Healthcare

Healthcare BI Platform Market Size Demonstrates Immense Growth Potential With Staggering Cagr Value By 2023

Business Intelligence (BI) platforms enable healthcare organizations to build applications that help them understand their processes and use technology to help ensure healthcare quality and control cost. BI platforms provide information delivery, integration, and analysis capabilities to healthcare organizations.
The global healthcare BI platform market is segmented on the basis of function into clinical analytics, financial analytics, operational analytics and others (regulatory reporting, etc.).

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In 2014, the financial analytics segment dominated the healthcare BI platform market accounting for US$ 532.0 Mn in revenue. Financial analytics function of healthcare BI platforms fulfill the primary requirements of healthcare organizations by defining financial goals, developing business plans, and monitoring costs and revenue which drives its demand. However, clinical analytics is expected to be the fastest growing segment in the healthcare BI platform market over the forecast period.

On the basis of deployment type, the healthcare BI platform market is segmented into on-premise and cloud. In 2014, the on-premise deployment segment dominated the global healthcare BI platform market in terms of revenue. Cloud deployment is expected to be the fastest growing healthcare BI platform segment. The growth of this segment is mainly driven by increasing adoption by SMEs owing to its lower cost, increased deployment speed, and ease of use. On the basis of model type, the healthcare BI platform market is segmented into self-service BI and corporate BI. Corporate BI model type dominates the healthcare BI platform market. However, self-service BI is expected to be the fastest growing segment over the forecast period due to increasing demand for fast, diverse analytics using decentralized data.

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Mobile BI, cloud BI, self-service BI, and social BI are the trends observed in the healthcare BI platform market. Currently, financial analytics function is acting as a key driver for the growth of the healthcare BI platform market.

The healthcare BI platform market is expected to see strong growth during the forecast period as traditional systems are expected to be replaced by new technologically advanced systems in response to government regulations such as Affordable Care Act (2010). The increasing healthcare expenditure and hence the need to use technology for cost reduction, while keeping the quality care intact is boosting the healthcare BI platform market. Currently, North America dominates the global healthcare BI platform market in terms of revenue and it is expected to continue witnessing the highest growth over the forecast period.

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Major players in the healthcare BI platform market include SAP SE, IBM Corporation, Oracle Corporation, Microsoft Corporation, SAS Institute, Inc., OpenText Corporation, and Information Builders. Focus on emerging trends and strategic collaborations are some of the strategies adopted by leading players in the healthcare BI platform market.

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