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Healthcare Business Intelligence Market Worth $10.64 Billion by 2025: Grand View Research, Inc.
SAN FRANCISCO, Nov. 25, 2019 /PRNewswire/ -- The global healthcare business intelligence market size is expected to reach USD 10.64 billion by 2025, registering a CAGR of 12.8% during the forecast period, according to a new report by Grand View Research, Inc. Increase in adoption of data-driven decision making, emergence of cloud based business intelligence (BI) solutions for healthcare industry, increased focus to reduce spending, and emergence of mobile-based healthcare BI solutions are the key factors contributing to the growth. Growing requirement of business intelligence tools to reduce costs for operational performance, claims, and clinical analysis is another major factor positively impacting the market.
Key suggestions from the report:
- Software emerged as the largest product segment with a revenue share of 68.4% in 2018
- Cloud-based mode of delivery accounted for the largest revenue share in 2018 and is expected to register the fastest CAGR over the forecast period
- Healthcare payers emerged as the leading end use segment, however healthcare providers end use segment is expected to grow at a significant CAGR over the forecast period
- North America accounted for the largest share of the healthcare business intelligence market due to increased implementation of healthcare BI solutions and services by the providers to offer enhanced patient care and reduced healthcare expenses
- Market players, such Oracle Corporation; SAP; Microsoft; Salesforce; Tableau Software; TIBCO Software Inc.; Sisense Inc.; and Looker Data Sciences, Inc. are focused on increasing collaboration with powerful analytics platform providers to gain competitive edge in the market
Read 150 page research report with ToC on "Healthcare Business Intelligence Market Size, Share & Trends Analysis Report By Component (Software, Services), By Mode of Delivery, By Application, By End Use, By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/healthcare-business-intelligence-market
Factors, such as the constantly increasing volume of digital information and data sources, complexity of data generated in healthcare organizations, coupled with growing need for the 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 is critical to manage, thus there is huge requirement for advanced healthcare BI software by hospitals and other healthcare organizations.
In order to gain insights about patient care and satisfaction, clinical operations, labor distribution, physician practices, and administration and management; hospitals and other healthcare 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 healthcare BI software solutions coupled with high dependency of healthcare on digital technology to operate functions of a complex healthcare system is further boosting the adoption of BI software over the past years. For instance, KenSci Clinical Analytics, a platform designed by Microsoft to predict clinical and operational risk involved in a healthcare facility to improve health outcomes and reduce operational costs.
Grand View Research has segmented the global healthcare business intelligence market on the basis of component, mode of delivery, application, and end use, and region:
- Healthcare Business Intelligence Component Outlook (Revenue, USD Million, 2014 - 2025)
- Healthcare Business Intelligence Mode of Delivery Outlook (Revenue, USD Million, 2014 - 2025)
- Healthcare Business Intelligence Application Outlook (Revenue, USD Million, 2014 - 2025)
- Financial Analysis
- Claims Processing
- Revenue Cycle Management
- Payment Integrity and Fraud, Waste, & Abuse (FWA)
- Risk Adjustment and Risk Assessment
- Operational Analysis
- Supply Chain Analysis
- Workforce Analysis
- Strategic Analysis
- Clinical Analysis
- Quality Improvement and Clinical Benchmarking
- Clinical Decision Support
- Regulatory Reporting and Compliance
- Comparative Analytics/Effectiveness
- Precision Health
- Patient Care
- Healthcare Business Intelligence End Use Outlook (Revenue, USD Million, 2014 - 2025)
- Healthcare Providers
- Healthcare Manufacturers
- Healthcare Business Intelligence Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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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.
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