Technology

Business Intelligence In The Healthcare Sector Market size is set to grow by USD 14.20 billion from 2024-2028, Improved efficiency of bi tools to boost the market growth, Technavio

Published

5 months ago

July 26, 2024

NEW YORK, July 26, 2024 /PRNewswire/ — The global business intelligence in the healthcare sector market size is estimated to grow by USD 14.20 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 21.22% during the forecast period. Improved efficiency of BI tools is driving market growth, with a trend towards increasing use of predictive analytics and artificial intelligence in healthcare. However, presence of open-source bi vendors poses a challenge. Key market players include Accenture Plc, Alphabet Inc., Board International SA, Domo Inc., Hexaware Technologies Ltd., Idera Inc., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., OpenText Corp., Oracle Corp., Perficient Inc., QlikTech international AB, Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., and TIBCO Software Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Software and Services), Deployment (Cloud-based and On-premise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Accenture Plc, Alphabet Inc., Board International SA, Domo Inc., Hexaware Technologies Ltd., Idera Inc., Infor Inc., International Business Machines Corp., Microsoft Corp., MicroStrategy Inc., OpenText Corp., Oracle Corp., Perficient Inc., QlikTech international AB, Salesforce Inc., SAP SE, SAS Institute Inc., Sisense Ltd., Tata Consultancy Services Ltd., and TIBCO Software Inc.

Key Market Trends Fueling Growth

The healthcare sector’s business intelligence market is experiencing a significant trend towards the adoption of predictive analytics and artificial intelligence (AI). With the abundance of healthcare data, such as electronic health records (EHRs), medical images, and patient-generated data from wearables, healthcare organizations are leveraging advanced analytics to uncover valuable insights and enhance patient care. Predictive analytics enables identification of patients at risk for specific conditions, enabling early intervention. AI assists radiologists in analyzing medical images for quicker and more accurate abnormality detection. Natural language processing (NLP) is utilized to analyze unstructured data from sources like clinical notes and patient feedback, revealing patterns and trends. Predictive analytics applications in healthcare include forecasting sepsis rates, identifying high-risk readmission patients, determining co-morbidities requiring additional care, estimating finances per quarter, and managing PPE supply and demand. Historically, decisions were reactive, but predictive analytics offers a proactive approach, making it a crucial driver of growth for the global business intelligence market in healthcare during the forecast period.

In today’s data-driven world, Business Intelligence (BI) plays a crucial role in the healthcare sector. With the increasing penetration of data, managing and analyzing patient data has become essential for better patient safety, clinical performance, and improved patient outcomes. Chronic diseases and critical care units generate massive data that require advanced analytics tools like Artificial Intelligence (AI) and Machine Learning (ML) for effective analysis. Self-Service BI tools are trending, allowing healthcare professionals to access critical insights without IT intervention. Electronic Health Records (EHR) are the new norm, and BI tools help make sense of this data. Industries 4.0 and Cloud Computing have made BI tools more accessible, with Google Cloud leading the way. Healthcare Analytics includes Clinical, Financial, and Operational categories, with on-premise and cloud-based deployment options. Function categories include Corporate BI, Self-Service BI, and Dashboard models. Deployment categories include On-Premise, Cloud-Based, and Self-Service BI models. BI tools offer interactive graphs, dashboards, and data-supported decisions, enabling predictive analytics and epidemiology. Large-scale data distribution is made possible through software solutions and SaaS applications. Data-driven decision-making is the future, and BI tools provide the infrastructure, data modeling, database design, and data visualizations needed to make it a reality. Big data operations and telehealth are also benefiting from these advanced tools.

