IMARC Group, a leading market research company, has recently releases report titled “Healthcare Business Intelligence Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global healthcare business intelligence market trends, size, share, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the healthcare business intelligence market?
The global healthcare business intelligence market size reached US$ 7.89 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.99 Billion by 2028, exhibiting a growth rate (CAGR) of 14.55% during 2023-2028.
What is Healthcare Business Intelligence?
Healthcare business intelligence (BI) refers to the use of data analytics tools and processes to generate insights that aid in the management and operation of healthcare organizations. It involves the collection, integration, analysis, and presentation of healthcare data to support decision-making. BI tools can analyze a wide range of data types, from patient records and treatment outcomes to administrative and financial data. The objective is to improve patient care, optimize operational efficiency, and enhance financial performance. For instance, healthcare BI can help identify patterns in patient outcomes to improve treatment plans or analyze operational bottlenecks to improve service delivery. It also plays a crucial role in compliance reporting, strategic planning, and resource allocation.
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What are the growth prospects and trends in the healthcare business intelligence industry?
The rising need for improved patient care represents one of the key factors driving the growth of the market across the globe. As healthcare systems grow increasingly complex, the demand for actionable insights to improve patient outcomes becomes more crucial. BI tools enable healthcare providers to analyze clinical data, identify trends, and make data-driven decisions that lead to enhanced patient care. The market is also driven by the growing emphasis on reducing healthcare costs. Business intelligence provides insights into operational efficiencies, helping to identify areas where costs are being cut without compromising the quality of care. This is particularly important given the financial pressures many healthcare organizations face. The increasing adoption of electronic health records (EHRs), wearables, and other data-generating technologies is leading to an explosion of healthcare data. Other factors, such as technological advancements and growing investments in healthcare IT infrastructure, are creating a positive outlook for the market across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Software
- Services
- Platform
Breakup by Function:
- OLAP and Visualization
- Query and Reporting
- Performance Management
Breakup by Deployment Mode:
- On-premises
- Cloud-based
- Hybrid
Breakup by Application:
- Financial Analysis
- Operational Analysis
- Clinical Analysis
Breakup by End User:
- Healthcare Manufacturers
- Healthcare Providers
- Payers
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Cloud Software Group Inc.
- Domo Inc.
- Infor (Koch Industries Inc.)
- International Business Machines Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- Oracle Corporation
- Panorama Software
- QlikTech International AB
- Salesforce Inc.
- SAP SE
- Sisense Ltd.
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