DUBLIN--(BUSINESS WIRE)--The "Healthcare Cloud Computing Market by Product (EMR/EHR, Telehealth, RCM, HIE, CRM), Deployment (Private Cloud, Hybrid Cloud), Component (Software, Services), Pricing (Pay-as-you-go, Spot Pricing), Service (SaaS, IaaS) - Analysis & Global Forecasts to 2025" report has been added to ResearchAndMarkets.com's offering.
The global healthcare cloud computing market is projected to reach 64.7 billion by 2025 from USD 28.1 billion in 2020 at a CAGR of 18.1%.
Growth in the healthcare cloud computing market can be attributed to factors such as technological advancements in the healthcare sector, increasing adoption of healthcare IT solutions, and advantages of cloud usage, including improved storage, flexibility, and scalability of data. However, data privacy and security concerns as well as complex regulations governing cloud data centers may restrain market growth.
The COVID-19 pandemic has upended many lives and businesses on an unprecedented scale. However, the cloud computing industry has emerged stronger from this event. While many organizations are finding it difficult to run smoothly, the organizations that opted for cloud computing infrastructure are functioning well. Especially in the healthcare industry, where data serves as the primary asset today, storage and management of data is cost-prohibitive, thereby increasing the additional expenditures related to the requirement of expensive servers.
The healthcare provider solutions segment is expected to hold the largest market share during the forecast period.
On the basis of product, the healthcare cloud computing market is segmented into healthcare provider solutions and healthcare payer solutions. The healthcare provider solutions segment that dominated the overall healthcare cloud computing market is further sub-segmented into clinical information systems and nonclinical information systems. Clinical information systems held the largest share of the cloud-based healthcare provider solutions market in 2019. The market share is attributed to the growing demand for improved patient safety and patient care, stringent regulations, and an increasing need for integrated healthcare systems.
The private cloud segment is expected to grow at the highest rate during the forecast period.
On the basis of deployment model, the healthcare cloud computing market is broadly segmented into the public cloud, private cloud, and hybrid cloud. The private cloud segment is estimated to account for the largest share of the healthcare cloud computing market in 2020, major factors being the highly sensitive nature of patient data which needs to be stored in a secure way to avoid any breach of data privacy, otherwise leading to legal ramifications.
The pay-as-you-go pricing model to garner a large market share during the forecast period.
On the basis of pricing model, the healthcare cloud computing market is segmented into pay-as-you-go and spot pricing. The pay-as-you-go segment held the largest share of the healthcare cloud computing market in 2019. The pay-as-you-go model helps healthcare providers to avoid capital lock-in on purchasing equipment, such as CPUs and servers, but utilize all these services on an on-demand basis by paying only for what they use.
The infrastructure-as-a-service (IaaS) segment to grow at the highest CAGR during the forecast period.
On the basis of 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 IaaS segment is expected to grow at the highest rate during the forecast period. IaaS 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.
The services segment to command a large market share during the forecast period.
On the basis of component, the healthcare cloud computing market is segmented into software and services. The services market held the largest share in 2019 and is projected to show a high CAGR during the forecast period. The demand for services is expected to grow rapidly in the coming years due to the introduction of complex software and the need to ensure proper integration and interoperability of software, which requires extensive training and upgrades.
- Increasing Adoption of Big Data Analytics, Wearable Devices, and IoT in Healthcare
- Better Storage, Flexibility, and Scalability of Data Offered by Cloud Computing
- Increasing Cloud Deployment in the Healthcare Industry
- Proliferation of New Payment Models and Cost-Efficiency of the Cloud
- Dynamic Nature of Health Benefit Plan Designs
- Data Security and Privacy Concerns
- Migration from Legacy Systems
- Complex Regulations Governing Cloud Data Centers
- Emergence of the Telecloud
- Use of Blockchain in the Health Cloud
- Bridging the Connectivity and Accessibility Gap
- Formation of Accountable Care Organizations
- Interoperability and Portability Issues
- Increased Dependence of Users on the Internet and Provider Renting Policies
- Limited Technical Expertise in Developing Geographies
- International Business Machines Corporation (IBM)
- Carestream Health, Inc. (A Subsidiary of Onex Corporation)
- Athenahealth, Inc.
- Carecloud Corporation
- Siemens Healthineers Ag
- Koninklijke Philips N.V.
- Allscripts Healthcare Solutions, Inc.
- Ntt Data Corporation
- Sectra Ab
- GE Healthcare
- Nextgen Healthcare, Inc.
- Dxc Technology
- Infinitt Healthcare Co. Ltd.
- Hyland Software, Inc.
- Orion Health Group
- Fujifilm Holdings Corporation
- Vepro Ehealth Solutions
- Dell Technologies, Inc.
- Ensoftek, Inc.
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