Albany, NY -- (SBWIRE) -- 12/13/2018 -- In the increasingly competitive vendor landscape for the global healthcare BI platform market, the rising number of solutions and service providers are focusing on expansion across emerging regional markets and the leveraging their capabilities to exploit opportunities offered by the cloud platform, observes Transparency Market Research in a recent report.
The number of strategic collaborations with peers and healthcare organizations have increased in the market in the past few years as companies seek to expand their product portfolios and consumer bases. In the near future, the market is expected to witness the emergence of companies offering pure cloud-based services and a number of old vendors are expected to actively move towards strengthening their cloud-based services.
Some of the leading companies in the market presently are Microsoft Corporation, OpenText Corporation, Oracle Corporation, IBM Corporation, SAP SE, SAS Institute, Inc., and Information Builders.
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Transparency Market Research estimates that global market for healthcare BI platform will exhibit an impressive CAGR of 11.7% over the period between 2015 and 2023, rising form a net worth of US$1.5 bn in 2014 to an opportunity of US$3.9 bn by 2023.
North America Market to Lead the Way
From a geographical standpoint, the market for healthcare BI platform in North America held the dominant 47.8% of the global market in 2014. The rising healthcare expenditure, pressure to reduce costs, and the well-established and digitized healthcare infrastructure are the key factors attributed to the strong demand for BI platforms in the region. The region is also expected to retain its top spot over the report's forecast period.
In terms of deployment, the segment of on-premise deployment accounted for the dominant share in the overall market in 2014 in terms of revenue contribution. While the segment will continue to account for a significant share of the market owing to demand from consumers concerned about the safety of business- and patient-critical data, the cloud segment will see the most promising growth owing to its benefits such as low cost, high speed of deployment, and ease of use.
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Government Regulations in Developed Economies Compel Adoption
One of the key factors fueling the uptake of BI platforms in the healthcare industry is the massive volumes of data generated by healthcare establishments, whether they are fully or partly digitized. Although the data is vast, ways of generating business critical information, which could have a massive impact on the decision-making process and outcomes in the form of clinical performance, disease management, patient management, and cost and waste reduction, are not implemented to their full potential. As healthcare establishments realize that business intelligence plays a key role in realizing all these benefits of drawing information from raw business data, an increasing number are adopting BI platforms.
The market for healthcare BI platforms is also fueled owing to several government regulations, including the Affordable Care Act in the U.S. (2010). As such regulations require the healthcare industry to replace outdated healthcare platforms with advanced ones, healthcare organizations are compelled to give into the reformative changes, pushing up the uptake of BI platforms, especially in developed economies.
While the market has witnessed a slow pace of growth in emerging economies and less-developed countries so far, encouraging government policies and actions aimed at the improvement of healthcare infrastructure could lead to promising growth opportunities in these regions in the near future.
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