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Market Challenges

Open-source Business Intelligence (BI) vendors offer cost-effective and flexible software solutions for the healthcare sector. These solutions can be customized according to user needs, posing a challenge for commercial BI vendors. Notable open-source BI providers include Pentaho, BIRT, SpagoBI, KNIME, and JasperReports. Commercial vendors face difficulties monetizing their products due to the availability of free alternatives. Additionally, open-source BI vendors often have large communities of developers and users, making it challenging for commercial vendors to keep up with the latest trends and technologies. Their larger user bases also make it difficult for commercial vendors to compete on price. As a result, commercial BI vendors must offer additional features or services to attract customers and remain competitive in the healthcare sector market.Business intelligence (BI) plays a crucial role in the healthcare sector, helping providers make data-driven decisions to improve patient care and operational efficiency. However, implementing BI solutions comes with challenges. Hospitals, government agencies, and various organizations face obstacles in integrating data from multiple sources, including electronic health records, medical devices, and health information exchanges. Private exchangers, software vendors, and IT firms offer on-premise, cloud-based, and hybrid BI solutions. Challenges include claims processing, operational analysis, supply chain analysis, workforce analysis, strategic analysis, clinical analysis, quality improvement, clinical benchmarking, clinical decision support, comparative analytics, precision health, patient care, and financial analysis. BI tools help with revenue cycle management, payment integrity, query and reporting, OLAP and visualization, and more. Key stakeholders like practitioners, payers, and third-party administrators benefit from BI in healthcare. Market segments include healthcare providers, physician practices, post-acute care organizations, ambulatory care settings, accountable care organizations, managed care organizations, and managed care organizations. Chronic disorders, global healthcare, and remote patient monitoring are areas where BI can make a significant impact. BI tools enable data-driven insights for managing costs, improving patient outcomes, and enhancing overall quality of care.

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Segment Overview

This business intelligence in the healthcare sector market report extensively covers market segmentation by

Component 1.1 Software1.2 ServicesDeployment 2.1 Cloud-based2.2 On-premiseGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Software- The global business intelligence market in the healthcare sector is segmented into five main software categories: BI platforms, dashboard and reporting software, data analytics software, data warehousing software, mobile BI software, self-service BI software, and cloud-based BI software. These tools help healthcare organizations enhance operational efficiency, reduce costs, and enhance patient outcomes by deriving insights from their data. BI platforms serve as software tools that analyze data from various sources to generate valuable insights. Dashboard and reporting software create customized visualizations of key performance indicators (KPIs) and metrics in real-time. Data analytics software uses advanced algorithms to uncover hidden patterns and trends. Data warehousing software stores, manages, and organizes large volumes of structured and unstructured data. Mobile BI software enables healthcare professionals to access business intelligence data on mobile devices, while self-service BI software empowers non-technical users to create their reports and dashboards. Lastly, cloud-based BI software offers a scalable and flexible platform for managing and analyzing business intelligence data in the cloud. These software solutions play a crucial role in driving the growth of the business intelligence market in the healthcare sector, as they provide valuable insights that help organizations make informed decisions, ultimately improving patient care and outcomes.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Artificial Intelligence (AI) in the healthcare sector market is experiencing rapid growth, driven by advancements in machine learning, big data analytics, and the increasing need for personalized medicine. AI technologies are revolutionizing diagnostics, treatment planning, and patient management, enhancing efficiency and outcomes. Simultaneously, the global Healthcare Analytics Market is expanding as healthcare providers leverage data analytics for predictive modeling, patient care optimization, and operational efficiency. The integration of AI and analytics is poised to transform healthcare, offering significant opportunities for innovation and improved patient care.

Research Analysis

Business Intelligence (BI) in the healthcare sector is revolutionizing the industry by enabling data-driven decisions, improved patient outcomes, and enhanced clinical performance. With the increasing penetration of Electronic Health Records (EHR), the sector is witnessing a data explosion. Self-Service BI tools are empowering healthcare providers to analyze this data and gain insights into patient safety, clinical performance, and financial analysis. Industries 4.0 and advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML) are transforming healthcare analytics. Critical Care Units (CCUs) are leveraging real-time data from remote patient monitoring and telehealth to deliver personalized care. Google Cloud is a significant player in this data-supported world, offering predictive analytics, epidemiology, and customer relationship management solutions. BI tools are helping healthcare providers make data-driven decisions, manage chronic disorders, and optimize resources. The future of healthcare lies in the effective use of BI tools to improve patient care and outcomes in this data-driven world.

