Healthcare BI Platform Market

Business Intelligence (BI) platforms enable healthcare organizations to build applications that help them understand their processes and use technology to help ensure healthcare quality and control cost. BI platforms provide information delivery, integration, and analysis capabilities to healthcare organizations.
The global healthcare BI platform market is segmented on the basis of function into clinical analytics, financial analytics, operational analytics and others (regulatory reporting, etc.). In 2014, the financial analytics segment dominated the healthcare BI platform market accounting for US$ 532.0 Mn in revenue. Financial analytics function of healthcare BI platforms fulfill the primary requirements of healthcare organizations by defining financial goals, developing business plans, and monitoring costs and revenue which drives its demand. However, clinical analytics is expected to be the fastest growing segment in the healthcare BI platform market over the forecast period. On the basis of deployment type, the healthcare BI platform market is segmented into on-premise and cloud. In 2014, the on-premise deployment segment dominated the global healthcare BI platform market in terms of revenue. Cloud deployment is expected to be the fastest growing healthcare BI platform segment. The growth of this segment is mainly driven by increasing adoption by SMEs owing to its lower cost, increased deployment speed, and ease of use. On the basis of model type, the healthcare BI platform market is segmented into self-service BI and corporate BI. Corporate BI model type dominates the healthcare BI platform market. However, self-service BI is expected to be the fastest growing segment over the forecast period due to increasing demand for fast, diverse analytics using decentralized data.

Mobile BI, cloud BI, self-service BI, and social BI are the trends observed in the healthcare BI platform market. Currently, financial analytics function is acting as a key driver for the growth of the healthcare BI platform market. 

The healthcare BI platform market is expected to see strong growth during the forecast period as traditional systems are expected to be replaced by new technologically advanced systems in response to government regulations such as Affordable Care Act (2010). The increasing healthcare expenditure and hence the need to use technology for cost reduction, while keeping the quality care intact is boosting the healthcare BI platform market. Currently, North America dominates the global healthcare BI platform market in terms of revenue and it is expected to continue witnessing the highest growth over the forecast period. 

Major players in the healthcare BI platform market include SAP SE, IBM Corporation, Oracle Corporation, Microsoft Corporation, SAS Institute, Inc., OpenText Corporation, and Information Builders. Focus on emerging trends and strategic collaborations are some of the strategies adopted by leading players in the healthcare BI platform market.

Healthcare BI Platform Market will Gain Significant Growth Owing to Rising Demand from Healthcare Sector

Monetary examination capacity of medical care BI stages satisfy the essential prerequisites of medical care associations by characterizing monetary objectives, creating marketable strategies, and checking expenses and income which drives its interest. Notwithstanding, clinical investigation is relied upon to be the quickest developing portion in the medical services BI stage market sooner rather than later. Business Intelligence (BI) platforms empower healthcare associations to construct applications that assist them with understanding their cycles and use innovation to help guarantee healthcare quality and control cost. BI platforms give data conveyance, incorporation, and examination capabilities to healthcare associations.

As healthcare establishments understand the significance of business insight to convey second to none administrations in various help regions, the reception of healthcare BI platform is on the ascent. This lifts the healthcare BI platform market. Cloud arrangement is required to be the quickest developing healthcare BI platform section. The development of this fragment is for the most part determined by expanding selection by SMEs inferable from its lower cost, sped up, and usability. Based on model sort, the healthcare BI platform market is sectioned into self-administration BI and corporate BI. Corporate BI model sort overwhelms the healthcare BI platform market. Nonetheless, self-administration BI is required to be the quickest developing portion later on because of expanding interest for quick, various investigation utilizing decentralized information.

Healthcare chiefs progressively perceive the capability of patient information for business knowledge. The patient information whenever prepared utilizing business insight programming can help improve administrations for clinical execution, patient administration, infection the board, and cost and waste decrease. Significantly fuelling the healthcare BI platform market is the enormous volumes of information produced by healthcare organizations. This huge volume of information produced in both completely and incompletely digitized healthcare foundations should be used for basic business dynamic.