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.
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.
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.
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 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.
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, 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.