Market Research Overview

In the healthcare sector, Business Intelligence (BI) has become a crucial tool for transforming data into valuable insights. With the increasing penetration of data in healthcare, self-service BI has emerged as a popular choice for patients, providers, and industries. Electronic Health Records (EHR) are the primary source of data, and Industries 4.0, Artificial Intelligence (AI), and Machine Learning (ML) are revolutionizing the way data is analyzed. Critical Care Units, Cloud Computing, and Healthcare Analytics are some of the function categories that heavily rely on BI. Clinical Analytics, Financial Analytics, and Operational Analytics are the three main model categories, with on-premise and cloud-based deployment options. Cloud-based BI tools offer advantages like data-supported decisions, predictive analytics, and interactive graphs in a data-driven world. Customer Relationship Management (CRM) and Google Cloud are gaining popularity in the healthcare sector. Patient safety, clinical performance, and patient outcomes are some of the critical areas where BI plays a significant role. BI tools enable data-driven decision-making, data visualizations, and customizations. However, security breaches and cost management are major concerns in the healthcare sector. Software solutions and SaaS applications offer various functionalities like claims processing, operational analysis, supply chain analysis, workforce analysis, strategic analysis, clinical analysis, quality improvement, clinical benchmarking, clinical decision support, comparative analytics, precision health, patient care, and corporate BI. Healthcare payers, providers, hospitals, government agencies, private exchanges, and pharmaceutical companies are some of the industries that heavily rely on BI. BI tools help in cost management, cash flow management, claims management, and financial analysis. The future of BI in healthcare is promising, with advancements in big data operations, telehealth, telecloud, and on-premises, hybrid, and cloud-based deployment options.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSoftwareServicesDeploymentCloud-basedOn-premiseGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Who’s Working Remotely? Virtual Vocations Survey Highlights Evolving Jobseeker Demographics

Published

11 hours ago

December 27, 2024

This survey underscores the diverse backgrounds and experiences of remote jobseekers, highlighting the growing demand for flexible work arrangements across various demographics.

TUCSON, Ariz., Dec. 27, 2024 /PRNewswire-PRWeb/ — With over 500 participants from the U.S. (69%) and international locations (31%), Virtual Vocations‘ 2024 demographics survey offers valuable insights into the evolving landscape of remote work. By comparing responses across these groups, the survey highlights shared experiences and unique challenges faced by jobseekers worldwide.

“Whether based in the U.S. or abroad, jobseekers are embracing remote roles to align their careers with their personal goals, and we’re proud to be a part of their journey.” –Laura Spawn, CEO and co-founder of Virtual Vocations

Although Virtual Vocations is a U.S.-based company, it supports international jobseekers through its fully remote job board and career resources, addressing the global demand for remote work opportunities. The company frequently receives inquiries from international members seeking to access fully remote roles, punctuating the worldwide appeal of flexible work arrangements.

“The 2024 demographics survey results reinforce what we’ve known for years—professionals around the world are seeking flexibility, balance, and opportunities to work from home,” said Virtual Vocations CEO Laura Spawn. “Whether based in the U.S. or abroad, jobseekers are embracing remote roles to align their careers with their personal goals, and we’re proud to be a part of their journey.”

Fully Remote Jobs Remain Most Desired

A significant 43% of U.S.-based jobseekers and 42% of international respondents named fully remote, no-travel jobs as their top preference. These roles, which allow employees to work entirely from home, offer flexibility, aligning with both personal and professional goals. Although occasional in-person requirements may arise, fully remote roles are favored over hybrid, partially remote, and “work from anywhere” options. These positions provide businesses with access to a broader talent pool and enable employees to prioritize workplace values and culture.

Top Industries for Remote Jobseekers

The survey also highlights four key industries attracting remote jobseekers worldwide. Information Technology (IT) stands out as the leading industry for remote roles, with significantly more job postings than any other field. Healthcare follows closely, benefiting from the growth of telehealth and remote medical roles. Customer service offers engaging opportunities for professionals interested in client interaction, while education presents a wide array of roles in online teaching, tutoring, and instructional design, fueled by the expansion of virtual learning.

Jobseekers’ Common Frustrations

Both U.S. and international jobseekers shared frustrations, particularly with online job scams. Jobseekers expressed dissatisfaction with the prevalence of scams, especially when searching for work-at-home positions. Despite relying on online job boards, only a quarter (23% of U.S. respondents and 24% of international respondents) use dedicated remote job boards, like Virtual Vocations, where job postings are thoroughly vetted to ensure they are free of scams. Additionally, many jobseekers expressed frustration with excessive job requirements and employers failing to provide feedback or “ghosting” applicants during the hiring process, with one-third of respondents from both groups reporting these issues.

