The growth of this market is mainly driven by 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.
The healthcare business intelligence market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3% during the forecast period.
IBM is leading player in the healthcare business intelligence market. The company’s R&D expenditure increased substantially in 2017 as compared to 2015. This significant investment in R&D is allowing the company to offer innovative solutions such as the Cognos Analytics platform in the market. With an aim to increase its footprint in various sectors, IBM has adopted inorganic growth strategies such as acquisitions, collaborations, and partnerships.
For instance, IBM’s partnership with ServiceNow (in 2017) has helped the companies to provide intelligent workflows to their customers. IBM also has a vast partner ecosystem consisting of resellers, MSPs, alliance partners, embedded system partners, and distributors, who help the company deliver efficient and cost-effective solutions to its global customers.
The healthcare business intelligence market is highly competative in nature, with several big as well as emerging players vying for market shares. Prominent players in this market include Microsoft (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). These players have adopted various strategies, such as partnerships, agreements, collaborations, and product launches & enhancement to further expand their presence in the global healthcare business intelligence market.
Product launches & enhancement have been the key growth strategies adopted during 2016 to 2018, by top players such as Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US).
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