Business intelligence market in the healthcare sector to grow

[Riman Talukder]

Technavio
24 Jul, 2023

Business intelligence market in the healthcare sector to grow by USD 8,991.58 million from 2022 to 2027 | Improved efficiency of business intelligence tools to boost the market growth - technavio


The business intelligence market in the healthcare sector is set to grow by USD 8,991.58 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 17.02% during the forecast period, according to Technavio. The business intelligence market in the healthcare sector is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market.  Accenture Plc, Alphabet Inc., Board International SA, Domo Inc., Hexaware Technologies Ltd., Idera Inc., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Open Text Corp., Oracle Corp., Perficient Inc., QlikTech International AB, Salesforce.com Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., and TIBCO Software Inc. are some of the major market participants -.



Business Intelligence Market in the Healthcare Sector 2023-2027: Scope



Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The business intelligence market in the healthcare sector report covers the following areas:

Business Intelligence Market in the Healthcare Sector Size
Business Intelligence Market in the Healthcare Sector Trends
Business Intelligence Market in the Healthcare Sector Industry Analysis
Porter's Five Forces Analysis
Customer Landscape

The business intelligence market in the healthcare sector is fragmented, and the degree of fragmentation will accelerate. The improved efficiency of bi tools will offer immense growth opportunities. However, the Presence of open-source BI vendors will hamper the market growth.



Business Intelligence Market in the Healthcare Sector 2023-2027: Drivers & Challenges

One of the key drivers supporting the growth of the healthcare business intelligence market is the improved efficiency of BI tools. Business intelligence tools provide real-time information that helps end users avoid process delays, centralize control, and improve market response and decision-making. BI helps hospitals and other end users to transform raw sales, service, marketing, and patient data into useful information consistently and efficiently.

Furthermore, in healthcare, business intelligence has a wide range of uses, including analysis of social media conversations, fraud detection, management information systems, and disease diagnosis. The use of business intelligence in healthcare helps stakeholders track and store real-time health record information related to patient care and medication. Hence, the improved efficiency will fuel the healthcare business intelligence market growth during the forecast period.

One of the key factors challenging the healthcare BI market growth is the presence of open-source BI vendors. Open-source BI vendors offer software solutions that are free to use, and users can modify them as per their needs. Vendors such as Pentaho, BIRT, SpagoBI, KNIME, and JasperReport offer BI solutions for free. One of the challenges with the existence of open-source BI vendors is that it can be difficult for large-scale vendors to monetize their products. This is because customers may choose to use a free, open-source solution instead of a commercial BI product that costs high. Therefore, commercial BI vendors may need to offer additional features and services to attract customers.

Furthermore, another challenge is that open-source BI vendors may have strong communities of developers and users who continually improve and update their software. This makes it difficult for commercial players to keep up with the latest trends and technologies, and they may fall behind in terms of product development and innovation. Besides, open-source BI vendors may have a larger user base than commercial vendors, which can make it difficult for commercial vendors to compete on price. Thus, this factor will hamper the growth of the healthcare BI market



Business Intelligence Market in the Healthcare Sector 2023-2027: Segment Analysis

Component
    Software
    Services
Deployment
    Cloud-based
    On-premise
Geography
    North America
    Europe
    APAC
    South America
    Middle East And Africa



Business Intelligence Market in the Healthcare Sector 2023-2027: Segmentation Highlights

The market share growth by the software segment will be significant during the forecast period. The software segment is further segmented by component into the following categories BI platforms, Dashboard and reporting software, Data analytics software, Data warehousing software, Mobile BI software, Self-service BI software, and Cloud-based BI software. Furthermore, the software components of the healthcare business intelligence market include various types of software such as query and reporting, performance management, and analytics solutions. These software tools are designed to help healthcare enterprises to improve their operational efficiency, reduce costs, and improve patient outcomes by providing data insights. Hence, insights into their data will support driving the growth of the market during the forecast period.

North America is estimated to contribute 30% to the growth of the global market during the forecast period. With the majority of the market share, the North American market is dominated by the US. Rising demand for healthcare services, the need to reduce healthcare costs, and the availability of advanced technologies are the key factors driving the growth of the market in North America. Healthcare uses business intelligence solutions to improve patient outcomes and streamline clinical operations. Business intelligence tools analyze data from electronic medical records, patient satisfaction surveys, and other sources to identify trends, patterns, and opportunities for advancement. These insights can be used to design targeted interventions and improve patient care. Thus, such factors will grow the market in this region during the forecast period.



Business Intelligence Market in the Healthcare Sector 2023-2027: Key Highlights


👉CAGR of the market during the forecast period 2023-2027
👉Detailed information on factors that will assist the business intelligence market in the healthcare sector growth during the next five years
👉Estimation of the business intelligence market in the healthcare sector size and its contribution to the parent market
👉Predictions on upcoming trends and changes in consumer behavior
👉The growth of the business intelligence market in the healthcare sector across North America, Europe, APAC, South America, and the Middle East and Africa
👉Analysis of the market's competitive landscape and detailed information on vendors
👉Comprehensive details of factors that will challenge the growth of the business intelligence market vendors in the healthcare sector


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SOURCE:  Technavio
Original Content: https://shorturl.at/mPX59