TMCnet News

Healthcare Cloud Computing Market - Global Forecast to 2024 - Increasing Adoption of Big Data Analytics, Wearable Devices, and IoT in Healthcare
[December 09, 2019]

Healthcare Cloud Computing Market - Global Forecast to 2024 - Increasing Adoption of Big Data Analytics, Wearable Devices, and IoT in Healthcare


DUBLIN, Dec. 9, 2019 /PRNewswire/ -- The "Healthcare Cloud Computing Market by Product (EMR/EHR, PACS, VNA, PHM, Telehealth, RCM, CRM, Fraud Management), Service (SaaS, IaaS), Deployment (private cloud, hybrid cloud), Pricing (Pay as you go), Component (Software) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

Research and Markets Logo

The global healthcare cloud computing market size is projected to reach USD 51.9 billion by 2024, from an estimated USD 23.4 billion in 2019 at a CAGR of 17.2% during the forecast period.

The key factors driving the growth of this market include 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. However, concerns over data security and privacy are expected to restrain the growth of this market.

By product, the healthcare provider solutions segment is expected to grow at the highest CAGR during the forecast period (2019-2024)

Based on the product, the healthcare cloud computing industry is segmented into healthcare providers' solutions and healthcare payer solutions. The healthcare provider solutions segment accounted for the largest share of the healthcare cloud computing market in 2018. The large share and high growth of this segment can be attributed to the growing population and rising prevalence of diseases, leading to an increasing volume of patient data generated globally.

By service model, the software as service segment is expected to grow at the highest CAGR during the forecast period (2019-2024)

Based on the service model, the halthcare cloud computing market is segmented into software-as-a-service (SaaS), infrastructure-as-a-service (IaaS), and platform-as-a-service (PaaS). The SaaS segment commanded the largest share of the healthcare cloud computing market in 2018. The SaaS model offers several advantages over on-premise solutions, such as security, the lower total cost of ownership, faster deployment time, and limited up-front capital expenses.



However, the IaaS segment is expected to grow at the highest CAGR during the forecast period. This 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.


North America to witness the highest growth during the forecast period (2019-2024)

North America accounted for the largest share of the global healthcare cloud computing market from 2019-2024. The large share of North America in this market is attributed to the increasing adoption of Electronic Health Records (EHRs) among medical professionals, the incentive-driven approach of government health IT programs, and active participation by private sector players in the region's industrial development.

Market Dynamics

Drivers

  • 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

Restraints

  • Data Security and Privacy Concerns
  • Migration From Legacy Systems
  • Complex Regulations Governing Cloud Data Centers

Opportunities

  • Emergence of the Telecloud
  • Use of Blockchain in the Health Cloud
  • Formation of Accountable Care Organizations

Challenges

  • Interoperability Issues
  • Increased Dependence of Users on the Internet and Provider Renting Policies

Companies Mentioned

  • International Business Machines Corporation (IBM)
  • Carestream Health, Inc. (A Subsidiary of ONEX Corporation)
  • Athenahealth, Inc.
  • Carecloud Corporation
  • Siemens Healthineers AG
  • Eclinicalworks
  • Koninklijke Philips N.V.
  • Allscripts Healthcare Solutions, Inc.
  • NTT Data Corporation
  • Sectra AB
  • GE Healthcare
  • Nextgen Healthcare, Inc.
  • DXC Technology Company
  • Infinitt Healthcare Co. Ltd.
  • Hyland Software, Inc.
  • Orion Health Group
  • Fujifilm Holdings Corporation
  • Vepro Ehealth Solutions
  • Dell Technologies, Inc.
  • Ensoftek, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/wto61o

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Cision View original content:http://www.prnewswire.com/news-releases/healthcare-cloud-computing-market---global-forecast-to-2024---increasing-adoption-of-big-data-analytics-wearable-devices-and-iot-in-healthcare-300971251.html

SOURCE Research and Markets


[ Back To TMCnet.com's Homepage ]