NEW YORK, July 24, 2023 /PRNewswire/ — The business intelligence market in the healthcare sector is set to grow by USD 8,991.58 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 17.02% during the forecast period, according to Technavio. The business intelligence market in the healthcare sector is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market.  Accenture Plc, Alphabet Inc., Board International SA, Domo Inc., Hexaware Technologies Ltd., Idera Inc., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Open Text Corp., Oracle Corp., Perficient Inc., QlikTech International AB, Salesforce.com Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., and TIBCO Software Inc. are some of the major market participants -. To know about the vendor offerings – Request a sample report

Technavio has announced its latest market research report titled Global Business Intelligence Market in the Healthcare Sector

Technavio has announced its latest market research report titled Global Business Intelligence Market in the Healthcare Sector

Business Intelligence Market in the Healthcare Sector 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The business intelligence market in the healthcare sector report covers the following areas:

The business intelligence market in the healthcare sector is fragmented, and the degree of fragmentation will accelerate. The improved efficiency of bi tools will offer immense growth opportunities. However, the Presence of open-source BI vendors will hamper the market growth.

Business Intelligence Market in the Healthcare Sector 2023-2027: Drivers & Challenges

One of the key drivers supporting the growth of the healthcare business intelligence market is the improved efficiency of BI tools. Business intelligence tools provide real-time information that helps end users avoid process delays, centralize control, and improve market response and decision-making. BI helps hospitals and other end users to transform raw sales, service, marketing, and patient data into useful information consistently and efficiently.

Furthermore, in healthcare, business intelligence has a wide range of uses, including analysis of social media conversations, fraud detection, management information systems, and disease diagnosis. The use of business intelligence in healthcare helps stakeholders track and store real-time health record information related to patient care and medication. Hence, the improved efficiency will fuel the healthcare business intelligence market growth during the forecast period.

One of the key factors challenging the healthcare BI market growth is the presence of open-source BI vendors. Open-source BI vendors offer software solutions that are free to use, and users can modify them as per their needs. Vendors such as Pentaho, BIRT, SpagoBI, KNIME, and JasperReport offer BI solutions for free. One of the challenges with the existence of open-source BI vendors is that it can be difficult for large-scale vendors to monetize their products. This is because customers may choose to use a free, open-source solution instead of a commercial BI product that costs high. Therefore, commercial BI vendors may need to offer additional features and services to attract customers.

Furthermore, another challenge is that open-source BI vendors may have strong communities of developers and users who continually improve and update their software. This makes it difficult for commercial players to keep up with the latest trends and technologies, and they may fall behind in terms of product development and innovation. Besides, open-source BI vendors may have a larger user base than commercial vendors, which can make it difficult for commercial vendors to compete on price. Thus, this factor will hamper the growth of the healthcare BI market

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Business Intelligence Market in the Healthcare Sector 2023-2027: Segment Analysis

  • Component

  • Deployment

  • Geography

Business Intelligence Market in the Healthcare Sector 2023-2027: Segmentation Highlights

The market share growth by the software segment will be significant during the forecast period. The software segment is further segmented by component into the following categories BI platforms, Dashboard and reporting software, Data analytics software, Data warehousing software, Mobile BI software, Self-service BI software, and Cloud-based BI software. Furthermore, the software components of the healthcare business intelligence market include various types of software such as query and reporting, performance management, and analytics solutions. These software tools are designed to help healthcare enterprises to improve their operational efficiency, reduce costs, and improve patient outcomes by providing data insights. Hence, insights into their data will support driving the growth of the market during the forecast period.

North America is estimated to contribute 30% to the growth of the global market during the forecast period. With the majority of the market share, the North American market is dominated by the US. Rising demand for healthcare services, the need to reduce healthcare costs, and the availability of advanced technologies are the key factors driving the growth of the market in North America. Healthcare uses business intelligence solutions to improve patient outcomes and streamline clinical operations. Business intelligence tools analyze data from electronic medical records, patient satisfaction surveys, and other sources to identify trends, patterns, and opportunities for advancement. These insights can be used to design targeted interventions and improve patient care. Thus, such factors will grow the market in this region during the forecast period.

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report

Business Intelligence Market in the Healthcare Sector 2023-2027: Key Highlights

  • CAGR of the market during the forecast period 2023-2027

  • Detailed information on factors that will assist the business intelligence market in the healthcare sector growth during the next five years

  • Estimation of the business intelligence market in the healthcare sector size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the business intelligence market in the healthcare sector across North America, Europe, APAC, South America, and the Middle East and Africa

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of the business intelligence market vendors in the healthcare sector

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Business Intelligence Market In The Healthcare Sector Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 17.02%

Market growth 2023-2027

USD 8,991.58 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

16.6

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 30%

Key countries

US, China, India, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Accenture Plc, Alphabet Inc., Board International SA, Domo Inc., Hexaware Technologies Ltd., Idera Inc., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., Open Text Corp., Oracle Corp., Perficient Inc., QlikTech international AB, Salesforce.com Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., and TIBCO Software Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents 

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Component

7 Market Segmentation by Deployment

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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Website: www.technavio.com

Global Business Intelligence Market in the Healthcare Sector

Global Business Intelligence Market in the Healthcare Sector

Cision

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