BI platforms allow healthcare organizations worldwide to build applications that help them in understanding their procedures and further adopting the necessary technology to ensure healthcare control and quality. Healthcare BI platforms offer information delivery, analysis capabilities, and integration to healthcare organizations.
Global Healthcare BI Platform Market to Reach US$3.9 bn by 2023 owing to Adoption of Advanced Systems
According to a market research report by Transparency Market Research, in 2014, the global market for healthcare BI platforms was worth US$1.5 bn and is predicted to reach US$3.9 bn by the end of 2023. The market is anticipated to register a healthy 11.70% CAGR between 2015 and 2023.
According to the Affordable Care Act (2010), traditional and outdated healthcare platform systems are estimated to be replaced by advanced systems in the coming years, which is further projected to drive the global market in the coming years. In addition, the growing healthcare expenditure and the growing need for technologically advanced devices for achieving significant cost reduction are some of the other factors fueling the growth of the global healthcare BI platform market.
North America to Lead Global Healthcare BI Platform Market till 2023
Among the major geographical segments, in 2014, North America dominated the market, accounting for a 47.8% share in the global healthcare BI platform market. The rapid growth of this region can be attributed to the growing healthcare expenditure and the increasing requirement to reduce costs. The North America market for healthcare BI platforms is expected to remain in the leading position in the next few years.
By function, the global market for healthcare BI platform can be classified into operational analytics, financial analytics, regulatory reporting, clinical analytics, and others. In 2014, the financial analytics segment led the overall market, holding a 35% share in the global market for healthcare BI platforms. Cloud and on-premises are the major two types of deployment of healthcare BI platforms. Among these two types, the cloud BI segment is projected to grow at the highest growth rate in the next few years. Furthermore, among the model types, including self-service BI and corporate BI, the self-service BI segment is projected to grow at a fast pace in the near future. The rapid growth of this segment can be attributed to the growing demand for speed, decentralized data, and diversity.
The prominent players operating in the global market for healthcare BI platforms include Oracle Corporation, SAP SE, IBM Corporation, SAS Institute, Inc., OpenText Corporation, Information Builders, and Microsoft Corporation. These players are emphasizing on strategic collaborations and emerging trends in the market so as to maintain their leading position in the next few years.