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Global Healthcare Cloud Computing Market Predicted to Grow at a CAGR of Over 21% Through 2021: Technavio
[February 14, 2017]

Global Healthcare Cloud Computing Market Predicted to Grow at a CAGR of Over 21% Through 2021: Technavio

According to the latest market study released by Technavio, the global healthcare cloud computing market is expected to grow at a CAGR of more than 21% during the forecast period.

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Technavio has published a new report on the global healthcare cloud computing market from 2017-2021. ...

Technavio has published a new report on the global healthcare cloud computing market from 2017-2021. (Graphic: Business Wire)

This research report titled 'Global Healthcare Cloud Computing Market 2017-2021' provides an in-depth analysis of the market regarding revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

According to Amit Sharma, a lead analyst at Technavio for enterprise application research, "The cloud-based software market in the healthcare industry for cardiology is booming due to the rising volume of subscriptions and license renewals of medical software. Many cardiac care hospitals also deploy cloud-based solutions for immediate retrieval of patient data. The rising demand for advanced and remote healthcare services has accelerated the sales of cloud-based software in the healthcare industry."

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Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

The market research analysis categorizes the global healthcare cloud computing market into three major segments based on services. They are:

  • SaaS (News - Alert) in healthcare
  • IaaS in healthcare
  • PaaS in healthcare

SaaS in healthcare

The global software as a service (SaaS) in the healthcare market is expected to grow at a CAGR of close to 23%. SaaS is an on-demand software solution that is delivered over the Internet on a subscription basis. Healthcare organizations are implementing SaaS over on-premises solutions to reduce the high upfront cost of software licensing. Healthcare payers and providers have adopted SaaS-based software solutions for CRM, accounting, payroll, supply chain management, and healthcare information systems.

SaaS has gained traction in the cloud computing market as SaaS-based software solutions take less time to implement than on-premises software solutions. Vendors such as Salesforce specialize in SaaS for CRM services. The SaaS solutions that are powered by analytical tools are in high demand in the healthcare sector.

IaaS in healthcare

The global infrastructure as a service (IaaS) in the healthcare market is expected to grow at a CAGR of more than 18%. IaaS is a cloud computing service that manages databases, storage, disaster recovery, and other infrastructure-related solutions through hosting services.

"Healthcare organizations are quickly adopting IaaS to manage their IT infrastructure requirements through on-demand cloud computing services," says Amit.

SMBs often lack an in-house IT team to manage infrastructure-related IT solutions. They either outsource their IT department to third-party service providers or subscribe to cloud-based services. Top vendors in the market, such as Microsoft (News - Alert) and Amazon Web Services (AWS), are providing IaaS solutions to SMBs for data center services, application management, and disaster recovery systems. Flexibility regarding storage space on the PAYG pricing model is one of the main offerings of IaaS. This has encouraged many SMBs in the BFSI, telecom, healthcare, and retail industries to adopt this model.

PaaS in healthcare

The global platform as a service (PaaS) in the healthcare market is expected to grow at a CAGR of more than 20%. PaaS provides a platform to create and manage web applications and business processes in an organization's IT environment. These applications and business processes can be delivered over the Internet. PaaS solutions act as a middleware in the cloud computing architecture and provide a platform to integrate enterprise web applications.

PaaS solutions such as Microsoft Azure provide cloud platform solutions for application development and management services. Some of the advanced software development tools, such as DevOps, can be integrated with a PaaS solution to build, run and test an application in a cloud-based environment. The mobility trend is a major growth driver for the PaaS market. Many enterprise mobile application developers have turned their focus to PaaS solutions.

The top vendors highlighted by Technavio's ICT market research analysts in this report are:

  • AWS
  • GE
  • IBM (News - Alert)
  • Oracle
  • Salesforce

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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