Microservices in Healthcare Market Worth $343.3 Million by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, October 10, 2018
CHICAGO, October 10, 2018 /PRNewswire/ --
According to the new market research report "Microservices in Healthcare Market by Component (Platform, Services (Consulting, Integration, Training, Support, Maintenance)), Delivery (Cloud, Hybrid, Private, On-premise), End User (Health care Provider, Payer, Life Science) - Global Forecast to 2023", published by MarketsandMarkets™, the global Microservices in Healthcare Market is projected to reach USD 343.3 million by 2023 from the estimated USD 130.7 million in 2018, at a CAGR of 21.3%.
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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.
The platform segment is expected to dominate the Microservices in Healthcare Market in 2018.
Based on component, 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 Microservices in Healthcare Market in 2018. 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.
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The cloud-based model segment is projected to witness higher CAGR during the forecast period.
Based on deployment model, the Microservices in Healthcare Market is 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.
The healthcare providers segment is expected to dominate the Microservices in Healthcare Market in 2018.
Based on end user, the Microservices in Healthcare Market is segmented into healthcare payers, healthcare providers, life science organizations, and clinical laboratories. The healthcare providers segment is expected to account for the largest share of the overall market in 2018. Government initiatives that help providers gain incentives on the adoption of EHRs and the implementation of integration and connectivity solutions are driving the adoption of microservices architecture solutions among healthcare providers.
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North America dominates the market in 2018.
In 2018, North America is estimated to command the largest share of the market. 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.
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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