New York City, NY, 12 December, 2019/ 24 Market Reports: It is estimated for the global healthcare cloud computing market to reach USD 51.6 billion by 2024 from that of USD 23.7 billion in 2019 registering the growth at a CAGR of 17.6% during the forecast period of 2019 to 2024. Increasing adoption of big data analytics, wearable devices, & IoT and the advantages of cloud usage are the factors driving the growth of the market during the forecast period. Concerns over data security and privacy are the factors that are likely to hinder the growth of the market during the forecast period.
The healthcare providers’ solutions segment to dominate the market during the forecast period
Healthcare providers' solutions and healthcare payer solutions are the segmentation for the market based on the product. During the forecast period, it is expected for the healthcare providers' solutions to accounting for the majority of the market share. Also, due to the growing population and rising prevalence of diseases the segment is expected to witness the highest growth in the market leading to an increasing volume of patient data on a global scale.
The private cloud segment, by deployment model to occupy the largest share in the market
Private cloud, hybrid cloud, and public cloud are the segmentation for the healthcare cloud computing industry based on the deployment model. The private cloud segment accounted for the largest share in the market in 2019 and the trend is expected to continue throughout the forecast period. Patient data is highly sensitive in nature any breach of data privacy can lead to legal ramifications thus it has to be stored securely. This factor is driving the growth for the private cloud segment as the end-users consider the private cloud to offer the best security for sensitive data.
The services segment to grow with the highest CAGR in the healthcare cloud computing market
Software and services are the segmentation for the healthcare cloud computing industry based on the component. The services segment accounted for the largest share in the market in 2018 and is estimated to register the highest CAGR during the forecast period. The recurring nature of services such as training and education, installation, software upgrades, consulting, and maintenance is the factor driving the growth of the market during the forecast period.
Pay-as-you-go segment is expected to dominate the healthcare cloud computing market
Pay-as-you-go and spot pricing are the segmentation for the market based on the pricing model. The pay-as-you-go pricing model segment is estimated to grow at a higher CAGR during the forecast period. The pay-as-you-go model allows healthcare organizations to provide the latest software solutions while keeping operating costs to a minimum is the factor that is driving the growth of the segment during the forecast period.
SaaS segment to occupy the largest share in the market during the forecast period
Software-as-a-service, infrastructure-as-a-service, and platform-as-a-service are the segmentation for the market based on the service model. In 2018, the SaaS segment accounted for the largest share in the market and is expected to continue the same throughout the forecast period. Security, the lower total cost of ownership, faster deployment time, and limited up-front capital expenses are the various advantages offered by the SaaS model over on-premise solutions.
North America to dominate the global healthcare cloud computing market during the forecast period
North America, Europe, the Asia Pacific and the Rest of the World are the segmentation for the market based on geography. It is expected for North America to dominate the region throughout the forecast period owing to the large share of this region is attributed to the increasing adoption of Electronic Health Records among medical professionals, the incentive-driven approach of government health IT programs, and active participation by private sector players in the industrial development of this region that are driving the growth of the market during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the global healthcare cloud computing market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global healthcare cloud computing market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global healthcare cloud computing market and their future potential during next decade?
- How competitive landscape is evolving in minimally global healthcare cloud computing market?
