Analysis of COVID-19 Crisis-driven Growth Opportunities in Healthcare BI Platform Market
In an intensely competitive healthcare business intelligence (BI) platform market, large players are aggressively focused on expanding their geographical outreach, says Transparency Market Research (TMR) in a new market intelligence report. These large players are leveraging the cloud business model to provide healthcare BI solutions that can be accessed irrespective of location.
Apart from this, savvy players are entering into partnerships with hospital groups and healthcare bodies to integrate healthcare BI solutions at the core of services. Healthcare BI solutions integrated at the origin of services help create robust healthcare systems. With cloud becoming the
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Some prominent players operating in the global healthcare BI platform market are Microsoft Corporation, Oracle Corporation, SAP SE, Information Builders, OpenText Corporation, IBM Corporation, and SAS Institute Inc.
The TMR report estimates the global healthcare BI platform market to rise at an impressive 11.7% CAGR for the 2015-2023 forecast period. At this pace, the market’s valuation of US$1.5 bn in 2014 is likely to become US$3.9 bn by 2023 vis-à-vis revenue.
On the basis of deployment, on-premise deployment segment led the market in 2014 in terms of revenue. However, the cloud deployment segment is likely to outshine in terms of share over the forecast period. This is mainly because of ease of use, low cost, and ability to serve several subscribers at one time. Geography-wise, North America held the leading 47.8% of the overall market in 2014. This is mainly because of early uptake of technology-driven solutions generally in the region across industries.
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Need to Improve Healthcare Outcomes across Service Areas boosts demand
Majorly fuelling the healthcare BI platform market is the massive volumes of data generated by healthcare institutions. This vast volume of data generated in both fully and partially digitized healthcare establishments needs to be utilized for critical business decision making.
Healthcare decision makers are increasingly recognizing the potential of patient data for business intelligence. The patient data if processed using business intelligence software can help improve services for clinical performance, patient management, disease management, and cost and waste reduction.
As healthcare institutions realize the importance of business intelligence to deliver par excellence services in a number of service areas, the adoption of healthcare BI platform is on the rise. This boosts the healthcare BI platform market.
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Government Reforms in Developing Countries to Improve Healthcare Services to stoke demand
Government regulations in several countries such as the U.S. are also boosting the uptake of healthcare BI platforms. For example, according to the Affordable Care Act in the U.S. that came into effect in 2010, the healthcare industry needs to replace outdated healthcare platforms with newer ones. Due to such amends, healthcare establishments are compelled to adopt advanced healthcare BI platforms.
So far, emerging economies and less-developed economies have slow pace of adoption of healthcare BI platforms. Lack of technological support and poor infrastructure for upgrade of business processes have been key reasons behind the lackluster growth of healthcare BI platform market in these regions.
However, reforms in government policies and efforts to upgrade healthcare infrastructure is likely to fuel the growth of healthcare BI platform market in emerging economies in the near future.
