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New Revenue Pocket - Healthcare Business Intelligence (BI) Market
Healthcare is a relatively new and rapidly growing area for using BI systems. To leverage this growth opportunity several BI vendors such as SAS Institute Inc., MicroStrategy, SAP AG, Qlik Technologies, Inc., Tableau Software, IBM Corporation, Oracle Corporation, Information Builders, Inc., Microsoft Corporation, and others are making new product launches and enhancements, partnerships, collaborations, and acquisitions.
Cloud BI and mobile BI pose a great market growth potential owing to increase in mobile usage by the healthcare community, and rising demand of hospitals and health systems for a more accessible, cheaper, flexible, agile, and scalable form of BI in this cost constraint healthcare environment. In terms of application, usage of BI for clinical applications is gaining traction. The factors mainly contributing to its growth includefederal government reforms such as Meaningful Use program; need by the healthcare systems to participate in new payment models such as Accountable Care Organizations (ACOs); ICD-10; and pay-for-performance models.
Healthcare providers are expected to be the greatest opportunistic targets for the BI vendors owing to federal health reforms, rise in healthcare data, and need to manage rising healthcare costs, improve medical outcomesand meet with increasing regulatory compliance requirements.Also, IDNs/MCOs/ACOs/HIEs are the new revenue pockets for this market in terms of end-user solutions.
In terms of product functions, OLAP and visualization tools market is expected to have an edge over reporting and monitoring tools. Based on geography, North America, especially the U.S. dominates the market and is also expected to grow at the highest CAGR during the forecast period owing to growing adoption of BI systems by the healthcare providers. North America is followed by Asia in terms of growth attributed to growth in BI adoption by China, India, Singapore, Malaysia, among others.
Healthcare Business Intelligence (BI) Market by Function (Reporting, OLAP, Monitoring), Application (Clinical & Financial), Technology (Traditional, Cloud, Mobile), End User (Hospitals, Clinics, ACO, HIE, Payers) - Trends & Global Forecasts to 2018
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