Healthcare Cloud Computing Market worth $51.9 billion by 2024

PUNE, India, 2020-Jun-25 — /EPR Network/ —

The report “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″, 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 growth of this market is primarily attributed to 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.

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

Market Size Estimation:

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, deployment model, component, pricing model, service model, and region)

Recent Developments:

# In 2019, NTT DATA and Google Cloud announced a joint go-to-market strategy to provide consulting, implementation, and managed services to clients seeking digital transformation. Google Cloud enhanced NTT DATA’s cloud transformation offerings by adding more Google Cloud resources in analytics, artificial intelligence, machine learning, cloud migration, IoT, security, and productivity.
# In 2019, IBM acquired Red Hat, which is a landmark acquisition for USD 34 billion. The addition will enhance IBM’s hybrid cloud portfolio and aim to develop a next-generation multi-cloud hybrid platform.
# In 2018, DXC Technologies acquired TESM (UK) to expand the range of cloud-based solutions and enterprise software as a service solution. This enabled DXC to address customer needs across the Europe region.

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By component, the services segment accounted for the largest share of the market in 2018

Based on the component, the market is categorized into software and services. The services segment commanded the largest share of the healthcare cloud computing market during the forecast period. This can be attributed to the recurring nature of services such as training and education, installation, software upgrades, consulting, and maintenance.

By pricing model, the pay-as-you-go segment accounted for the largest share of the market in 2018

Based on the pricing model, the market is categorized into pay-as-you-go and spot pricing. The pay-as-you-go segment commanded the largest share of the healthcare cloud computing market in 2018. The large share of this segment can be attributed to the fact that the pay-as-you-go model allows healthcare providers to provide the latest software solutions while keeping operating costs to a minimum. This helps healthcare providers not to lock-in their capital on purchasing equipment, such as CPUs and servers, but utilizing all these services on an on-demand basis by paying only for what they use.

Critical Questions Answered in the Report:

# How will the current technological trends affect the healthcare cloud computing market in the long term?
# What are the reasons contributing to the growth of the provider and payer solutions in the market?
# Which regions are likely to grow at the highest CAGR in the global market?
# What are the challenges hindering the adoption of healthcare cloud computing in the market?
# What are the growth strategies being implemented by major market players?

North America dominated the market in 2018

In 2018, North America accounted for the largest share of the global healthcare cloud computing market, followed by Europe. Factors such as 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 industry development contribute to the largest share of this region.

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Some players operating in the global healthcare cloud computing market include IBM (US), Carestream Health, Inc (US), athenahealth (US), CareCloud Corporation (US), Siemens Healthineers (Germany), eClinicalWorks (US), Koninklijke Philips (Netherlands), Allscripts Healthcare Solutions, Inc (US), GE Healthcare (US), and Dell, Inc. (US), among others.

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