Healthcare Business Intelligence Market: On-Premises Deployment Is Anticipated To Witness Steady Growth

 Healthcare Business Intelligence Industry Overview

The global healthcare business intelligence market size is expected to reach USD 21.4 billion by 2030 and is expected to expand at a CAGR of 13.5% during the forecast period, according to a new report by Grand View Research, Inc. Increased adoption of data-driven decision making, penetration of cloud-based business intelligence (BI) solutions for the healthcare industry, increased focus to reduce spending, and the emergence of mobile-based BI solutions are the key factors contributing to the market growth. The growing requirement of business intelligence tools to reduce costs for operational performance, claims, and clinical analysis is another major factor positively impacting the market.

Factors, such as the constantly increasing volume of digital information and data sources, the complexity of data generated in healthcare organizations, coupled with the growing need for advanced business intelligence solutions to support decision-making are boosting the demand for business intelligence solutions and services. The massive amounts of unstructured and structured data generated by medical organizations and institutions are critical to managing, thus there is a huge demand for advanced healthcare BI software by hospitals and other medical organizations.

To gain insights about patient care and satisfaction, clinical operations, labor distribution, physician practices, and administration and management; hospitals and other medical facilities require data visualization and predictive modeling tools, which in turn is increasing demand for healthcare business intelligence software among these end-users. Increasing adoption of cloud-based BI software solutions coupled with the high dependency of healthcare on digital technology to operate functions of a complex healthcare system revenue cycle management, supply chain management, and performance management, is further boosting the adoption of BI software over the past years. For instance, KenSci Clinical Analytics is a platform designed by Microsoft to predict clinical and operational risks involved in a healthcare facility to improve health outcomes and reduce operational costs.


Healthcare Business Intelligence Market Segmentation

Grand View Research, Inc. has segmented the global healthcare business intelligence market based on the type of component, mode of delivery, application, deployment, end use, and region:

Based on the Component, the market is segmented into Software, and Services.

  • The software segment held the largest market share of 69.6% in 2021 owing to its wide usage in the healthcare industry. The business intelligence software allows administrators to track key performance that analyzes, manages, and helps organizations adapt their performance based on accurate data and analytics-based insights.
  • The increased adoption of software such as SaaS that offers next-generation cloud computing applications such as revenue cycle management, supply chain management, enterprise performance management, enterprise resource planning, and business process management are the factors boosting the growth of the healthcare business intelligence market.
  • The services segment is expected to emerge at a steady growth rate over the forecast period. The services enable structured data-driven decision-making by extracting data from the core system and organizing it into a high-performance data warehouse.

 

Based on the Mode of Delivery, the market is segmented into On-premise, Cloud-based, and Hybrid.

  • The cloud-based delivery mode segment held the largest market share of 47.5% in 2021. Cloud computing enables all big data operations through the provision of large storage and processing power.
  • On-premises deployment is anticipated to witness steady growth over the forecast period. These solutions enable the customizations as per the requirement of an organization.


Based on the Application, the market is segmented into Financial Analysis, Operational Analysis, Clinical Analysis, and Patient Care.

  • Financial analysis is the largest application segment and held a revenue share of 37.0% in 2021. It offers multiple functionalities, such as cost management, cash flow management, claims management, and sales and profitability management.

 

  • Patient care segment is expected to register the fastest CAGR over the forecast period as healthcare organizations are focused on providing advanced patient and clinical care, decreasing readmissions, improving personnel distribution, and managing patient expenses.

 


Based on the End-Use, the market is segmented into Payers, Healthcare Providers, Health Information Exchanges (HIEs), Accountable Care Organizations (ACOs), Managed Care Organizations (MCOs), and Third-party Administrators (TPAs).

  • Healthcare payers accounted for the largest revenue share of 39.0% in 2021. The increased need for optimizing provider networks, and adoption of various healthcare BI tools to efficiently reduce the operational costs and increasing competition among the payers is propelling the market growth.

 

  • The healthcare manufacturers segment is expected to expand at a significant growth rate over the forecast period. The presence of a large number of pharmaceutical and medical device manufacturers in the developed as well as emerging economies is a major factor responsible for the rapid revenue generation in the segment.

 

Key Companies & Market Share Insights

Key players operating in the market are Oracle Corporation; SAP; Microsoft; Salesforce; Tableau Software; TIBCO Software Inc.; Sisense Inc.; Domo, Inc.; Looker Data Sciences Inc.; and Infor Inc. MicroStrategy Incorporated.; QlikTech International AB; Yellowfin International Pty Ltd; and Board International. The global footprint of key players, extensive product portfolios, and increased focus on advancements in healthcare business intelligence solutions is impacting the market growth. Moreover, the development of mobile-based business intelligence applications by key vendors that allow users to access high-quality analytic services remotely is a key factor driving revenue growth. Some of the prominent players in the global healthcare business intelligence market include:

  • Microsoft
  • Oracle Corporation
  • SAP
  • Tableau Software Inc.
  • Perficient Inc.
  • Tibco Software Inc.
  • Infor Inc.
  • Domo Inc.
  • Sisense Inc.
  • Panorama Software Inc

 

Order a free sample PDF of the Healthcare Business Intelligence Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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