The Global Healthcare Business Intelligence Market To Reach $10.32 Billion By 2024

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What Is The Size And Growth Rate Of The Healthcare Business Intelligence Market?

The healthcare business intelligence market size has seen rapid growth in recent years, rising from $8.92 billion in 2023 to an anticipated $10.32 billion in 2024. The growth at a compound annual growth rate CAGR of 15.7% in this historical period can be attributed to factors such as regulatory compliance, increased data integration, cost control, along with improvements in population health management and quality.

How Does the Healthcare Business Intelligence Market Growth Forecast Look?

The market is set to experience a swift surge in the upcoming years, growing to $18.49 billion in 2028 at a compound annual growth rate CAGR of 15.7%. This growth in the forecast period can be largely accounted for by advancements in telehealth and remote monitoring, heightened concern over cybersecurity, pandemic preparedness, and precision medicine. Other major trends during this period will include real-time data analytics, predictive analytics, data security and privacy, cloud-based business intelligence solutions, and the inclusion of AI and machine learning.

You can explore these trends and more through our sample report: https://www.thebusinessresearchcompany.com/sample.aspx?id=6928&type=smp.

What Is The Primary Growth Driver Of The Healthcare Business Intelligence Market?

The rise in healthcare spending globally is driving the growth of the healthcare business intelligence BI market. Healthcare expenditure includes all spending for the provision of health services, family planning activities, nutritional initiatives, and emergency aid designated for healthcare. As the demand for improved patient safety, emergency preparedness, and healthcare improvements increase, so does the demand for healthcare business intelligence. For instance, as reported in May 2023 by the UK-based Office for National Statistics, healthcare spending in the UK saw an increase of 9.4% in nominal terms and 9.7% in real terms between 2020 and 2021.

Want to know more about the forces propelling the healthcare business intelligence market? Get the full report here: https://www.thebusinessresearchcompany.com/report/healthcare-business-intelligence-global-market-report

Who Are The Key Industry Players In The Healthcare Business Intelligence Market?

Major companies operating in the healthcare business intelligence market include Microsoft Corporation, Oracle Corporation, Tableau Software, SAP SE, IBM Corporation, QlikTech International AB, Sisense Inc, SAS Institute Inc, BOARD International, Yellowfin BI, MicroStrategy Incorporated, Infor Inc, Domo Inc., Information Builders, and much more.

Emerging Trends In The Healthcare Business Intelligence Market

Technological advancements are emerging as a key trend in the healthcare business intelligence market, with many companies developing innovative solutions to strengthen their market position. For example, in July 2022, Experity, a Brazil-based software services company, launched Experity Business Intelligence BI. The new module combines their electronic medical record and practice management solution to create a powerful tool that includes pre-built clinical, operational, and financial dashboards for urgent care.

How is The Healthcare Business Intelligence Market Segmented?

The healthcare business intelligence market covered in this report is segmented by:

1 By Component: Platforms, Software, Services
2 By Function: Query and Reporting, OLAP and Visualization, Performance Management, Hybrid Model, Cloud-Based Model
3 By Mode of Delivery: On-Premise Model, Hybrid Model, Cloud-Based Model
4 By Application: Financial Analysis, Clinical Data Analysis, Patient Care Analysis, Other Applications
5 By End-User: Payers, Healthcare Providers, Other End-Users

Regional Insights Into The Healthcare Business Intelligence Market

In 2023, North America was the largest region in the healthcare business intelligence market. However, Asia-Pacific is projected to be the fastest-growing region during the forecast period. The report covers various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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