LONDON--(BUSINESS WIRE)--The global healthcare cloud computing market size is expected to grow by USD 25.54 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Market estimates include pre- and post-COVID-19 impact on the healthcare cloud computing market -
Research collaborations have increased in recent years, particularly in the field of healthcare. Healthcare establishments and organizations involved in research initiatives require systems with high computational capabilities. Deploying cloud computing in healthcare ecosystems offers various advantages, including cost savings, enhanced flexibility, and system scalability to the organizations. Furthermore, the use of cloud computing also facilitates better collaborative research among various healthcare researchers and other stakeholders. The cloud computing modules designed for the healthcare ecosystem helps healthcare professionals make precise decisions while prescribing appropriate medications to their patients. Thus, growing collaborations among different stakeholders of the healthcare industry will drive the healthcare cloud computing market.
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The COVID-19 pandemic continues to unfold with severe impact on people, communities, and businesses. Several industries are expected to be negatively impacted while various other markets may show promising growth. The health care and information technologies is one such sector, which is expected to witness a positive impact due to the global outbreak of COVID-19. With the healthcare industry showing positive signs, the global healthcare cloud computing market is expected to grow significantly during the next few years.
As per Technavio, the introduction of blockchain in cloud computing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Healthcare Cloud Computing Market: Introduction of Blockchain in Cloud Computing
Rising deployment of cloud computing systems in the healthcare industry has increased data and information theft, resulting in cybersecurity issues. However, the implementation of blockchain in healthcare IT infrastructure will help in achieving greater data security, streamlining claims, managing the billing process, and ensuring integrity within the drug supply chain and health research. Also, blockchain-enabled systems reduce breaches during data exchange and offer greater ownership to patients with respect to their personal data and health records. As a result, with the growing awareness of the benefits provided by blockchain technology, vendors in the healthcare industry are collaborating with cloud computing companies to develop blockchain-based healthcare management systems.
“Introduction of edge computing, integrated service offerings for the healthcare industry, and development of hyper-converged infrastructure (HCI) are a few other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Healthcare Cloud Computing Market: Segmentation Analysis
This market research report segments the healthcare cloud computing market by product (SaaS, IaaS, and PaaS) and geographic landscape (North America, APAC, Europe, South America, and MEA).
The North American region led the healthcare cloud computing market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing adoption of cloud computing by healthcare institutes, and the increasing launch of various cloud computing products.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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