Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Healthcare Business Intelligence Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global healthcare business intelligence (BI) market is undergoing a significant transformation, with expectations of robust growth over the next five years. A comprehensive analysis reveals that this market, valued at USD 8.89 billion in 2023, is projected to double, reaching an estimated USD 17.44 billion by the year 2028. This equates to an impressive compound annual growth rate (CAGR) of 14.41% during the forecast period.
Recent healthcare challenges, particularly the COVID-19 pandemic, have underscored the indispensable role of data analytics in the management of healthcare resources. Frontline healthcare providers have leveraged BI tools for managing assets, making informed decisions, and rapidly responding to public health emergencies. Studies indicate a marked acceleration in digital technology adoption within the healthcare sector due to the outbreak, fueling further investment and interest in BI solutions.
The market has witnessed substantial growth driven by a combination of factors, including governmental initiatives aimed at increasing the adoption of Electronic Health Records (EHR) and patient registries. The urgency to harness big data within the healthcare industry has further catalyzed market expansion.
Key Market Trend: Adoption of Cloud-based BI Solutions in Healthcare
In the Business Intelligence as a Service (BIaaS) category, cloud-based models are gaining significant traction. These models offer the advantages of being cost-effective, user-friendly, and having high implementation rates compared to on-premise alternatives. The shift towards cloud-based solutions has been further buoyed by the launching of innovative healthcare-centric data platforms that are set to redefine how patient data is managed and analyzed.
Renowned players in the tech space, such as Snowflake and Microsoft, have introduced cutting-edge platforms that integrate data warehousing, analytics, and business intelligence. These advancements are positioned to revolutionize the industry, offering healthcare organizations the tools they need to navigate the complexities of data management with increased efficiency and decreased resource expenditure.
Dominance of North American Market Continues
North America continues to dominate the global healthcare BI market, thanks in large part to a proactive approach by medical providers towards the adoption of BI solutions. These solutions are designed to deliver enhanced patient care and operational efficiency. The readiness of the market to adopt cloud computing and continuous upgrades in healthcare and IT infrastructure also play pivotal roles in driving growth in this region.
Studies indicate that the use of BI processes has contributed to better resource management within various healthcare applications, such as diagnostic imaging. The United States, in particular, has exhibited a high adoption rate of certified EHR technologies, laying the groundwork for the expansion of the BI market.
Moreover, the innovation in product offerings, such as the recent introduction of visual business intelligence (BI) tools by Med Tech Solutions (MTS), is anticipated to further fuel the North American market's growth trajectory over the projected period.
Competitive Landscape
The healthcare business intelligence market comprises a blend of prominent and emerging players engaged in the relentless pursuit of product innovation and technological advancement. This competitive vigor is set to continue, with organizations like Oracle Corporation, Microsoft Corporation, IBM Corporation, SAP SE, and SAS Institute Inc. spearheading market evolution.
The market's dynamism is a reflection of the collective push to leverage business intelligence in propelling healthcare into a more data-driven and efficient future. With ongoing research and development, combined with the launch of state-of-the-art solutions, the healthcare BI market is poised for unprecedented growth in the coming years.
For key stakeholders and decision-makers in healthcare, technology, and data analytics, the trajectory of the healthcare business intelligence market represents a promising avenue for strategic investments and long-term planning.
- Rapid growth driven by digital technology adoption and cloud-based BI solutions
- Substantial impact from governmental initiatives enhancing EHR and patient registries
- North America leading the charge with strong infrastructure and high EHR adoption rates
- Competitive market encouraging innovation and technological advancements
A selection of companies mentioned in this report includes:
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Salesforce
- MicroStrategy Incorporated
- QlikTech International AB
- Information Builders
- Sisense Inc.
- EPIC SYSTEMS
- Infor Inc.
- CareCloud Inc.
- Domo Inc.
For more information about this report visit https://www.researchandmarkets.com/r/n3q88a
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