(I-BusinessNews.Com, September 11, 2019 ) The healthcare business intelligence market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3% during the forecast period. The market is witnessing growth due to factors such as implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, and the increasing number of patient registries. However, high initial investments are required for purchasing a suitable BI software or platform, implementing it in an organization, and maintaining and training employees on using it. This is expected to restrain market growth to a certain extent during the forecast period.
Based on component, the market is segmented into platforms, software, and services. In 2018, services is expected to grow at the highest CAGR during the forecast period. The high growth of this market segment is attributed to the recurring requirement of services such as training, software upgrades, and software maintenance post-installation, the affordable nature of cloud services as they can be deployed as software-as-a-service (SaaS) where the user has to pay multi-year, annual, semi-annual, quarterly, or monthly fees for services provided by the vendor.
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On the basis of region, the market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is expected to grow at the highest CAGR during the forecast period. The increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare cost, the growing focus on quality care, significant capital investments by business intelligence solution providers, growing adoption of personalized medicine and value-based medicine, and greater accessibility of business intelligence solutions and services in this region are the major factors driving market growth in North America.
Currently, several enterprises are migrating towards the cloud to leverage advantages such as easy deployment, faster processing speeds, and ease of use. In the case of healthcare BI solutions, cloud deployment allows end users to get real-time access to business-critical data. This is one of the major benefits of cloud-based solutions for end users. Also, cloud-based BI solutions offer quick and easy implementation and cost benefits and involve no infrastructure or maintenance costs. They also provide scalability and elasticity to accommodate an increasing number of users within an organization. Owing to these benefits, the demand for cloud-based healthcare BI solutions is increasing among end users. The opportunities presented in the healthcare BI market is expected to draw a number of companies to this sector in the coming years.
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Mr. Shelly Singh