Healthcare BI Market: Growth Analysis and Opportunities

 Factors such as the implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, and the increasing number of patient registries are expected to drive the growth of the  healthcare BI market.

The market is highly competitive in nature, with several big as well as emerging players. Prominent players in this market include Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US), Information Builders (US), Sisense Inc. (US), Yellowfin BI (Australia), and BOARD International (Switzerland).

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IBM is one of the key players in the healthcare BI market and provides a comprehensive range of solutions for this market. IBM is an innovation-centric company; its R&D expenditure has increased substantially in 2017 as compared to 2015. In 2017, it invested 7.3% of its annual revenue in R&D activities. This significant investment allows the company to offer innovative solutions by adopting new product launches. With an aim to increase its footprint in various sectors, IBM has adopted inorganic strategies, such as acquisitions, collaborations, and partnerships.

Recent Developments

• In 2018, Oracle acquired Zenedge (US) to secure critical IT systems deployed via cloud, on-premise, or hybrid hosting environments with the help of Zenedge.
• In 2018, SAS entered into an agreement with Deloitte (Canada) to support their existing strategic alliance that will leverage their combined expertise to introduce lower-risk and higher-quality outcomes in the insurance marketplace.
• In 2017, Microsoft partnered with SAP SE (Germany) to drive more business innovation in the cloud and provide joint support services to ensure the best cloud experience for customers.

The market is dominated by North America, followed by Europe, Asia, and RoW. The market in North America is expected to witness the highest growth during the forecast period. The high growth of the North American market can be attributed to the increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving healthcare BI market growth.

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