Press release
Global Healthcare Cloud Computing Market size is projected to reach USD 51.9 billion by 2024, from an estimated USD 23.4 billion in 2019 at a CAGR of 17.2%
"The global healthcare cloud computing market is projected to grow at a CAGR of 17.2% during the forecast period (2019-2024)."The global healthcare cloud computing market size is projected to reach USD 51.9 billion by 2024, from an estimated USD 23.4 billion in 2019 at a CAGR of 17.2% during the forecast period. The key factors driving the growth of this market include the increasing adoption of big data analytics, wearable devices, and IoT in healthcare and the advantages of cloud usage, such as improved storage, flexibility, and scalability of data. However, concerns over data security and privacy are expected to restrain the growth of this market.
"By product, the healthcare provider solutions segment is expected to grow at the highest CAGR during the forecast period (2019-2024)."
Based on the product, the healthcare cloud computing industry is segmented into healthcare providers' solutions and healthcare payer solutions. The healthcare provider solutions segment accounted for the largest share of the healthcare cloud computing market in 2018. The large share and high growth of this segment can be attributed to the growing population and rising prevalence of diseases, leading to an increasing volume of patient data generated globally.
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"By service model, the software as service segment is expected to grow at the highest CAGR during the forecast period (2019-2024)"
Based on the service model, the healthcare cloud computing market is segmented into software-as-a-service (SaaS), infrastructure-as-a-service (IaaS), and platform-as-a-service (PaaS). The SaaS segment commanded the largest share of the healthcare cloud computing market in 2018. The SaaS model offers several advantages over on-premise solutions, such as security, the lower total cost of ownership, faster deployment time, and limited up-front capital expenses. However, the IaaS segment is expected to grow at the highest CAGR during the forecast period. This model does not need any upfront charges, bandwidth utilization fees, or minimum term commitments, owing to which the adoption of IaaS is expected to increase in the coming years.
"North America to witness the highest growth during the forecast period (2019-2024)"
North America accounted for the largest share of the global healthcare cloud computing market from 2019-2024. The large share of North America in this market is attributed to the increasing adoption of Electronic Health Records (EHRs) among medical professionals, the incentive-driven approach of government health IT programs, and active participation by private sector players in the region's industrial development.
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A breakdown of the primary participants referred to for this report is provided below:
By Company Type: Tier 1-40%, Tier 2-30%, and Tier 3-30%
By Designation: C-level-27%, Director-level-18%, and Others-55%
By Region: North America-50%, Europe-20%, Asia Pacific-15%, Rest of World-15%
The prominent players in the global healthcare cloud computing market are IBM (US), athenahealth (US), Care Cloud Corporation (US), Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), Allscripts Healthcare Solutions, Inc (US), GE Healthcare (US), NTT DATA Corporation (Japan), DXC Technology Company (US), INFINITT Healthcare Co. Ltd. (South Korea), Fujifilm Holdings Cooperation (Japan), and Dell Technologies, Inc. (US).
Research Coverage:
The report analyzes the healthcare cloud computing market and aims at estimating the market size and future growth potential of this market based on various segments such as product, deployment model, component, pricing model, service model, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
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