BANGALORE, India, June 23, 2020 /PRNewswire/ -- Healthcare Cloud Computing offers flexibility to control data scalability, mass storage in hospitals and clinics of clinical statistics, and faster access to digital health records. In addition, rising demand inpatient accounts for cloud services to reduce capital expenditure related to the traditional form of accounting would further spur revenue.
In 2019, the global Healthcare Cloud Computing market size was USD 21.479 Billion, and it is expected to reach USD 64.635 Billion by the end of 2026, with a CAGR of 17.07% during 2020-2026.
Deploying cloud computing in healthcare ecosystems offers various advantages, including cost savings, enhanced flexibility, and system scalability to the organizations. These advantages are expected to increase the adoption of Cloud Computing in the Healthcare sector and, in turn, increase the Healthcare Cloud Computing Market size.
TRENDS INFLUENCING THE HEALTHCARE CLOUD COMPUTING MARKET SIZE:
Some of the major factors driving the Healthcare Cloud Computing Market Size are Increasing adoption of big data analytics, wearable devices, and IoT.
The introduction of cutting-edge computing, integrated healthcare service, and hyper-converged infrastructure (HCI) further boosts the healthcare cloud computing market size during its forecast period.
Favorable government policy and regulations to ensure superior healthcare service are expected to increase the Healthcare Cloud Computing Market Size.
Moreover, the increase in the growth of Healthcare Cloud Computing Market size can be attributed to the growing population and rising prevalence of diseases. This ultimately leads to an increase in the volume of patient data.
The service model segment is segmented as SaaS, Paas, and IaaS. The SaaS segment is expected to hold the largest healthcare cloud computing market share during the forecast period.
Based on the region, North America is expected to hold the largest Healthcare Cloud Computing Market share. Increasing healthcare expenditure in the region, coupled with the adoption of technologically advanced solutions, will drive the region's growth. Moreover, the growing demand for EHRs among medical professionals as well as the active involvement of the private sector players in the development of the healthcare industry will boost the North America's healthcare cloud computing market size over the forecast period.
The Asia Pacific is anticipated to be the fastest-growing region in the Healthcare Cloud Computing Market with economies such as India, China, and Japan presenting lucrative opportunities.
"The global market size for cloud computing in 2018 was USD 36,700 million and is anticipated to achieve USD 28,5300 million by the end of 2025, with a CAGR of 29.2% in 2019-2025".
Factors such as growing digital transformation among industries, rising penetration of internet and mobile devices across the world, and an increase in consumption of big data are the primary drivers for the growth of Cloud computing market size.
Furthermore, the rise in adoption of Internet of Things (IoT), edge computing, 5G, use of real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) is likely to boost the Cloud Computing market size during the forecast period.
● COVID-19 Impact on Global Software as a Service (SaaS) Market Report
The global Software as a Service (SaaS) market size is projected to reach USD 307.3 Billion by 2026, from USD 158.2 Billion in 2020, at a CAGR of 11.7% during 2020-2026.
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID- 19) are already starting to be felt and will affect the Software as a Service (SaaS) Market size significantly in 2020.
● Infrastructure as a Service (IaaS) Market Report
The infrastructure as a service market size was valued at USD 38.94 billion in 2019 and is projected to reach USD 201.83 billion by 2027, growing at a CAGR of 23.2% from 2020 to 2027.
The report focuses on the growth prospects, restraints, and infrastructure as a service market analysis. The study provides Porter's five forces analysis of the industry to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the infrastructure as a Service (Iaas) market.
● Cloud Computing Platform as a Service (PaaS) Market Report
In order to reduce IT infrastructure costs, many companies outsource applications and websites to managed third parties for hosting services. Procurement, development, and maintenance of websites and host applications for servers, storage facilities, and other software applications and employ specialists are much more expensive to businesses than outsourcing such functions to third parties in managed services. Such advantages are expected to propel the Cloud Computing Platform as a Service (PaaS) Market size during the forecast period.
On the other hand, PaaS being an online platform, faces risks and security threats that might act as a restraint to the market growth.
● COVID-19 Impact on Platform-as-a-Service (PaaS) Report
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID- 19) are already starting to be felt and will affect the Platform as a Service (PaaS) Market size significantly in 2020.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources