There is an increase in the growth of healthcare business intelligence market due to factors such assurge in promotion ofbusiness intelligence software by hospitals, healthcare providers, payers, and life sciences manufacturers to transform their data into valuable information and graphs is animportant factor responsible to drive the growth of the market. Business intelligence platform provides end users with the useful information that permits them to manage revenues, service rate comparisons, patient admission trends, patient care status, and easy access to patient data by age, gender, and Emergency Room visits without any actual visit.
Business Intelligence (BI) in the healthcare sector raises patient care and decreases expenses. Due to complications of data generation in healthcare system. Healthcare Business intelligence applications are required in hospitals and other healthcare organizations to gain patient satisfaction, productive clinical operations, distribution of work, daily practice of nurses and doctors, and constructive management and administration.
COVID-19 scenario analysis:
With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Apart from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.
Technological progress, cost containment and increased access will in the near future be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, its growth is anticipated to increase several folds over the next two years.
Top Impacting factors:
- Increase in adoption of artificial intelligence in the healthcare sector is boosting the market growth of healthcare business intelligence. Innovative developments such asbig data implementation and initiatives to upgrade healthcare solutions are propelling the healthcare business intelligence market.
- Increase in number of patients and their information feed in the database to make registries has become anunmanageable task and to manage such difficult work, digital innovations developed electronic health record system which is boosting the healthcare business intelligence market greatly.
- Advancements inInformationtechnology and cloud services builds up the healthcare infrastructure which is boosting the growth of healthcare business intelligence market which is totally supported by the IT professionals targeting developing economies providing healthcare services. Thesedriving factors are boosting the business development of healthcare business intelligence market drastically.
New Product Launches:
- In 2018, Oracle obtained Zenedge (US) to firm critical IT systems used through cloud, on-premise, or hybrid hosting environments with the help of Zenedge
- In 2018, SAS made an agreement with Deloitte (Canada) to support their existing strategic alliance that will grip the experts to lower the risk and provide higher-quality outcomes in the insurance market.
- In 2017, Microsoft made partnership with SAP SE (Germany) to grow more business innovation in the cloud and provide joint support services to provide the best cloud experience to the customers.
Surge in the growth of healthcare business intelligence market:
- Healthcare Business intelligence market is expected grow in future of healthcare industry as it has the capability to positively influence the benefiters including patients, clinical staff, physicians, employers, payers, and providers. This is expected to boost the market growth of healthcare business intelligence market.
Key benefits of the report:
- This study presents the analytical depiction of the global healthcare business intelligence market along with the current trends and future estimations to determine the investments.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of thehealthcare business intelligence market share.
- The current market is quantitatively analyzed to highlight thehealthcare business intelligence market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed globalhealthcare business intelligencemarket analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in theHealthcare Business IntelligenceMarket Report:
- What are the leading market players active in healthcare business intelligence industry?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
- What Segments and region will drive the market growth & why?
Key Market Segments
- By Component
- Software
- Services
- Platforms
- By Function
- OLAP and Visualization
- Query and Reporting
- Performance Management
- By Application
- Financial Analysis
- Revenue Cycle Management
- Claims Processing
- Payment Integrity and Fraud, Waste and Abuse (FWA)
- Risk Adjustment & Risk Assessment
- Operational Analysis
- Workforce Analysis
- Supply Chain Analysis
- Strategic Analysis
- Clinical Analysis
- Clinical Decision Support
- Quality Improvement & Clinical Benchmarking
- Clinical Decision Support
- Regulatory Reporting and Compliance
- Comparative Analytics/Effectiveness
- Precision Health
- By Deployment model
- On premise Model
- Cloud based Model
- Hybrid Model
- By End User
- Healthcare Manufacturers
- Healthcare Providers
- Hospitals andPhysicians
- Post acute Care Organizations
- Ambulatory Care Settings
- Payers
- Government Agencies
- Private Insurance Companies
- Employers and Private Exchanges
- Other End Users
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Oracle
- QlikTech International AB
- IBM
- MicroStrategy Incorporated
- Yellowfin BI
- Tableau Software
- Information Builders
- Microsoft
- SAPSE