Healthcare Business Intelligence Market Size Worth $21.4 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, March 29, 2022 /PRNewswire/ -- The global healthcare business intelligence market size is expected to reach USD 21.4 billion by 2030 and is expected to expand at a CAGR of 13.5% during the forecast period, according to a new report by Grand View Research, Inc. Increased adoption of data-driven decision making, penetration of cloud-based business intelligence (BI) solutions for the healthcare industry, increased focus to reduce spending, and the emergence of mobile-based BI solutions are the key factors contributing to the market growth.

Key Insights & Findings from the report:

• The market for healthcare business intelligence market size is anticipated to be valued at USD 21.4 billion by 2030, owing to the increasing adoption of cloud BI tools and complex data generated in healthcare organizations in large volumes.
• Software component segment dominated the in 2021 owing to its increased adoption by hospitals, health providers, payers, and life sciences manufacturers to manage their data and financial operations.
• Cloud-based delivery mode dominated the market in 2021 due to the adoption of cloud-based business intelligence tools, such as Customer Relationship Management (CRM), and increased penetration of cloud computing among healthcare providers for managing the revenue cycle and enhancing patient care.
• In 2021, the financial analysis application segment dominated the market due to the increased adoption of financial analytic software among the providers for the management of the revenue cycle.
• Healthcare payers accounted for the largest market share in 2021 owing to increased healthcare costs coupled with the rising need to increase memberships and reduce fraudulent claims.

Read 120-page market research report, "Healthcare Business Intelligence Market Size, Share & Trends Analysis Report By Component (Software, Services), By Mode of Delivery (On-premise, Cloud-based, Hybrid), By Application, By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Healthcare Business Intelligence Market Growth & Trends

The growing requirement of business intelligence tools to reduce costs for operational performance, claims, and clinical analysis is another major factor positively impacting the market. Factors, such as the constantly increasing volume of digital information and data sources, the complexity of data generated in healthcare organizations, coupled with the growing need for advanced business intelligence solutions to support decision-making are boosting the demand for business intelligence solutions and services. The massive amounts of unstructured and structured data generated by medical organizations and institutions are critical to managing, thus there is a huge demand for advanced healthcare BI software by hospitals and other medical organizations.

To gain insights about patient care and satisfaction, clinical operations, labor distribution, physician practices, and administration and management; hospitals and other medical facilities require data visualization and predictive modeling tools, which in turn is increasing demand for healthcare business intelligence software among these end-users. Increasing adoption of cloud-based BI software solutions coupled with the high dependency of healthcare on digital technology to operate functions of a complex healthcare system revenue cycle management, supply chain management, and performance management, is further boosting the adoption of BI software over the past years. For instance, KenSci Clinical Analytics is a platform designed by Microsoft to predict clinical and operational risks involved in a healthcare facility to improve health outcomes and reduce operational costs.

Healthcare Business Intelligence Market Segmentation

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

Healthcare Business Intelligence Component Outlook (Revenue, USD Million, 2016 - 2030)

• Software
• Services

Healthcare Business Intelligence Mode of Delivery Outlook (Revenue, USD Million, 2016 - 2030)

• On-premise
• Cloud-based
• Hybrid

Healthcare Business Intelligence Application Outlook (Revenue, USD Million, 2016 - 2030)

• Financial Analysis
• Claims Processing
• Revenue Cycle Management
• Payment Integrity and Fraud, Waste, & Abuse (FWA)
• Risk Adjustment and Risk Assessment
• Operational Analysis
• Supply Chain Analysis
• Workforce Analysis
• Strategic Analysis
• Clinical Analysis
• Quality Improvement and Clinical Benchmarking
• Clinical Decision Support
• Regulatory Reporting and Compliance
• Comparative Analytics/Effectiveness
• Precision Health
• Patient Care

Healthcare Business Intelligence End-use Outlook (Revenue, USD Million, 2016 - 2030)

• Payers
• Healthcare Providers
• Healthcare Manufacturers

Healthcare Business Intelligence Regional Outlook (Revenue, USD Million, 2016 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Spain
• Italy
• France
• Russia
• Asia Pacific
• Japan
• China
• India
• Singapore
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• South Africa
• Saudi Arabia
• UAE

List of Key Players in the Healthcare Business Intelligence Market

• Microsoft
• Oracle Corporation
• SAP
• Tableau Software Inc.
• Perficient Inc.
• Tibco Software Inc.
• Infor Inc.
• Domo Inc.
• Sisense Inc.
• Panorama Software Inc

Check out more related studies published by Grand View Research:

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• Healthcare Cyber Security Market - The global healthcare cyber security market size is expected to reach USD 39.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.0% from 2021 to 2028. An increasing number of cyberattacks in the healthcare industry, raise in threats, and concern for privacy and security are contributing to the growth of healthcare cyber security.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.