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, technological advancements in healthcare infrastructure, and increasing cloud deployments in the healthcare industry are the key drivers of the healthcare cloud computing market growth. Rising patient population worldwide and subsequent increase in the burden on healthcare systems will further upsurge the demand for healthcare cloud computing solutions.
Healthcare provider solutions segment is anticipated to be the fastest growing segment during the forecast period
The market is segmented into healthcare provider solutions and healthcare payer solutions, based on the product. The healthcare provider solutions segment is estimated to command the largest share of the market in 2020, and is projected to register the highest CAGR during the forecast period. Increasing adoption of clinical as well as non-clinical information systems among the healthcare providers to meet the changing regulatory standards, gaining data control, and managing costs while delivering higher customer satisfaction and service quality is expected to boost the segment growth during the forecast period.
Hybrid cloud deployment model is projected to grow at the highest CAGR during the forecast period
The healthcare cloud computing deployment model is broadly segmented into private cloud, public cloud and hybrid cloud. The hybrid cloud deployment model is expected to show high growth rate during the forecast period owing to its benefits such as multiple environments offering flexibility and ability to avoid vendor lock-in. Hybrid cloud models allow organizations to choose a combination of services among the available cloud services to provide the complete range of IT services needed by healthcare providers.
Services component, owing to its increasing demand, is expected to occupy the largest market share in 2020
The healthcare cloud computing market is segmented on the basis of component into software and services. The services component is expected to hold the largest share of the market in 2020 owing to the increasing reliance of HCIT industry on service providers for consulting, storage, implementation, training, maintenance, and regular technology upgrades. 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 the integration and interoperability of software, which requires extensive training and upgrades.
The Asia Pacific healthcare cloud computing market to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global healthcare cloud computing market in 2020, followed by Europe, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high regional growth is attributed to the various initiatives undertaken in the APAC countries to implement new policies and to rework existing policies with public and private healthcare organizations to digitalize healthcare and increase operational efficiency. The technological revolution is thus expected to boost the healthcare cloud computing market growth in this region.
Global Leading Companies:
The major players operating in the healthcare cloud computing market include IBM (US), CareCloud Corporation (US), athenahealth (US), Hyland Software (US), Siemens Healthineers (Germany), eClinicalWorks (US), Koninklijke Philips NV (Netherlands), NTT DATA (Japan), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US), Dell Technologies (US) and EnSoftek (US).
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