Market Highlights
The Global Healthcare Business Intelligence (BI) Market held a market value of USD 3,650.1 million in 2017 and is projected to grow at a CAGR of 15.5% over the forecast period.
Business intelligence is a set of processes, architectures, and technologies used for the collection, integration, analysis, and presentation of business information. Healthcare data analytics provides healthcare companies and hospitals to prepare, analyze & visualize big and disparate data.
Factors characterizing the market growth are the worldwide surge in the number of patient registries, increasing adoption of big data in healthcare, the presence of government initiatives to increase electronic health record (EHR) adoption, and growing need to curb healthcare costs. On the contrary, the lack of skilled professionals in the Asia-Pacific and African regions along with the complexity of systems is anticipated to hinder the market growth over the forecast period.
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Key Players
Some of the foremost players in the global healthcare business intelligence market are, International Business Machines Corporation,SAS Institute, Tableau Software, MicroStrategy Incorporated, Qlik Technologies, Information Builders, Sisense, Yellowfin International Pty Ltd, and BOARD International S.A.
Novel trends in the healthcare business intelligence are artificial intelligence (AI) or machine learning, data insurance or security, multi-cloud system, and advanced analytics, which is increasingly facilitating the adoption of BI in the healthcare sector. Big data analytics along with the internet of things are revolutionizing the healthcare sector in terms of health tracking, reducing healthcare associated costs, assisting high-risk patients, and preventing human errors.