Global Healthcare Software as a Service Market: Trends, Growth & Future Insights | 2024 To 2033 Key Players Microsoft Corporation, Salesforce Inc., SAP SE, Oracle Corporation.

"The Business Research Company recently released a comprehensive report on the Global Healthcare Software As A Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare software as a service market size has grown rapidly in recent years. It will grow from $20.96 billion in 2023 to $24.46 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to cost efficiency and resource optimization, focus on patient-centric care, scalability for growing healthcare needs, value-based care solutions, data security and privacy measures..

The healthcare software as a service market size is expected to see rapid growth in the next few years. It will grow to $48.78 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to personalized medicine initiatives, continuous compliance management, enhanced interoperability standards, virtual clinical trials and research, enhanced user experience and interface, focus on mental health support.. Major trends in the forecast period include telehealth and remote patient monitoring, interoperability and integration, data security and privacy compliance, real-time analytics and reporting, agile development and continuous updates,remote access and collaboration. .

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Market Drivers and Trends:

The growing adoption of cloud computing is expected to propel the growth of the healthcare software as a service market. Healthcare organizations are adopting cloud computing as the current crisis has reinforced its benefits and put to rest fears related to privacy, security, and implementation. Healthcare organizations can achieve increased data security, assured system scalability, and enhanced flexibility to manage billings and streamline claims for significant cost savings with cloud computing. For instance, in February 2022, according to a survey conducted by a UK-based consulting firm, Ernst & Young Global Limited, and an Indian non-governmental trade association, The National Association of Software and Service Companies (NASSCOM), four in every five enterprises are set to increase their cloud budgets over the next 12 months. As per the survey, 67% of the large enterprises accelerated cloud adoption, 39% of medium-sized companies, and 38% of small companies embarked on their cloud journey. IT companies lead cloud adoption, followed by the healthcare sector and the BFSI sector. Therefore, growing adoption of cloud computing is driving the healthcare software as a service market growth.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Microsoft Corporation, Salesforce Inc., SAP SE, Oracle Corporation, Google LLC, Adobe Systems Incorporated, Cisco Systems Inc., International Business Machines Corporation, ServiceNow Inc., Workday Inc., Zocdoc Inc., ClassPass Inc., Thrive Global Holdings Inc., Talkspace Inc., Pager Technologies Inc., AiCure Technologies Inc., Noom Inc., Optum Inc., Kareo Inc., Smartsheet Inc., Madaket Health Inc., SimplyVital Health Inc., Tailoredcare India Private Limited, Boston Technology Research LLC, Health Data Vision Inc., Veeva Systems Inc., Cerner Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., NextGen Healthcare Inc., eClinicalWorks LLC, Greenway Health LLC, AdvancedMD Inc., drchrono Inc., CareCloud Corporation

Healthcare Software As A Service Market 2024 Key Insights:

• The healthcare software as a service market size is expected to see rapid growth in the next few years. It will grow to $48.78 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%.
• Rising Cloud Computing Adoption Drives Growth In Healthcare Software As A Service Market
• Technological Advancements Drive Innovation In The Healthcare Software As A Service Market
• North America was the largest region in the healthcare software as a service market in 2023

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