Healthcare Business Intelligence (BI) Platform Market to Reach US$3.91 bn by 2023, Driven by Cloud Solutions and Self-service BI Trends

According to a new market report published by Transparency Market Research “Healthcare BI Platform Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023,” the global healthcare BI platform market was valued at US$ 1.52 Bn in 2014 and is expected to reach US$ 3.91 Bn by 2023, expanding at a CAGR of 11.7% from 2015 to 2023.

North America was the largest revenue contributor in 2014 and accounted for 47.8% of the global healthcare BI platform market revenue. Increased healthcare expenditure and need to reduce cost is the key factor fuelling the growth of the healthcare BI platform market. The market has witnessed rising demand for cloud BI platforms owing to its cost-effectiveness and efficient delivery methods. North America is expected to be the fastest growing and the largest revenue contributing healthcare BI platform market over the forecast period. Healthcare providers improve patient outcomes, cut expenses, and analyze treatment effectiveness with the help of healthcare BI platforms, efficiently utilizing operational, patient, and other data. Cost reduction factor has a high impact on adoption of BI platforms in the healthcare industry which would help boost the growth rate of the healthcare BI platform market over the forecast period.

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Strategic collaborations and focus on latest trends in the market such as cloud solutions and self-service BI are some of the key strategies adopted by leading players in the healthcare BI platform market. The financial analytics segment accounted for the largest portion of the healthcare BI platform market revenue share (35.0%) in 2014. SMEs are finding ways to successfully deploy cloud BI systems which will boost their competitiveness. Cloud BI is expected to grow at the highest CAGR over the forecast period from 2015 to 2023. Self-service BI is expected to be the fastest growing model type in the healthcare BI platform market over the forecast period from 2015 to 2023. Increasing demand for decentralized data, speed, and diversity is boosting the demand for this segment.

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The report analyses the global healthcare BI platform market and provides estimates in terms of revenue (US$ Mn) from 2013 to 2023. Market estimates are provided for different segments, categorized on the basis of function, deployment type, model type, and geographies. The market has been segmented as follows:

Segmentation of Global Healthcare BI Platform Market

Global Healthcare BI Platform Market, by Function
Clinical Analytics
Financial Analytics
Operational Analytics
Others (Regulatory Reporting, etc.)

Global Healthcare BI Platform Market, By Deployment Type
On-premise
Cloud

Global Healthcare BI Platform Market, By Model Type
Self-service BI
Corporate BI

Global Healthcare BI Platform Market, By Geography
North America
Europe
Asia Pacific
Middle East and Africa (MEA)
Latin America

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.