Healthcare Business Intelligence (BI) Market by Function, Application & Technology Worth $4.7 Billion by 2018 - New Report by MarketsandMarkets
(PRWEB) June 03, 2014 -- This report studies the "Healthcare Business Intelligence (BI) Market by Function (Reporting, OLAP, Monitoring), Application (Clinical & Financial), Technology (Traditional, Cloud, Mobile), End User (Hospitals, Clinics, ACO, HIE, Payers) - Trends & Global Forecasts to 2018".
Browse 72 market data tables and 16 figures spread through 200 pages and in-depth TOC. http://www.marketsandmarkets.com/Market-Reports/healthcare-business-intelligence-market-252368925.html
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The market, estimated at $2,376.6 million in 2013, is expected to reach $4,738.2 million by 2018, growing at a CAGR of 14.8% from 2013 to 2018.
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Healthcare providers are expected to be the greatest opportunistic targets for the BI vendors owing to federal health reforms, rise in healthcare data, and need to manage rising healthcare costs, improve medical outcomesand meet with increasing regulatory compliance requirements. Also, IDNs/MCOs/ACOs/HIEs are the new revenue pockets for this market in terms of end-user solutions.
Despite the largest share carried by healthcare payers, providers overtake significantly in terms of market growth during the forecast period. Traditional BI dominates the global healthcare BI market, by technology, in terms of revenue while cloud BI and mobile BI pose a great market growth potential owing to growing mobile usage by the healthcare community, and rising demand of hospitals and health systems for a more accessible, cheaper, flexible, agile, and scalable form of BI in this cost constraint healthcare environment.
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Based on end application, the market growth will be mainly driven by clinical applications during the forecast period. Among all functions, OLAP and visualization tools market is expected to have an edge over reporting and monitoring tools. Based on geography, North America, especially the U.S. dominates the market and is also expected to grow at the highest CAGR during the forecast period.
For many years, cloud BI was primarily the domain of startup vendors offering Software as a Service (SaaS) BI tools as alternatives to the traditional on-premises software sold by the BI market leaders. However, as this market is gaining huge traction increasing numbers of IT giants embrace the cloud computing and SaaS models as part of their business intelligence strategies. Some of the leading players in this market include SAS, Microsoft, MicroStrategy, Information Builders, Tableau Software, Qlik, Tibco, SAP, IBM, Oracle, Infosys, Birst Inc., among others. Also, to leverage the staggering growth of mobile BI, companies such as Information Builders, MicroStrategy, Yellofin, IBM, Qlik, Oracle, TIBCO Spotfire, Tableau Software, Klipfolio, Transpara, SAP, SAS, Microsoft, among others are competing to offer robust mobile BI solutions.
Some leading players in the healthcare BI market are IBM Corporation (U.S.), Information Builders (U.S.), Microsoft Corporation (U.S.), MicroStrategy (U.S.), Oracle Corporation (U.S.) Qlik Technologies, Inc. (U.S.), SAP AG (Germany), SAS Institute, Inc. (U.S.), TIBCO Software Inc. (U.S.), Tableau Software (U.S.), and other players such as Accenture (Ireland), CitiusTech (U.S.), Computer Sciences Corporation (U.S.), Dimensional Insight (U.S.), Jaspersoft (U.S.), Klipfolio Inc. (Canada), Perficient, Inc. (U.S.), Agilum Healthcare Intelligence, Siemens Healthcare (Germany), Tata Consultancy Services (TCS) (India), Infosys (India), Wipro Limited (India), Hexaware Technologies Limited (India), among others.
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