The growth of this market is primarily attributed to the increasing adoption of big data analytics, wearable devices, and IoT in healthcare and the advantages of cloud usage, such as improved storage, flexibility, and scalability of data.
What the Market Looks Like?
Predicted to grow at a CAGR of 17.2 % during the forecast period, the global Healthcare Cloud Computing Market is estimated to reach USD 51.9 Billion by the end of 2024. North American segment accounted for the largest share of the market in 2018.
Based on product, the healthcare cloud computing industry is segmented into healthcare providers solutions and healthcare payer solutions. The healthcare providers solutions accounted for the largest share of the global healthcare cloud computing market in 2018. The large share of this segment can be attributed primarily to the growing population and rising prevalence of diseases, leading to an increasing volume of patient data globally.
Based on type, the healthcare payer solutions market is categorized into claims management solutions, payment management, customer relationship management solutions, provider network management solutions, and fraud management. The claims management solutions segment accounted for the largest share of the healthcare payer solutions market owing to the frequent need for upgrades in software applications
Based on deployment model, the healthcare cloud computing industry is categorized into private cloud, hybrid cloud, and public cloud. The private cloud segment commanded the largest share of the healthcare cloud computing market in 2018. The large share of this segment can be attributed to the fact that patient data is highly sensitive in nature and has to be stored in a secure way to avoid any breach in data privacy, which can lead to legal ramifications.
Based on component, the market is categorized into software and services. The services segment commanded the largest share of the healthcare cloud computing market during the forecast period. This can be attributed to the recurring nature of services such as training and education, installation, software upgrades, consulting, and maintenance.
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Based on pricing model, the market is categorized into pay-as-you-go and spot pricing. The pay-as-you-go segment commanded the largest share of the healthcare cloud computing market in 2018. The large share of this segment can be attributed to the fact that the pay-as-you-go model allows healthcare providers to provide the latest software solutions while keeping operating costs to a minimum.
Based on service model, the market is categorized into software-as-a-service, infrastructure-as-a-service, and platform-as-a-service. The software-as-a-service segment commanded the largest share of the healthcare cloud computing market in 2018.
What Drives the Market?
The growth of the global market for Healthcare Cloud Computing is primarily influenced by the following factors:
- Increasing Adoption of Big Data Analytics, Wearable Devices, and IoT in Healthcare
- Better Storage, Flexibility, and Scalability of Data Offered By Cloud Computing
- Proliferation of New Payment Models and Cost-Efficiency of the Cloud
- Dynamic Nature of Health Benefit Plan Designs
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Geographical growth scenario of Healthcare Cloud Computing Market
Geographically, the Healthcare Cloud Computing market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the Healthcare Cloud Computing market during the forecast period. This is driven by the growing demand for healthcare services (owing to an anticipated surge in the geriatric population in the coming years and the subsequent increase in the prevalence of chronic diseases) and the need for Healthcare Cloud Computing to minimize the prevalence of HAIs and the cost incurred due to HAIs. Many leading players are focusing on technological innovations and marketing collaborations to strengthen their presence and sustain their shares in the North American Healthcare Cloud Computing market.
Leading market players and strategies adopted
The prominent players in the Healthcare Cloud Computing market include IBM (US), Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), Allscripts Healthcare Solutions, Inc (US), GE Healthcare (US), NTT DATA Corporation (Japan), DXC Technology Company (US), Fujifilm Holdings Cooperation (Japan), and Dell Technologies, Inc. (US).
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