Income Insecurity: A Global Concern

Income insecurity remains a pressing issue for both U.S. and international jobseekers, with many reporting their earnings as insufficient for comfortable living. Sixty-five percent of U.S. respondents and 77% of international respondents reported inadequate household incomes. Nearly half (48%) of U.S. jobseekers earn less than $60,000 annually, while 68% of international jobseekers earn under $30,000. To improve financial stability, many jobseekers have set income targets, with 30% of U.S. jobseekers aiming for $60,000–$89,999 and another 30% targeting at least $120,000. In contrast, international respondents generally require lower salaries, with 38% seeking $30,000–$59,999 and 32% aiming for $60,000–$89,999.

For a comprehensive analysis and additional insights, read the full demographics survey report here: https://www.virtualvocations.com/blog/annual-statistical-remote-work-reports/remote-work-demographics-survey-results-2024/

ABOUT VIRTUAL VOCATIONS
Founded in 2007 by CEO Laura Spawn and her brother, CTO Adam Stevenson, Virtual Vocations is a small company with a big mission: to connect jobseekers with legitimate remote job openings. To date, Virtual Vocations has helped more than four million jobseekers in their quests for flexible, remote work.

In addition to providing a database of current, hand-screened, and 100% remote job openings, Virtual Vocations offers jobseekers a number of tools to aid in their job searches, including exclusive career courses, downloadable jobseeker content, and career coaching and resume writing services. Virtual Vocations also releases several data-driven reports each year on current trends in remote work.

Virtual Vocations, Inc. is a private, family-owned, and 100% virtual company incorporated in Tucson, Arizona.

Media Contact

Kimberly Back, Virtual Vocations, Inc., 1 (800) 379-5092 x. 703, kim@virtualvocations.com, https://www.virtualvocations.com

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SOURCE Virtual Vocations, Inc.

Technology

Judge Baker Children’s Center d/b/a The Baker Center for Children and Families Provides Notice of Data Security Incident

Published

11 hours ago

December 27, 2024

BOSTON, Dec. 27, 2024 /PRNewswire/ — Judge Baker Children’s Center d/b/a The Baker Center for Children and Families (“The Baker Center”), a nationally recognized provider of services for children’s mental health, has learned of a data security incident that may have impacted certain personal and / or protected health information. On December 27, 2024, The Baker Center formally notified potentially affected individuals with available address information and provided resources to assist them.

On July 28, 2024, The Baker Center discovered unusual activity within its local digital storage environment. After taking immediate steps to ensure the environment was secure, The Baker Center enlisted independent cybersecurity experts to conduct an investigation to determine what happened and whether sensitive information may have been impacted. According to the investigation, an unauthorized actor gained access to The Baker Center’s systems between July 26 – 28, 2024 and may have downloaded certain files. Following a thorough review of the impacted files, on October 28, 2024, The Baker Center determined that certain individuals’ personal and/or protected health information was potentially impacted during the incident.

The information affected during this incident varies between individuals but may have involved the following: name, address, date of birth, Social Security number, driver’s license or other government identification number, financial account information, health insurance information, medical treatment or diagnosis information, and/or clinical information.

On December 27, 2024, The Baker Center mailed notification letters to potentially impacted individuals with verifiable address information. The letters include information about this incident and about steps that potentially impacted individuals can take to monitor and help protect their personal and protected health information. The Baker Center has established a toll-free call center to answer questions about the incident and to address related concerns. The call center can be reached at 844-920-8988, Monday through Friday from 9:00 AM to 9:00 PM Eastern time.

The Baker Center takes the security and privacy of information in its possession very seriously and is taking steps to prevent a similar event from occurring in the future. The Baker Center deeply regrets any inconvenience or concern this incident may cause.

