Trends in Healthcare Cloud Computing Market Share Will Reach to USD 66.3 Billion by 2030
Healthcare Cloud Infrastructure also offers real-time data storage and increases data accessibility for organizations to store, handle and process data from various locations and deliver hosted services over the internet. Healthcare Cloud Infrastructure allows the healthcare sector to store and view data remotely in various ways, such as allowing professionals. Cloud computing increases the processing of data in real-time and enhances data usability. By offering more speed and reliability in data handling, it has outpaced the traditional paper healthcare system.
Market Size & Share Analysis
According to the research report, global Healthcare Cloud Computing Market to surpass USD 66.3 Billion by 2030 from USD 26.5 Billion in terms of value growing at a CAGR of 17.6% throughout the forecast period, i.e., 2020-30. Growing adoption by healthcare professionals of cloud computing software is expected to drive industry growth. Business growth is also expected from the expansion of the high-speed internet and the introduction of favorable regulatory actions. Increasing demand from healthcare players such as Cisco, IBM, GE Healthcare, and government organizations for strict regulatory enforcement, public awareness, and increasing investment is expected to generate a demand during the study period for this technique. Factors such as technical improvement in the healthcare sector, the growing emphasis on healthcare digitization, and the increasing implementation of cloud-based HCIT technologies by healthcare providers to enhance the treatment process can be attributed to growth in the healthcare cloud computing market in the coming years.
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Healthcare Cloud Computing Market: Segments
Public cloud segment to grow with the highest CAGR of 13.2% during 2020-30
Healthcare Cloud Computing Market is segmented by deployment model as public cloud, private cloud, and hybrid cloud. The private cloud deployment model segment is estimated to lead the market with a share of XX.X% in 2019. The private on-premise cloud offers high-security solutions and provides network access. For larger organizations that have IT personnel and security experience, private cloud storage works well. In addition, the on-premise private cloud enables companies to install their own software and comply with any enforcement concerns, leading to increased adoption in the coming years. A single company typically owns and manages private cloud computing software. As it offers more control over infrastructure, cloud clients, and computational resources than the public cloud, healthcare providers implement private cloud computing solutions.
Supercritical Segment to grow with the highest CAGR during 2020-30
Healthcare Cloud Computing Market is segmented by service into software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). The SaaS model segment accounted for the largest revenue share of XX.X% in 2019 owing to its several advantages over on-premise solutions, such as security, the lower total cost of ownership, faster deployment time, and limited up-front capital expenses. The demand among healthcare providers for healthcare cloud computing is mainly driven by its multi-tenant service that allows unlimited users and offers users access at any time and anywhere. It decreases operating costs and improves the usage of resources as this service is hosted by a supplier or a service provider. Several cloud computing systems, like SaaS, provide on-demand services to healthcare organizations. It offers easy access to business applications as well. Besides, such services improve patient relationship management, which enhances its adoption among healthcare providers, thus fostering market growth in the near future.
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Healthcare Cloud Computing Market: Market Dynamics
Access to Advance Technology
Access to advanced technologies such as machine learning and cloud use to minimize costs and enhance scalability, storage, and versatility are the major factors for the growth of the healthcare cloud computing industry. To store, handle and process data, cloud computing is the practice of using a network of remote servers hosted on the internet. It does not require or use a local server and eliminating infrastructural expenses, greatly reduces the total cost. In addition to one-time set-up costs, maintenance costs in the event of a cloud are often immense.
Rise in Adoption of Information Technology in the Healthcare Sector
Increased adoption of information technology in the healthcare sector, access to advanced technology, such as machine learning, and cloud use to minimise costs and increase scalability, storage, and versatility are the key reasons for the growth of the healthcare cloud computing industry. In order to store, handle and process data, cloud computing is the practice of using a network of remote servers hosted on the internet. It does not require or use a local server and eliminating infrastructural expenses, greatly reduces the total cost. In addition to one-time set-up costs, maintenance costs in the event of a cloud are often immense.
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Data Security and Integrity Issues
Major concern about cloud solutions is that vendor-hosted data is not as secure as data stored on-site. Patient information is considered sensitive and there is a need to ensure a high degree of privacy such that this information is available only to approved users. While the cloud has numerous advantages and security measures, the information stored on the cloud is still vulnerable to cyber-attacks. Data protection and privacy issues are growing increasingly with the increasing amount of patient data and rising efforts towards digital transformation in healthcare. In addition, patients themselves are concerned about the security of their data, which adds to the importance of maintaining data protection security standards. Like conventional IT systems, public clouds face similar security problems and are thus not favoured. While private clouds have more reliable protocols and frameworks for access, the healthcare industry remains sceptical about private cloud data protection.
Healthcare Cloud Computing Market: Key Players
- Oracle Corp.
- Microsoft Corp.
- EMC Corp.
- Cisco Systems Inc.
- VMWare, Inc.
- Merge Healthcare, Inc.
- Iron Mountain, Inc.
- IBM Corporation
- Global Net Access (GNAX)
- Dell Inc.
- Cleardata Networks, Inc.
- Carestream Health, Inc.
- Carecloud Corporation
- Athenahealth, Inc
The Healthcare Cloud Computing market, which is highly competitive, consists of several major players such as IBM (US), athenahealth (US), Siemens Healthineers (Germany), Koninklijke Philips NV (Netherlands) hold a substantial market share in the Healthcare Cloud Computing market. Other players analyzed in this report are Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US) among others.
Key players are adopting inorganic growth strategies such as product launches in the global nutritional supplement market. For instance, In 2020, Allscripts (US) and Microsoft (US) extended their strategic alliance for five years to transform its cloud-based health IT solutions.