Healthcare Business Intelligence Market | CAGR 15.03% By 2023

Global Healthcare BI Market

Global Healthcare BI Market Overview:

The global healthcare BI market is anticipated to record a 15% CAGR over the 2018–2023 forecast period. Business Intelligence BI is described as a set of methods, technologies and instruments used to collect raw data and converted into meaningful, helpful and insightful information. It utilizes information, statistical and qualitative analyzes, explanatory and predictive modeling. Business Intelligence enables healthcare organizations to interpret big volumes of information, and on this basis fresh strategies are developed, and prospective markets or possibilities identified.

Big Data Emergence in Healthcare Industry:

Big Data Analytics and BI are the fastest evolving subject in healthcare. The evolving combination of bioinformatics and health informatics has fostered research across all healthcare sections, including target drug, personalized medicine, clinical decision support, and population health management. Demand for Big Data Analytics, along with BI adoption, integrates the latest developments in machine learning, logical methodology, computational intelligence, and data mining. Many healthcare specialists, including payers and suppliers, are beginning to evaluate big data for comprehensive understanding. While these efforts are still in the early stages, it would help the industry collectively address issues related to healthcare quality inconsistencies and escalating healthcare expenditure. Improving the quality of the daily health and life activities of people as well as supporting and promoting such research activities are some of the factors driving the BI healthcare market.

Other factors, such as rising demand for spending on healthcare, need to improve efficiency, decision-making and patient satisfaction, and the need for regulatory compliance and reporting drives the healthcare BI market.

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Lack of Skilled Professionals:

Stiff demand for skilled professionals. Work crunch, however, was a significant challenge for healthcare. Competition for information-security analyst managers, research scientists, and data administrators is intense and often does not match the software industry s lucrative offers. This is a major reason why the healthcare industry lacks skilled IT staff. Apart from North America s developed countries and most of Europe, the crunch is highly prominent in the countries of Asia-Pacific and Africa, which still need to reach medical facilities in remote areas.

Lack of appropriate financing was also a significant problem, as they do not offer healthcare IT professionals a concrete platform to create databases and software instruments. Therefore, lack of funds and profitable provides has made healthcare IT less appealing to qualified IT experts and has restricted the development of the entire healthcare BI industry. Other variables, like system complexity and absence of flexibility, also hamper the market.

U.S. Market Leader in North America:

In 2017, the U.S. healthcare BI market held the largest share in North America due to rising healthcare spending and the presence of high-quality healthcare systems and the country s modern medical technology.

Global Healthcare BI Market Key Developments:

• August 2017: Accenture purchased Herndon Data Analytics.
• April 2017: Microsoft purchased Intentional Software.

Global Healthcare BI Market Key Players:

Accenture, IBM, Microstrategy, Oracle, SAS, Microsoft, Agilum Healthcare Intelligence, Microstrategy, and Tableu Software, among others.

Reasons to Purchase Global Healthcare BI Market Report:

In advanced and emerging economies, current and future Global Healthcare BI Market perspective. Analysis of multiple market views with Porter s five-force analysis. Segment expected to dominate the market. Regions expected to experience the highest development in the prediction era. Identify the recent trends, market shares and strategies of significant market players. 3-Month Analyst Support and Market Estimate Excel.

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