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SOURCE The Baker Center for Children and Families

Technology

outboundIQ Achieves Certified Implementation Partner (CIP) Status with Five9

Published

12 hours ago

December 27, 2024

Delivering Optimized, Outbound-Focused Contact Center Solutions for Modern Businesses

LAUDERDALE LAKES, Fla., Dec. 27, 2024 /PRNewswire/ — outboundIQ www.outboundiq.com proudly announces its accreditation as a Five9 Certified Implementation Partner (CIP), a distinction that reflects its deep expertise in optimizing and streamlining outbound-focused contact center operations. With a team of seasoned Five9 veterans, expert programmers, and industry thought leaders, outboundIQ is uniquely equipped to help businesses of all sizes unlock the full potential of Five9’s Virtual Contact Center platform.

Optimized Solutions for Complex Contact Center Needs
outboundIQ specializes in providing expedited, outbound-focused contact center implementations, integrating advanced features such as inbound and outbound Voice, SMS, Chat, Email, Salesforce Integration, and other third-party app integrations. Clients can also leverage ongoing optimization engagements and monthly retainers for strategic consulting designed to support long-term, outreach-focused success.

“Who better to handle your domain configuration than the experts that understand the outbound contact center world. To be an outbound expert, you must know 3 things; how to configure the domain front end, how the architecture interprets that design, and how carriers respond to your dialing behavior as a result of the build. outboundIQ has the advantage of deeply understanding all 3 things. Our experts are seasoned professionals that will guide toward the best build for your business. You tell us about your business, your needs and your processes, and we will build you a domain fit for purpose. outboundIQ offers best in class Domain Optimization, Implementation and Consulting for customers of all sizes and complexity. Due to our methodology and proprietary automations, we are able to bring our customers’ projects to life within accelerated timeframes.”

– Jessica Clay, VP Support and Services

“We launched our business in June and were fortunate to connect with the incredible team at outboundIQ early on. Navigating the world of outbound calling and building efficient prospecting systems isn’t easy, but the entire team at outboundIQ brought our vision to life seamlessly. They implemented our ideas quickly and executed them flawlessly. Since partnering with them, our contact rates have significantly improved, our conversions have increased, and our overall business is thriving. We’re deeply grateful for this collaboration and look forward to continuing our work together on future endeavors!”

– Tim, Lit Financial

“I genuinely don’t know enough ways to thank the entire outboundIQ team. I inherited a domain riddled with mistakes, tangled beyond belief, and I had essentially planned to scrap the whole thing and start over. That’s when this team, led by Jessica Clay’s brilliance, took over to understand exactly what I wanted to create and completely revitalized my domain. We are all beyond thankful as they continue to consult for us to this day and I see no reason to stop. Thank you, Jessica, Jason, Rudy, Bruno, Sandy and everyone who gets the pleasure of working with these domain geniuses!”

– Michael, Lifetime Home Remodeling

A Holistic Approach to Outbound Excellence
Creating a competitive, consumer-focused outreach program requires more than just advanced technology. As outboundIQ explains, a thriving contact center functions like a high-performing racing team:

The Car: Five9 Virtual Contact Center provides a cutting-edge technology foundation.The Driver: Strong Dialer Administrators who skillfully manage operations.The Pit Crew: IT/Support teams ensuring seamless functionality.The Spotters: Data Analytics and Reporting experts optimizing performance.The Fuel: High-quality data driving better outcomes.

outboundIQ’s professional services team brings these critical elements together, ensuring clients achieve best-in-class outbound operations that prioritize consumer experience while maintaining a competitive edge.

A Call to Collaboration
With its new CIP certification, outboundIQ invites businesses to explore select partnership opportunities and projects to reimagine their contact center operations. Whether through expedited implementations or ongoing strategic consulting, outboundIQ is committed to driving measurable results for its clients.

About outboundIQ
outboundIQ delivers optimized, outbound-focused contact center implementations, combining years of Five9 expertise with cutting-edge strategies to help businesses achieve exceptional outreach outcomes. As a Five9 Certified Implementation Partner, outboundIQ provides tailored solutions to meet the unique needs of modern organizations.

About Five9
Five9 is a digital enterprise’s leading cloud contact center and software provider. The Five9 Intelligent CX Platform is reliable, secure, compliant, and scalable, designed to create exceptional personalized customer experiences.
www.five9.com

Media contact:
Sandy Tafur
Phone: 404-660-5314
mail: sandy@outboundiq.com

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SOURCE outboundIQ