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Healthcare Business Intelligence Market: Expanding at a CAGR of 15.3% Powered by Data Integration and Telehealth
Healthcare Business Intelligence Market
What Is The Projected Market Size Of The Global Healthcare Business Intelligence Market And Its Growth Rate?
The healthcare business intelligence market exhibits impressive growth prospects:
o It is expected to grow from $10.38 billion in 2024 to $11.97 billion in 2025 at a compound annual growth rate (CAGR) of 15.3%.
o The future outlook also appears promising as the market size is projected to reach $21.75 billion in 2029, growing at a CAGR of 16.1%.
What Is Driving The Growth In The Healthcare Business Intelligence Market?
The healthcare business intelligence market is driven by rising healthcare spending. As healthcare expenditures increase, the demand for healthcare business intelligence also grows, which improves patient safety and healthcare improvements. An instance of this can be taken from The Centers for Medicare & Medicaid Services, which reported that health care spending in the U.S. escalated by 4.1%, totaling $4.5 trillion, or $13,493 per person, representing 17.3% of the country's Gross Domestic Product (GDP) in 2022. This increase in healthcare spending is thus a key driver for the healthcare business intelligence market.
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Who Are the Key Players Driving Healthcare Business Intelligence Market Growth?
The following companies are the major drivers of the healthcare business intelligence market:
o Microsoft Corporation
o Oracle Corporation
o Tableau Software
o SAP SE
o IBM Corporation
o QlikTech International AB, Sisense Inc
o SAS Institute Inc
o BOARD International
o Yellowfin BI, MicroStrategy Incorporated
o Infor Inc, Domo Inc., Information Builders
o Perficient Inc., Tibco Software Inc.
o Panorama Software Inc, Definitive Healthcare
o Dimensional Insight Inc., Looker Data Sciences Inc.
o GoodData Corporation, Phocas Software
o Pyramid Analytics Inc., Dundas Data Visualization Inc.
o Alteryx Inc., ThoughtSpot Inc.
o Rapid Insight Inc., Aptean Inc.
o Health Catalyst Inc., Arcadia.io Inc.
o MedeAnalytics Inc., McKesson Corporation
o Optum Inc., Cerner Corporation
o Allscripts Healthcare Solutions Inc.
o Athenahealth Inc., Epic Systems Corporation
o GE Healthcare, Philips Healthcare
o Siemens Healthineers, Change Healthcare
What Are The Key Trends In The Healthcare Business Intelligence Market?
The key trends in the healthcare business intelligence market include:
o Real-time data analytics
o Predictive analytics
o Data security and privacy
o Cloud-based BI solutions
o AI and machine learning advancements
What Are The Segments Of The Global Healthcare Business Intelligence Market?
The market can be segmented as follows:
1) By Component: Platforms, Software, Services
2) By Function: Query and Reporting, OLAP and Visualization, Performance Management, Hybrid Model, Cloud-Based Model
3) By Mode of Delivery: On-Premise Model, Hybrid Model, Cloud-Based Model
4) By Application: Financial Analysis, Clinical Data Analysis, Patient Care Analysis, Other Applications
5) By End-User: Payers, Healthcare Providers, Other End-Users
Which Region Leads The Healthcare Business Intelligence Market?
North America held the largest market share in the healthcare business intelligence market in 2024. However, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The report provides insights into additional regions including Western Europe, Eastern Europe, South America, Middle East and Africa.
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What Is Covered In The Healthcare Business Intelligence Market Global Market Report?
Market Size Analysis: Analyze the Healthcare Business Intelligence Market size by key regions, countries, product types, and applications.
Market Segmentation Analysis: Identify various subsegments within the Healthcare Business Intelligence Market for effective categorization.
Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
Market Contribution: Evaluate contributions of different segments to the overall Healthcare Business Intelligence Market growth.
Growth Drivers: Detail key factors influencing market growth, including opportunities, and drivers.
Industry Challenges: Analyze challenges and risks affecting the Healthcare Business Intelligence Market.
Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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