What Transformation Has the Healthcare Business Intelligence Market Undergone?
The healthcare business intelligence market has seen considerable growth due to a variety of factors.
• In the recent past, there has been a swift expansion in the market size of healthcare business intelligence. From being $10.38 billion in 2024, it is projected to increase to $11.97 billion in 2025, indicating a compound annual growth rate (CAGR) of 15.3%.
The surge during the historical span is a result of regulatory conformity, a rise in data integration, control of costs, management of population health, and quality enhancement.
How Will The Healthcare Business Intelligence Market Size Evolve In The Foreseeable Future?
The healthcare business intelligence market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated swift expansion is foreseen in the healthcare business intelligence market over the forthcoming years. The market is projected to rise to $21.75 billion by 2029, with a compound annual growth rate (CAGR) of 16.1%.
Factors propelling growth in the predicted period include telehealth and remote monitoring, interoperability, cybersecurity worries, preparedness for pandemics, and precision medicine. Main trends in the projection period encompass real-time data analytics, predictive analytics, data security and privacy, cloud-based bi solutions, and the application of AI and machine learning.
What Are The Essential Drivers Behind The Growth Of The Healthcare Business Intelligence Market?
The healthcare business intelligence (BI) market is anticipated to grow due to the surge in healthcare expenditures. This term refers to the total funds allocated for health services, family planning methods, nutritional activities, and emergency healthcare assistance. Healthcare BI provides significant advantages in patient safety enhancements and other healthcare improvements. Hence, growing healthcare expenditures fuel the need for healthcare BI. For instance, the Centers for Medicare & Medicaid Services, an American federal agency, reported in September 2024 that healthcare costs in the U.S. escalated by 4.1% in 2022, equivalent to $4.5 trillion or $13,493 per individual. This figure accounted for 17.3% of the country's Gross Domestic Product (GDP). Thus, the expansion in healthcare expenditures is pushing the healthcare BI market's growth.
How Is The Global Healthcare Business Intelligence Market Divided Into Key Segments?
The healthcare business intelligence market covered in this report is segmented –
1) By Component: Platforms, Software, Services
2) By Function: Query and Reporting, OLAP and Visualization, Performance Management, Hybrid Model, Cloud-Based Model
3) By Mode of Delivery: On-Premise Model, Hybrid Model, Cloud-Based Model
4) By Application: Financial Analysis, Clinical Data Analysis, Patient Care Analysis, Other Applications
5) By End-User: Payers, Healthcare Providers, Other End-Users
Subsegments:
1) By Platforms: Cloud-Based Platforms, On-Premise Platforms,
2) By Software: Analytics Software, Reporting Software, Data Visualization Tools, Dashboard Software
3) By Services: Consulting Services, Implementation Services, Training and Support Services, Maintenance Services
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What Trends Are Reshaping The Future Of The Size Market?
The progress in technology is a significant trend emerging in the healthcare business intelligence sector. Enterprises functioning in this industry are formulating inventive strategies to solidify their presence in the market. For instance, in July 2022, Experity, a software services firm based in Brazil, unveiled Experity Business Intelligence (BI). This new addition is integrated within Experity’s electronic medical record and practice management solutions. It comprises pre-constructed dashboards focused on clinical, operational, and financial aspects for urgent care.
Who Are the Key Players in the Healthcare Business Intelligence Market?
Major companies operating in the healthcare business intelligence market include:
• Microsoft Corporation
• Oracle Corporation
• Tableau Software
• SAP SE
• IBM Corporation
• QlikTech International AB
• Sisense Inc
• SAS Institute Inc
• BOARD International
• Yellowfin BI
• MicroStrategy Incorporated
• Infor Inc
• Domo Inc.
• Information Builders
• Perficient Inc.
• Tibco Software Inc.
• Panorama Software Inc
• Definitive Healthcare
• Dimensional Insight Inc.
• Looker Data Sciences Inc.
• GoodData Corporation
• Phocas Software
• Pyramid Analytics Inc.
• Dundas Data Visualization Inc.
• Alteryx Inc.
• ThoughtSpot Inc.
• Rapid Insight Inc.
• Aptean Inc.
• Health Catalyst Inc.
• Arcadia.io Inc.
• MedeAnalytics Inc.
• McKesson Corporation
• Optum Inc.
• Cerner Corporation
• Allscripts Healthcare Solutions Inc.
• Athenahealth Inc.
• Epic Systems Corporation
• GE Healthcare
• Philips Healthcare
• Siemens Healthineers
• Change Healthcare
What are the Regional Insights into the Healthcare Business Intelligence Market?
North America was the largest region in the healthcare business intelligence market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare business intelligence market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
