(PharmaNewsWire.Com, March 04, 2021 ) Major Growth Boosting Factors: The benefits of microservice architecture, such as their ability to increase overall efficiency and project delivery speed, are the primary factors driving the market growth. However, concerns regarding security and regulatory compliance and the complexity of architecture are expected to hinder the growth of this market.
Revenue Growth Opportunities: The Global Microservices in Healthcare Market is projected to reach USD 343.3 million by 2023 from the estimated USD 103.1 million in 2017, at a CAGR of 21.3%
Growth Opportunities;
# Cloud-Based Applications # Emergence of IoT Applications # Microservice Architecture for Building Real-World Evidence Applications # Benefits of the Microservice Architecture
The Objectives of this study are as follows:
# To define, describe, and forecast the global microservices in healthcare market by deployment model, component, end user, and region
# To provide detailed information about the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
# To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
The microservices in healthcare market is segmented into platforms and services. The services segment is further segmented into consulting services, integration services, and training, support, and maintenance services. The platforms segment is expected to account for the larger share of the healthcare market. This is attributed to the increasing need for cloud microservice architecture for scaling functions at a very granular level for efficient system optimization and organization. Cloud platform microservice architecture also brings a new level of scalability to enterprise applications.
Based on deployment model,
Segmented into on-premise and cloud-based models. The cloud-based model segment is expected to account for the larger share of the microservices in healthcare market and is also estimated to register a higher CAGR during the forecast period. Cloud-based microservices are sold on the basis of subscriptions ranging from one month to multiple years. They do not require any significant setup charges, owing to which a growing number of healthcare organizations, payers, providers, and laboratories are opting for cloud-based solutions. Maintenance and support service charges are also included in subscription fees, which makes these delivery modes more affordable for customers. In addition, storage flexibility and ease of use are some of the other advantages associated with cloud-based healthcare microservices solutions. These factors are driving the growth of the market for this segment.
Geographical Scenario: North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to dominate the market in 2018. The large share of North America in the global microservices in healthcare market can be attributed to the growing focus on improving the overall efficiency of healthcare organizations and greater product and service availability in the region.
While the market represents significant growth opportunities, market growth may be hindered due to the concerns regarding security and regulatory compliance and the complexity of architecture.
Global Leaders:
The microservices in healthcare market is marked by the presence of several big and small players. Prominent players in this market include AWS (US), CA Technologies (US), Microsoft (US), Salesforce (US), Pivotal Software (US), Infosys (India), IBM (US), NGINX (US), Oracle Corporation (US), and Syntel (US).
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