Role and Revenue Growth of Business Intelligence in Healthcare Industry

Pune, India, 2020-Jan-27 — /EPR Network/ —

IBM is one of the key players in the healthcare BI market and provides a comprehensive range of solutions for this market. IBM is an innovation-centric company; its R&D expenditure has increased substantially in 2017 as compared to 2015. In 2017, it invested 7.3% of its annual revenue in R&D activities. This significant investment allows the company to offer innovative solutions by adopting new product launches. With an aim to increase its footprint in various sectors, IBM has adopted inorganic strategies, such as acquisitions, collaborations, and partnerships.

The healthcare business intelligence (BI) market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3%.

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Factors such as the 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 are expected to drive the growth of the healthcare business intelligence (BI) market.

The healthcare business intelligence platforms segment are expected to account for the largest share of the market. The large share of this market segment is mainly driven by the increasing requirement for customized BI solutions catering to individual requirements of organizations and allowing them the flexibility to build and integrate BI solutions into existing healthcare business applications for higher efficiency and reduced costs.

OLAP & visualization is expected to account for the largest share of the market. OLAP & visualization provides quick insights for decision-making, allows for productivity improvement, and provides competitive advantages; these benefits have supported the growth of this market segment.

The payers segment is expected to account for the largest share of the market. Factors such as rising healthcare costs; the growing need to increase memberships and curb fraudulent claims, optimize provider networks, and reduce operational costs; and increasing competition are compelling healthcare payers to adopt BI solutions.

The market is dominated by North America, followed by Europe, Asia, and RoW. The market in North America is expected to witness the highest growth during the forecast period. The high growth of the North American market can be attributed to the increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.

The market is highly competitive in nature, with several big as well as emerging players. Prominent players in this market include Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US), Information Builders (US), Sisense Inc. (US), Yellowfin BI (Australia), and BOARD International (Switzerland).

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IBM is one of the key players in the healthcare BI market and provides a comprehensive range of solutions for this market. IBM is an innovation-centric company; its R&D expenditure has increased substantially in 2017 as compared to 2015. In 2017, it invested 7.3% of its annual revenue in R&D activities. This significant investment allows the company to offer innovative solutions by adopting new product launches. With an aim to increase its footprint in various sectors, IBM has adopted inorganic strategies, such as acquisitions, collaborations, and partnerships.