Global Healthcare Business Intelligence Market, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast To 2029

Overview

Applying Business Intelligence (BI) in the healthcare sector improves patient care and reduces overall expenses. Due to complexity of data generated in healthcare organizations, need for advanced support in decision making has been becoming a necessity. Data visualization tools and predictive modeling from business intelligence applications are needed in present hospitals and other healthcare organizations for achieving patient satisfaction, effective clinical operations, labor distribution, daily practice of nurses and doctors, and effective administration and management. Using business intelligence in healthcare sector can elevate care provided to patients and become value-based organizations. In order to achieve this, BI-enabled software applications should be used to have data-derived insights. One of the main reasons why BI data should be used the healthcare sector is due to the overall complexity in this field. Applying business intelligence strategy in healthcare reduces chances of errors. In order to manage both structured and unstructured data in the healthcare sector on a daily basis, it is critical to have business intelligence applications applied in this field. Data visualization with the help of BI-enabled applications and by using data available can enable better interpretation and description, and aids in more accurate conclusions in hospitals, clinics, and other healthcare verticals. This approach saves time, money, and improves patient and job satisfaction of doctors and nurses.

Dynamics

A key factor driving demand for healthcare business intelligence solutions in the global healthcare business intelligence market is increasing importance of applying BI software applications for flawless services, and to improve patient satisfaction and outcomes. In addition, advancements in technology in the healthcare sector is another factor expected to drive demand for healthcare business intelligence in the global healthcare business intelligence market. Other factors driving demand include rising need for improve workflow, emergence of cloud-based BI solutions, and increasing inclination towards adoption of mobile-based business intelligence solutions. Increasing demand for healthcare business intelligence is also attributed to increasing requirement for more effective-cost management in this sector. Moreover, emergence of big data and advancements in analytics are other factors that are expected to drive demand for healthcare business intelligence in the global healthcare business intelligence market. These solutions help users to have improved productivity across different applications such as workforce, patient care, finance, and administration. Increasing adoption of business intelligence software by clinics, hospitals, healthcare service providers, life insurance manufacturers, and payers for converting data into graphs and insightful dashboards is a significant factor driving demand for healthcare business intelligence. These dashboards and graphs enable users to directly manage patient care status, revenues, patient admission trends, service rate comparisons, and easy access to patient data by gender and age without going through the overall information available on patients. Moreover, mobile-friendly BI solution enables users to stay updated and notified on any process while on-the-go. This factor is expected to further drive demand for healthcare business intelligence solutions in the global healthcare business intelligence market.

Global Healthcare Business Intelligence Market Segment Analysis:

Component: The software segment among the component segments is expected to account for highest revenue share in the global healthcare business intelligence market. This trend is projected to continue over the forecast period, and can be attributed to technology advancements in the healthcare sector along with increasing use of software in various applications.

Mode of Delivery: Among the mode of delivery segments, the cloud-based segment is expected to account for highest revenue share, and this is expected to continue over the forecast period.

Global Healthcare Business Intelligence Market Regional Analysis:

The market in North America is projected to maintain its dominance in terms of revenue share, which is attributed to increasing implementation of BI-enabled software by service providers in countries in the region to improve patient satisfaction and outcomes.

Global Healthcare Business Intelligence Market Segmentation: 

By Component:

• Software
• Services

By Mode of Delivery:

• On- premises
• Clod-based
• Hybrid

By Application:

• Financial Analysis
  • Claims Processing
  • Revenue Cycle Management
  • Payment Integrity and Fraud, Waste, & Abuse (FWA)
  • Risk Adjustment and Risk Assessment
• Operational Analysis
  • Supply Chain Analysis
  • Workforce Analysis
  • Strategic Analysis
• Clinical Analysis
  • Quality Improvement and Clinical Benchmarking
  • Clinical Decision Support
  • Regulatory Reporting and Compliance
  • Comparative Analytics/Effectiveness
  • Precision Health

• Patient care

By End-Use:

• Payers
• Healthcare Manufacturers
• Healthcare Providers

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa