Healthcare Business Intelligence Market Value Hit US$ 12.7 Bn by 2026

LOS ANGELES, Jan. 21, 2020 /PRNewswire/ -- The global healthcare business intelligence market value is expected to hit around US$ 12.7 billion by 2026. Healthcare Business Intelligence Market is poised to grow at a CAGR of around 14.8% over the forecast period 2019 to 2026.

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North America accounted for the largest share of the market in 2018 and is expected to observe the fastest growth during the forecast period. This can be attributed to the local presence of major software and service provider for healthcare industry such as Microsoft Corporation, Oracle Corporation, and SAS Institute, high awareness about this software, easy access to quality health services, and greater adoption to healthcare solutions by the healthcare industry in the U.S. and Canada. Growing healthcare industries, increasing demand for business intelligence solutions by industries, a single approval system across the European region,and rapid adoption of advanced medical technology are some of the key factors responsible for maintaining the second largest rank of Europe across the world. Asia Pacific is anticipated to witness significant growth due to increasing penetration, spreading IoT connectivity, and growing investment in healthcare infrastructure. Furthermore, healthcare companies are shifting their preference from traditional tool-centric data, and tactical projects to strategic and architecture-centric data which can help in enhancing their profits.

Based on the component, the global healthcare business intelligence market has been divided into the platform, software, and services. The platform segment held the largest share of the market in 2018 and is expected to maintain its dominance during the forecast period. This can be attributed to increasing demand for customized business intelligence solutions for each industry to integrate BI solutions into existing business and thereby reduce healthcare cost and enhance service efficiency. However, the software segment is anticipated to observe the fastest growth during the forecast period.

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Based on the function, the market is sub-segmented into query & reporting, OLAP & visualization, and performance management. In 2018, the OLAP & visualization segment accounted for the largest share of the market.

Based on the application, the market is divided into financial analysis, operational analysis, patient care, and clinical analysis. The financial analysis segment accounted for the maximum share of the market in 2018 due to higher demand from healthcare organizations. It is observed that healthcare organizations collectively can save USD 300 – USD 450 billion annually across the U.S. by opting for business intelligence and big data. However, patient care is anticipated to boost the market with the highest rate during the forecast period.

Based on the deployment model, the market has been divided into the on-premise model, cloud-based model, and hybrid model. The cloud-based segment accounted for the largest share of the market in 2018. This can be attributed to high penetration due to user-friendly technology, cost-effectiveness, and its properties such as agility and acceptability of cloud-based tools. However, the hybrid model is anticipated to observe the fastest growth during the forecast period.

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Major players operating in the healthcare business intelligence industry are BOARD International, IBM, Information Builders, Microsoft, MicroStrategy Incorporated, Oracle, QlikTech International AB, SAP SE, SAS Institute Inc., Sisense Inc., Tableau Software, and Yellowfin BI. Focus on R&D, providing a comprehensive range of solutions to clients, acquisitions, and partnerships are some of the key strategies being adopted by market players to increase their footprints in various sectors of the healthcare business intelligence market.

Some of the key observations regarding the healthcare business intelligence industry include:

• In July 2019, iMedX, Inc. acquired Prevalent, Inc. (Prevalent) and Axcension, Inc. (Axcension), providers of cutting-edge healthcare analytics and revenue cycle management consulting services.Analytics technologies from Prevalent, Axcension, and iMedX have been combined to create a business intelligence solution for healthcare providers, which allows for complete transparency across multiple systems.
• In July 2019, IBM completed the acquisition of Red Hat to gain open-source cloud technology for USD 34 billion. Red Hat will help IBM to become the top hybrid cloud provider.
• In October 2018, IBM moved its Watson Cognitive Health services to a hybrid cloud model that provides greater access to a larger pool of payers and health record information for data analytics.
• In June 2016, Definitive Healthcare acquired Billian'sHealthDATA, a business intelligence company. The acquisition helped Definitive Healthcare to provide its customers with a higher value solution with executive contacts, more facilities, technology data, and more.
• In April 2016, IBM Watson Health acquired Truven Health Analytics for USD 2.6 billion to expand its client base. Truven brings more than 8,500 clients to the company, including U.S. state and federal government agencies, health plans, employers, clinicians, hospitals, and life sciences companies.

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