data-driven decision-making solutions in the healthcare industry is also expected to boost the industry’s growth over the coming years.
The emergence of advanced cloud-based business intelligence solutions, increasing penetration of mobile-based business intelligence solutions, rapid advancements in analytics, and the growing usage of big data is expected to further add traction to market growth. Increasing adoption of these advanced solutions by hospitals, healthcare providers, and others to use their data for generating actionable insights is further estimated to propel the market growth.
However, the high development costs associated with advanced business intelligence solutions and the subsequent complications are expected to impede the market growth in the projected timeframe.
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Key Highlights from the Report:
- The software sub-segment is foreseen to retain its dominant position in the industry throughout the projected timeline, registering a CAGR of 14.7%. Business intelligence software assists healthcare organizations to collect, interpret, and process data into actionable business insights, which is, in turn, promoting the market growth.
- The cloud-based sub-segment is expected to bolster the market growth as the applications based on the cloud offer enhanced accessibility, a high level of data protection, easy application, and simplified analysis of data.
- The online analytical processing (OLAP) and visualization sub-segment is forecast to dominate the market growth. The exponential growth of the segment can be attributed to the ability of the online analytical processing method to solve the issues of the users quickly while offering understandable accessibility to the comprehensive data and related metrics for analysis and reporting.
- The financial analysis sub-segment is projected to lead the industry’s expansion in the projected timeframe. The growth can be accredited to the functionalities offered by the financial analysis applications such as cost management, balance sheet, cash flow management, claims management, and sales and profitability management.
- Higher costs associated with medical facilities and increasing requirement to regulate memberships and reduce chances of false claims is boosting the growth of the health payers sub-segment during the projected timeframe.
- North America is estimated to command the market growth during the projected timeframe due to the exponential use of healthcare business intelligence tools in the region to optimize the clinical and patient outcomes and the growing need to minimize the healthcare expenditure.
- Major companies profiled in the market are Oracle Corporation, Domo Inc., Sisense Inc., Qlik Technologies Inc., MicroStrategy Incorporated, SAP SE, Microsoft Corporation, Salesforce.com, Inc., Tableau Software, and Infor Inc.
- Qlik Technologies, Inc., gained a controlling stake in Knarr Analytics, LLC in August 2020. The acquisition deal is expected to enhance Qlik Technologies, Inc.’s Cloud Platform Active Intelligence capability, which offers extensive insights to boost data-driven business activities.
For the purpose of this report, Emergen Research has segmented the Global Healthcare Business Intelligence Market based on component, deployment, function, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2017–2027)
Deployment Outlook (Revenue, USD Billion; 2017–2027)
Function Outlook (Revenue, USD Billion; 2017–2027)
- Analytical Performance Management
- Online Analytical Processing (OLAP) & Visualization
- Query & Reporting
Application Outlook (Revenue, USD Billion; 2017–2027)
- Clinical Analysis
- Patient Care Analysis
- Financial Analysis
- Operational Analysis
End-use Outlook (Revenue, USD Billion; 2017–2027)
- Healthcare Providers
- Healthcare Payers
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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