According to new market research report from Research and Markets, healthcare business intelligence (BI) Market, estimated at about $2.4 million in 2013, is expected to reach more than $4.7 million by 2018, growing at a compound annual growth rate of 14.8 percent over the period.
Despite the largest share carried by healthcare payers, providers will account for significant share 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.
Based on end application, the market growth will be mainly driven by clinical applications during the forecast period. Among all functions, online analytical processing (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.