Global Healthcare BI Market Industry Healthcare BI Market Growth Rate by Region
DUBLIN, Jan. 26, 2024 (GLOBE NEWSWIRE) — “Healthcare Business Intelligence Market Size and Share Analysis – Growth Trends and Forecasts (2023-2028)” report has been added. ResearchAndMarkets.com Recruitment.
The global healthcare business intelligence (BI) market is undergoing a major transformation, with robust growth expected over the next five years. Comprehensive analysis shows that this market is valued at USD 8.89 billion in 2023 and is predicted to double and reach an estimated USD 17.44 billion by 2028. It became clear. This corresponds to an impressive compound annual growth rate (CAGR) of 14.41% during the forecast period. period.
Recent healthcare challenges, particularly the COVID-19 pandemic, have highlighted the essential role of data analytics in managing healthcare resources. Frontline healthcare providers have leveraged her BI tools to manage assets, make informed decisions, and respond quickly to public health emergencies. Research shows that the pandemic has significantly accelerated the adoption of digital technologies in the healthcare sector, driving further investment and interest in BI solutions.
This market has experienced significant growth due to a combination of factors, including government initiatives aimed at increasing the adoption of electronic health records (EHR) and patient registries. The urgent need to leverage big data within the healthcare industry is further driving the market expansion.
Key market trends: Adoption of cloud-based BI solutions in healthcare
Cloud-based models are gaining significant traction in the Business Intelligence as a Service (BIaaS) category. These models have the advantages of being cost-effective, easy to use, and have high implementation rates compared to on-premises alternatives. The shift to cloud-based solutions is further fueled by the launch of innovative healthcare-centric data platforms that redefine the way patient data is managed and analyzed.
Big names in technology, such as Snowflake and Microsoft, have introduced cutting-edge platforms that integrate data warehousing, analytics, and business intelligence. These advancements are revolutionizing the industry, providing healthcare organizations with the tools they need to increase efficiency, reduce resource expenditure, and tackle complex data management.
The dominance of the North American market continues
North America continues to dominate the global healthcare BI market thanks to the aggressive approach towards adoption of BI solutions by healthcare providers. These solutions are designed to improve patient care and operational efficiency. The readiness of the market to adopt cloud computing and the continued upgrade of healthcare and IT infrastructure also play a vital role in driving growth in the region.
Research shows that the use of BI processes contributes to improved resource management within various medical applications such as diagnostic imaging. The United States, in particular, has shown a high adoption rate of certified EHR technologies, laying the foundation for the expansion of the BI market.
Additionally, innovations in product offerings, such as the recent introduction of visual business intelligence (BI) tools by Med Tech Solutions (MTS), are expected to further accelerate the growth trajectory of the North American market over the forecast period.
competitive environment
The healthcare business intelligence market consists of a mix of established and emerging players who are relentlessly pursuing product innovation and technological advancement. This competitive momentum will continue, with organizations such as Oracle Corporation, Microsoft Corporation, IBM Corporation, SAP SE, and SAS Institute Inc. leading the way in market evolution.
The market dynamism reflects a collective effort to leverage business intelligence to propel healthcare into a more data-driven and efficient future. With ongoing research and development and the launch of cutting-edge solutions, the healthcare BI market is poised to witness unprecedented growth in the coming years.
For key stakeholders and decision makers in healthcare, technology, and data analytics, the trajectory of the healthcare business intelligence market represents a promising path for strategic investment and long-term planning.
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Rapid growth driven by digital technology adoption and cloud-based BI solutions
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Significant impact of government efforts to strengthen EHR and patient registries
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North America leads the way with strong infrastructure and high EHR adoption rates
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Competitive markets that foster innovation and technological progress
Some of the companies mentioned in this report include:
For more information on this report, please visit https://www.researchandmarkets.com/r/n3q88a.
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