PUBLISHER: The Business Research Company | PRODUCT CODE: 1391297
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391297
“Healthcare ERP Consulting Services Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare erp consulting services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare erp consulting services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The healthcare erp consulting services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Healthcare ERP consulting services pertain to platforms that facilitate healthcare providers in obtaining remote access to healthcare resources and patient reports. Hospitals and other healthcare facilities can derive multiple benefits from the utilization of healthcare ERP systems.
Key functionalities within the healthcare ERP consulting services market encompass implementation, training and education, and other related functions. Implementation involves the initiation of using a plan or system, incorporating both on-premise and cloud components. The diverse end-users involved in this sector include life science companies, healthcare providers, and other entities.
The healthcare ERP consulting services market research report is one of a series of new reports from The Business Research Company that provides healthcare ERP consulting services market statistics, including healthcare ERP consulting services industry global market size, regional shares, competitors with a healthcare ERP consulting services market share, detailed healthcare ERP consulting services market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare ERP consulting services industry. This healthcare ERP consulting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The healthcare erp consulting services market size has grown rapidly in recent years. It will grow from $4.96 billion in 2023 to $5.54 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed during the historic period can be attributed to several factors, including the augmentation of integrated data, enhanced cost control measures, improvements in administrative efficiency, the implementation of workflow automation, and the integration of electronic health records.
The healthcare erp consulting services market size is expected to see rapid growth in the next few years. It will grow to $8.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The anticipated growth in the forecast period can be attributed to various factors, including the adoption of value-based care models, the expansion of telehealth services, a heightened focus on cybersecurity and data protection, considerations for sustainability and environmental impact, and increased preparedness for pandemics. Key trends expected during this period encompass the development of digital transformation roadmaps, the implementation of cloud-based ERP solutions, the integration of data analytics, the adoption of patient engagement solutions, and the incorporation of artificial intelligence and machine learning in ERP systems.
The anticipated increase in the adoption of Enterprise Resource Planning (ERP) systems is set to drive the growth of the healthcare ERP consulting services market. ERP systems encompass software and systems designed to plan and manage an organization's core functions, including supply chain, manufacturing, services, and finance. Healthcare organizations are harnessing the full potential of ERP solutions to enhance productivity, efficiency, and decision-making for improved healthcare consulting outcomes. As of September 2023, a report from Software Connect, a US-based software company, revealed a 42% surge in interest in cloud-based ERP systems in 2022. The initiation of the software purchasing process is predominantly led by company owners and C-suite executives, accounting for 50.8% of cases. Consequently, the adoption of ERP systems emerges as a driving force for the expansion of the healthcare ERP consulting services market.
The burgeoning growth of telemedicine services is expected to contribute to the upward trajectory of the healthcare ERP consulting services market. Telemedicine involves the remote delivery of healthcare services using telecommunications technology, particularly the Internet and video conferencing tools. These platforms generate substantial patient data, necessitating the integration of healthcare ERP systems for seamless management and billing processes. According to an October 2022 report from the Centers for Disease Control and Prevention, a US-based government agency, 37.0% of adults utilized telemedicine services in the previous 12 months in 2021. Notably, women (42.0%) exhibited a higher likelihood of using telemedicine than men (31.7%). The positive correlation between age and telemedicine usage, with rates increasing from 29.4% among adults aged 18-29 to 43.3% among adults aged 65 and above, underscores the growing importance of telemedicine services in propelling the healthcare ERP consulting services market.
Product innovation emerges as a prominent trend in the healthcare ERP consulting services market, with major companies prioritizing the development of innovative solutions to enhance their market position. In October 2021, Cerner, a US-based healthcare company offering ERP consulting services, introduced Cerner RevElateTM. This innovative patient accounting product enhances the capabilities of Cerner's revenue cycle management portfolio. Cerner RevElate is a result of the company's commitment to advancing patient accounting capabilities and optimizing enterprise-wide technology, aiming to align resources with the solutions needed by caregivers globally. The product simplifies workflows, managing data at scale for large health systems and influencing clinical, billing, and payer workflows. Product innovation stands out as a key driver in shaping the landscape of the healthcare ERP consulting services market.
Prominent players in the healthcare ERP consulting services market are strategically developing and introducing new products, particularly diverse ERP offerings, to cater to larger customer bases, drive increased sales, and boost overall revenue. An ERP offering encompasses a suite of products, services, and solutions provided by vendors or service providers within the domain of Enterprise Resource Planning (ERP) systems. In a notable example, in October 2022, Deloitte, a UK-based professional services company, unveiled the Oracle MyCloud ERP offering. A standout feature of this product is its capability to accelerate business transformation for rapidly growing and private clients, leveraging the advanced integrated SaaS Cloud platform from Oracle. Supported by Deloitte's exclusive industry accelerators and methodologies, this solution streamlines the onboarding process onto the Oracle Cloud platform, effectively overcoming typical ERP implementation challenges such as talent shortages and substantial upfront expenses. The comprehensive subscription package not only grants access to Oracle Cloud products but also includes Deloitte's implementation and support services, all consolidated into a fixed monthly fee. This approach empowers growth-focused companies to efficiently manage financial resources while directing time and assets towards expansion initiatives.
In June 2022, Oracle Corporation, a US-based computer software company, completed the acquisition of Cerner for $28.3 billion. Through this strategic move, Cerner and Oracle aim to enhance healthcare delivery by providing improved information to medical practitioners, enabling better treatment decisions, and consequently, improving patient outcomes. Cerner, a US-based healthcare company that includes ERP consulting services, is now a part of Oracle Corporation's broader strategy to advance healthcare through integrated technologies and information solutions.
Major companies operating in the healthcare erp consulting services market include Accenture PLC, Deloitte Touche Tohmatsu, PricewaterhouseCoopers, Premier Inc., Workday Inc., Infor Inc., Atos Information Technology GmbH, Avaap USA LLC, Infosys Limited, Allscripts Healthcare LLC, Azalea Health, SAP SE, Wipro Limited, KPMG International Limited, Clarkston Consulting, JDC Systems Innovations, The RockWood Group INC., AIM Solutions, Alithya Group Inc., Cloud Services Solutions, InfoSmart Technologies, IT GuidePoint Corporation, LeverX International LLC, Panorama Consulting Group, Traust Patrons LLP, Traction Consulting Group, Cognizant Technology Solutions India Private Limited, HCL Technologies, IBM Corporation, Tata Consultancy Services Limited, Tech Mahindra Limited, Ernst & Young Global Limited, McKinsey & Company, Boston Consulting Group, Bain & Company
North America was the largest region in the healthcare ERP consulting services market in 2023. The regions covered in the healthcare ERP consulting services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the healthcare ERP consulting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The healthcare ERP consulting services market includes revenues earned by entities by providing services such as core financial services, procurement services, compensation management, goal management, and performance management services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.