A business intelligence platform is used by healthcare organizations to build helpful healthcare applications that assist them in ensuring the provision of quality healthcare to patients. BI platforms help control healthcare costs and provide several benefits to healthcare organizations such as analysis capability, providing information on delivery, and integration.
Healthcare BI platforms offer a very useful function called financial analytics. The availability of the financial analytics function is acting as a major growth driver for the healthcare BI platform market. An increasing number of conventional healthcare systems are being replaced by BI platforms as the latter are technologically advanced, thus driving the market for healthcare BI platforms.
Healthcare BI Platform Market to Expand due to Growing Demand for Reduced Healthcare Expenditure
Government regulations such as the Affordable Care Act in the U.S. in 2010 are also promoting the adoption of healthcare BI platform, leading to the market’s growth. The ability of BI platforms to provide quality healthcare to patients at a reduced price is compelling the market’s growth. Increasing prevalence of health issues and the consequent rise in the healthcare expenditure have led to a growing demand for advanced healthcare systems. BI platforms are thus the need of the hour in terms of providing technologically advanced healthcare facilities at reduced costs.
Financial Analytics Segment to Lead Healthcare BI Platform Market
The global heathcare BI platform market is segmented on the basis of function, deployment type, model and geography. On the basis of model type, the healthcare BI platform is segmented into corporate BI and self-service BI. Of these two sub-segments, the segment dominating the healthcare BI platform market is the corporate BI model. However, the self-service BI model is expected to be the fastest growing segment during the period 2015 to 2023 owing to the high demand for faster and diverse analytics by making use of decentralized data.
On the basis of function, the global healthcare BI platform market is segmented into: clinical analytics, operational analytics, financial analytics, and others such as regulatory reporting. As per a report published by Transparency Market Research, the financial analytics segment dominated the healthcare BI platform, accounting for a revenue of US$532 mn in 2014. The financial analytics segment dominates the market, as it provides a function that fulfils the requirements of defining financial goals, developing business plans, and cost and revenue monitoring, which are some of the very important requirements of any healthcare facility. The clinical analytics segment, however, is anticipated to show the fastest growth rate in the healthcare BI platform market during the period from 2015 to 2023.
Geographically, the global healthcare BI platform is segmented into North America, Asia, Europe, the Middle East and Africa, and Latin America. The market is currently dominated by North America in terms of revenue and this region is expected to retain its dominance in the market for the rest of the forecast period.
Major market players in the healthcare BI platform are IBM Corporation, Oracle Corporation, SAS Institute, Inc., Microsoft Corporation, Information Builders, OpenText Corporation, and SAP SE.
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