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

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Dec 09, 2019, 07:15 ET

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.

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 healthcare 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

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