Authored By: Sarah
11 Jul 2024

 Business Intelligence In The Healthcare Sector Market Size to grow by USD 14200.7 million between 2024-2028

According to a research report “ Business Intelligence In The Healthcare Sector Market” by Component (Software, Services) Deployment (Cloud-based, On-premise) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 14200.7 million, at a CAGR of  21.22% during the forecast period. In the intensely competitive healthcare sector, where the number of hospitals is increasing and pricing pressure is mounting, businesses are seeking ways to streamline operations and reduce cycle times. Business Intelligence (BI) tools offer real-time data insights, enabling end-users to avoid process delays, centralize management, and enhance market responsiveness. Transforming raw data into actionable intelligence is crucial for customer-facing strategies, allowing hospitals and other healthcare providers to gain a competitive edge. BI solutions facilitate the efficient and consistent conversion of sales, service, marketing, and patient data into valuable business information.

Browse market data tables, figures, and in-depth TOC on “Business Intelligence In The Healthcare Sector Market” by Component (Software, Services) Deployment (Cloud-based, On-premise) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Component, the Software segment is projected to dominate the market size in 2024

In the healthcare sector, Business Intelligence (BI) solutions deployed in the cloud are gaining significant traction due to their cost-effective and economical advantages over on-premises deployment. Cloud-based BI solutions enable seamless integration with other healthcare software applications, such as online booking systems and Internet-based payment and billing software. Service providers offer flexible payment models, including monthly subscriptions and pay-as-you-go, making cloud-based solutions an attractive option for organizations. As a result, the cloud-deployed segment is projected to expand at a faster Compound Annual Growth Rate (CAGR) than the on-premises segment throughout the forecast period. This trend is driven by the increasing focus on reducing IT infrastructure costs while enhancing marketing operations' flexibility, agility, and efficiency.

By Deployment, Cloud-based  segment is expected to hold the largest market size for the year 2024

In the healthcare sector, the business intelligence market is categorized into several components for software solutions. These include Business Intelligence (BI) platforms, dashboard and reporting software, data analytics software, and data warehousing software. BI platforms serve as essential tools for healthcare organizations, enabling them to analyze vast amounts of data from assorted sources and generate valuable insights to inform strategic decision-making. Dashboard and reporting software facilitate the creation of customized visualizations and reports, offering real-time access to essential Key Performance Indicators (KPIs) and other critical metrics. Data analytics software utilizes advanced algorithms and statistical models to unearth hidden patterns, trends, and correlations within healthcare data. Lastly, data warehousing software plays a crucial role by providing a centralized repository for managing and organizing large volumes of structured and unstructured data from diverse sources.

North America is forecasted to hold the largest market size by region in 2024

In the dynamic healthcare sector, Business Intelligence (BI) plays a pivotal role in driving data-driven decision-making. BI tools enable healthcare organizations to collect, analyze, and interpret complex data, leading to enhanced patient care, operational efficiency, and financial performance. By leveraging BI, healthcare providers can gain valuable insights into patient trends, resource utilization, and performance metrics, ultimately improving overall business outcomes.

The Business Intelligence In The Healthcare Sector Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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.
  • TIBCO Software Inc.
.

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Research Analysis Overview

In the healthcare sector, Business Intelligence (BI) has become an essential tool for clinical analysis and financial management. With the rise of chronic disorders, telehealth, remote patient monitoring, and electronic health records, the healthcare industry generates vast amounts of data every day. BI enables healthcare providers to analyze this data for epidemiological insights, predictive analytics, and data-supported decisions. Google Cloud, CRM, and self-service BI solutions are transforming the healthcare analytics landscape. Clinical performance, patient outcomes, patient safety, and critical care units are some areas where BI is making a significant impact. Machine learning and artificial intelligence are being used to analyze patient data and improve clinical performance, while Industries 4.0 technologies are enabling real-time monitoring and remote patient care. In this data-driven world, BI is helping healthcare providers make informed decisions, improve patient care, and enhance overall clinical performance. By leveraging the power of BI, healthcare organizations can gain insights into chronic diseases, patient trends, and population health, leading to better patient outcomes and improved patient safety. With the increasing penetration of electronic health records, the future of healthcare analytics looks bright and promising.

Market Research Overview

Business Intelligence (BI) in the healthcare sector is a critical tool for medical device manufacturers, payers, providers, and other stakeholders to gain insights from vast amounts of data. BI solutions enable data-driven decision-making in various segments, including revenue cycle management, financial analysis, and operational analysis. OLAP and visualization tools help healthcare organizations analyze complex data, while query and reporting capabilities provide real-time access to critical information. Payers, third-party administrators, managed care organizations, accountable care organizations, and healthcare providers use BI for payment integrity, claims processing, cash flow management, and cost management. Information technology firms offer on-premises and cloud-based BI solutions for healthcare organizations. These solutions cater to various industries, such as chronic disorders, remote patient monitoring, and telehealth. Electronic health records, healthcare providers, and pharmaceutical manufacturers also leverage BI for customer analytics and marketing. BI tools facilitate data-supported decisions in ambulatory care settings, post-acute care organizations, physician practices, and critical care units. They provide data visualizations, comparative analytics, clinical decision support, clinical benchmarking, quality improvement, and strategic analysis. Cloud-based BI tools offer advantages like large-scale data distribution, real-time data access, and cost savings. However, on-premises deployment ensures data security and customizations. BI solutions also cater to various deployment categories, including hybrid and SaaS applications. BI tools in healthcare enable data-driven decision-making in a data-driven world. They help improve patient outcomes, clinical performance, patient safety, and operational efficiency. Machine learning and artificial intelligence are also being integrated into BI solutions for predictive analytics and epidemiology.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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