Top key players in Healthcare business intelligence market Report Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US), Information Builders (US), Sisense Inc. (US), Yellowfin BI (Australia) and BOARD International (Switzerland).
Healthcare business intelligence market growing at 15.3% CAGR to 2023 and expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018 during forecast period. New Report provides healthcare business intelligence market in depth study and forecast to 2023. Study estimates size, future growth potential of the healthcare business intelligence market across different segments, like componet, function, application, deployment model, end user, and region.
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The healthcare business intelligence market dominated by into OLAP & visualization, performance management, and query & reporting. In 2018, performance management segment is expected to grow at highest CAGR during the forecast period majorly due to advantages associated with these tools. Performance management tools help healthcare organizations measure, monitor, and track strategic goals and performance milestones.
“Growing adoption of data-driven decision-making is expected to drive the overall growth of the healthcare business intelligence market.”
Healthcare business intelligence market dominated by North America, followed by Europe, Asia, and RoW. Market in North America expected to witness highest growth during forecast period. High growth of North American market can be attributed to increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type – Tier 1: 37%, Tier 2: 22%, Tier 3: 41%
- By Designation – C-level: 25%, D-level: 20%, Others: 55%
- By Region – North America: 40%, Europe: 27%, Asia: 20%, RoW: 13%
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North America is expected to account for largest share of healthcare business intelligence market. This market is also expected to grow at highest CAGR during forecast period. The increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.
Factors like implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, & increasing number of patient registries are expected to drive growth of market.
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IBM is one of the key players in the healthcare BI market and provides a comprehensive range of solutions for this market. IBM is an innovation-centric company; its R&D expenditure has increased substantially in 2017 as compared to 2015. In 2017, it invested 7.3% of its annual revenue in R&D activities.
This significant investment allows the company to offer innovative solutions by adopting new product launches. With an aim to increase its footprint in various sectors, IBM has adopted inorganic strategies, such as acquisitions, collaborations, and partnerships.
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