LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global business intelligence market in the healthcare sector provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global business intelligence market in the healthcare sector will grow at a CAGR of almost 14% during the forecast period. Growing adoption of data analytics is a major factor driving the market’s growth.
Healthcare sectors are using data analytics to maximize their efficiency, increase revenue, and save costs. Data analytics assists to eliminate the major work involved in understanding patient requirements and in the health data tracking process. Therefore, it helps organizations to analyze data patterns to serve patients well and provide them with personalized healthcare. By using data analytics on the cloud such as tracking social media, traffic engagements, and statistics, hospitals, and healthcare departments can understand their reviews and make effective changes in their mode of administration.
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The three emerging market trends driving the global business intelligence market in the healthcare sector according to Technavio research analysts are:
- Movement of big data to cloud
- Growing scope of mobile BI
- Increasing number of M&A
Movement of big data to cloud
The three major factors propelling the growth of big data on the cloud are the increase in the volume of data, the growth of cloud, and advanced analytics. Cloud technology is becoming mainstream and will play a major role in managing projects powered by analytics during the forecast period. Since a huge amount of data from several sources continues to build up, end-users are relying on cloud technology that is scalable and agile in extracting data.
Cloud platforms have high adaptability that makes it a more flexible platform for the deployment of different types of analytics tools. The connectivity option on cloud helps to make analytics accessible and increases the ease of sharing data and applications. For smoothening the movement of big data toward the cloud, companies have created storage products for customers to capture data and then ship it to the cloud storage company.
“Snowball is a petabyte-scale data transport solution developed by Amazon. It helps to address common challenges associated with large-scale data transfers such as long transfer times, security concerns, and high network costs. AWS Snowball Appliance, a part of Snowball, is an external storage device that could be built inside a shipping container and is filled with data at a customer site,” says a senior analyst at Technavio for research on enterprise application.
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Global business intelligence market in the healthcare sector segmentation
This market research report segments the global business intelligence market in the healthcare sector into the following two segments by deployment type (on-premises and cloud-based) and three major regions (the Americas, APAC, and EMEA).
The Americas dominated the global BI market in the healthcare sector with a share of approximately 50%. One of the key reasons for the huge share of the Americas is the presence of the US, which is the largest player in the market. EMEA was the second-largest player in the market because of the growing revenue generation in countries such as the UK, Germany, France, Spain, and Italy. The Middle East also plays a key role in the revenue pooled in from EMEA.
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