FMI Report: Healthcare Business Intelligence Market Enroute to a Remarkable Worth of US$ 7.4 Billion by 2032 - FMIBlog
Data has become a valuable asset for organizations striving to deliver top-notch patient care and improve operational efficiency in the constantly evolving healthcare industry. The healthcare business intelligence market has evolved into a powerful tool that leverages data to influence decision-making and revolutionize the way healthcare organizations operate. By harnessing robust analytics and reporting capabilities, healthcare BI empowers stakeholders to uncover invaluable insights, streamline processes, and elevate outcomes.
Healthcare BI helps organizations collect, analyze, and display massive amounts of data from various sources such as financial systems, databases, and patient records. By combining and integrating this information, healthcare professionals can get a comprehensive view of patient demographics, resource utilization, and financial results. This wealth of data empowers decision-makers to identify trends, patterns, and potential areas for improvement.
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The healthcare sector is projected to experience significant growth, with a strong compound annual growth rate (CAGR) of 8.1%. By 2032, the market value is expected to increase from US$ 3.4 billion to US$ 7.4 billion. The integration of various technological platforms and devices into the healthcare industry has led to the accumulation of a large amount of business data by different healthcare institutions. In order to extract the most crucial information, it is necessary to effectively manage the data collected from different healthcare facilities.
The healthcare industry is projected to benefit greatly from the widespread acceptance patterns in the business intelligence market within healthcare. The growth of healthcare business intelligence is expected to soar due to government efforts to promote electronic health record (EHR) usage and the increasing number of patients. The rapid expansion of the healthcare business intelligence market is anticipated as government programs encourage the integration of EHRs, the prevalence of big data in the healthcare field rises, and the number of patient registries continues to increase.
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The healthcare industry intelligence sector is quite competitive, with several major and expanding companies. The market's growth has been supported by advancements in products and ongoing research and development efforts to create better technologies.
Because of their expansive international presence, extensive range of products, and a heightened emphasis on advancements in healthcare analytics solutions, Oracle Corporation, Microsoft, and Sisense Inc. stand out as the primary contenders dominating the majority of the market share.
In August 2020, Qlik Technologies Inc. acquired Knarr Analytics LLC in order to enhance their Cloud Platform Active Intelligence capability. This expansion will enable Qlik to offer comprehensive insights that empower organizations to make data-driven decisions.
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Concerning the organization, Future Market Insights (FMI)
Future Market Insights, Inc. (a market research company certified by ESOMAR, winner of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers detailed analysis on the factors driving market demand. It reveals prospects that will contribute to market expansion across different segments, such as Source, Application, Sales Channel, and End Use, in the coming 10 years.
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