WASHINGTON, April 20, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Healthcare Business Intelligence Market finds that implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb health care spending and improve patient outcomes, big data in healthcare, and the increasing number of patient registries are factors that influencing the growth of Healthcare Business Intelligence Market.
The total Global Healthcare Business Intelligence Market is estimated to reach USD 16.58 Billion by the year 2028. The Market valued at a value USD 7.28 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.70%, states Vantage Market Research, in a report, titled “Healthcare Business Intelligence Market Size, Share & Trends Analysis Report by Component (Platforms, Software, Services), by Function (Query and Reporting, OLAP and Visualization, Performance Management), by Application (Financial Analysis, Clinical Analysis), by Deployment model (On-premise Model, Cloud-based Model, Hybrid Model), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Increasing Adoption of Cloud Based BI Tools
Healthcare sector has witnessed a significant growth over the past decade. Digitalization has hit the various sectors and healthcare is not lagging behind. In the digital world, data is the front runner. Since COVID – 19 outbreak the healthcare sector is booming unprecedentedly, thus, need for data storage is increasing. Moreover, the government is taking several initiatives to surge the Electronic Health Record (EHR) adoption. Thus, this are some of the factors driving the market growth over the forecast period. Additionally, the government as well as several major players are investing their money abundantly to increase the technology of EHR. This increasing fundings as well as increasing spending power of people is increasing overall healthcare spending with is further propelling the market growth over the forecast period. Moreover, growing adoption of data-driven, decision-making solutions are some of the other factors surging the market growth.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Healthcare Business Intelligence market is predicted to grow at a CAGR of roughly 14.70% during the forecast period.
- The Healthcare Business Intelligence market was estimated to be worth roughly USD 7.28 Billion in 2021 and is expected to reach USD 16.58 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Healthcare Business Intelligence market.
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Segmentation of Global Healthcare Business Intelligence Market:
- Query and Reporting
- OLAP and Visualization
- Performance Management
- Financial Analysis
- Clinical Analysis
- Deployment model
- On-premise Model
- Cloud-based Model
- Hybrid Model
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Increasing Adoption of Advanced Solutions and Use of BI for Emergency Medical Services
Adoption of cloud-based software has witnessed steep growth since the coronavirus outbreak. This software allows hospitals, health providers, payers, as well as life sciences manufacturers to transform their data into insightful dashboards and graphs. Thus, mounting the market growth. In 2020, the Australian Department of Health launched the Coronavirus Australia App using Google Cloud to deliver real-time information about the virus spread patterns, lockdowns and restrictions, and Covid-19 specific healthcare information. Additionally, Business Intelligence (BI) also provide predictive analytics enabling healthcare solutions to prevent the several challenges that the patients would face. Thus, propelling the market growth over the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Healthcare Business Intelligence Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
North America Holds Maximum Market Share
North America is expected to dominate the growth of Healthcare Business Intelligence Market in 2021. The major driving factors for the market are presence of major players in the region. Additionally, increased implementation of BI solutions and services in healthcare is further propelling the market growth in the region over the forecast period. Moreover, increasing government initiatives and disposable income as well as funding’s from government as well as major players is further propelling the market growth over the forecast period.
List of Prominent Players in the Healthcare Business Intelligence Market:
- Microsoft (US)
- IBM (US)
- Oracle (US)
- SAP SE (Germany)
- SAS Institute Inc. (US)
- Tableau Software (US)
- Micro Strategy Incorporated (US)
- Qlik Tech International AB (US)
- Information Builders (US)
- Sisense Inc. (US)
- Yellowfin BI (Australia)
- BOARD International (Switzerland)
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on “Healthcare Business Intelligence Market Size, Share & Trends Analysis Report by Component (Platforms, Software, Services), by Function (Query and Reporting, OLAP and Visualization, Performance Management), by Application (Financial Analysis, Clinical Analysis), by Deployment model (On-premise Model, Cloud-based Model, Hybrid Model), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/healthcare-business-intelligence-market-881557
February 2018: Oracle acquired Zenedge (US) to secure critical IT systems deployed via cloud, on-premise, or hybrid hosting environments with the help of Zenedge.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Healthcare Business Intelligence Market?
- How will the Healthcare Business Intelligence Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Healthcare Business Intelligence Market?
- What is the Healthcare Business Intelligence market drivers and restrictions?
- What will be the CAGR and size of the Healthcare Business Intelligence Market throughout the forecast period?
This market titled “Healthcare Business Intelligence Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered|| • Component
• Deployment model
|Region & Counties Covered|| • North America
• Asia Pacific
• Latin America
• Middle East & Africa
|Companies Covered|| • Microsoft (US)
• IBM (US)
• Oracle (US)
• SAP SE (Germany)
• SAS Institute Inc. (US)
• Tableau Software (US)
• MicroStrategy Incorporated (US)
• QlikTech International AB (US)
• Information Builders (US)
• Sisense Inc. (US)
• Yellowfin BI (Australia)
• BOARD International (Switzerland)
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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