Healthcare Business Intelligence Market is driven by Increasing Adoption Of Cloud-Based BI Software Solutions

Posted on 2023-01-03 by researchinsights in Healthcare, Industrial, Pharmaceuticals, Technology // 0 Comments

San Francisco, Calif., USA, Jan 03, 2023 — /EPR Network/ —

Healthcare Business Intelligence Industry Overview

The global healthcare business intelligence market size was valued at USD 6.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030. The healthcare BI industry offers benefits such as improved patient safety, minimized costs, and increased revenue earning which enhances financial and operations outcomes. Also, it ensures better clinical performance and better patient outcomes. The healthcare industry is moving into the data-driven world, thereby, increasing the demand for BI tools. The increased adoption of cloud-based BI tools, such as Customer Relationship Management (CRM) applications by renowned market players, patient engagement CRM owing to their properties such as agility and accessibility is propelling the growth.

The adoption of cloud-based software allows hospitals, health providers, payers, and life sciences manufacturers to convert their data into insightful dashboards and graphs, thereby impelling the market growth. In March 2020, the Australian Department of Health launched the Coronavirus Australia App using Google Cloud to deliver real-time information about the virus spread patterns, lockdowns and restrictions, and Covid-19 specific healthcare information. The interactive graphs and dashboard allow the end-user to directly manage revenues, patient care status, service rate comparisons, patient admission trends, and easy access to patient data without going through multiple data siloes. The BI-enabled analytics graphs allow end-user efficiently data-supported decisions to reduce operating costs, improvise service, and propel market growth. Moreover, the introduction of a mobile-friendly BI solution for staying updated is another vital factor driving revenue growth.

Gather more insights about the market drivers, restraints, and growth of the Global Healthcare Business Intelligence Market

The major benefit of BI also includes improved risk management. Predictive analytics enables healthcare institutions to prevent potential medical challenges patients would face and helps to take timely precautionary measures to mitigate the impact. Also, it is useful in operational management, epidemiology. These BI tools provide critical information in a simplified manner that can be easily interpreted by the users. Also, it supports large-scale data distribution, wherein large volumes of personalized BI content can be efficiently shared with multiple end-users. Thus, owing to the valuable new data insights offered by healthcare BI, the demand for software solutions and services is anticipated to rise at a steady pace over the forecast period. Moreover, the government regulations in countries like the U.S. and Europe allow boosting the uptake of healthcare BI solutions.

Browse through Grand View Research’s Healthcare IT Industry Related Reports

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Healthcare Business Intelligence Industry Segmentation

Grand View Research, Inc. has segmented the global healthcare business intelligence market based on the type of component, mode of delivery, application, deployment, end use, and region:

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