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Healthcare cloud computing market size, healthcare cloud computing market share, healthcare cloud computing market analysis, healthcare cloud computing market growth, healthcare cloud computing market trends, healthcare cloud computing market forecast, healthcare cloud computing market drivers, healthcare cloud computing market segments, healthcare cloud computing market
What Is the Expected Market Size and Growth Forecast for Global Healthcare Cloud Computing Market?
The healthcare cloud computing market is set to grow from $40.43 billion in 2024 to $45.59 billion in 2025, witnessing a robust compound annual growth rate (CAGR) of 12.7%. The historic growth has been fueled by the adoption of electronic health records (EHR), cost reduction initiatives, data security concerns, interoperability requirements, and increased demand for storage and processing power.
The market size is predicted to surge to $89.11 billion in 2029 at a CAGR of 18.2%. Market growth in the forecast period will be driven by the adoption of telehealth services, integration of AI and machine learning, application of remote patient monitoring solutions, incorporation of edge computing in healthcare, and an increased focus on data analytics. Key trends impacting the forecast period include the use of blockchain for healthcare data management, deployment of hybrid cloud, development of personalized medicine platforms, adoption of mobile health applications, and integration of internet of things (IoT) in healthcare systems.
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How Is the Rise in Adoption of Information Technology Impacting the Healthcare Cloud Computing Market?
The growth of the healthcare cloud computing market is being significantly driven by the rise in the adoption of information technology (IT) in the healthcare sector. IT has revolutionized healthcare services, enabling patients to quickly and easily access various healthcare facilities. Prominent examples of healthcare IT applications include electronic health records (EHRs), e-prescriptions, and tech tools assisting patients in achieving health goals, such as blood sugar management or quitting smoking. In 2024, global IT spending is expected to reach $5 trillion, marking an increase of almost 8% from 2023, as per a report by US-based news website, Business Standard. This growing embracement of IT in the healthcare sector is a key motor boosting the healthcare cloud computing market growth.
What Are the Key Segments of the Healthcare Cloud Computing Market?
The healthcare cloud computing market is segmented as per:
1) Service Model: Software-As-A-Service (SaaS), Infrastructure-As-A-Service (IaaS), Platform-As-A-Service (PaaS)
2) Pricing Model: Pay-As-you-go, Spot Pricing
3) Deployment Model: Private Cloud, Hybrid Cloud, Public Cloud
4) End User: Healthcare Providers, Healthcare Payers
5) Application: Clinical Information System, Non-Clinical Information System
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Which Are the Leading Companies in the Healthcare Cloud Computing Market?
Major market players include International Business Machines Corporation, Siemens AG, GE Healthcare Company, Cisco Systems Inc., Microsoft Corporation, Oracle Corporation, CareCloud Corporation, ClearDATA, Dell Technologies Inc., Agfa-Gevaert N. V, VMware Inc., Allscripts Healthcare Solutions Inc., Amazon Web Services Inc., eClinicalWorks, Salesforce Inc., Google LLC, Hewlett Packard Enterprise Development LP, Fujitsu Limited, NTT DATA Corporation, Citrix Systems Inc., Nutanix Inc., Hitachi Ltd., Pure Storage Inc., Lenovo Group Limited, Huawei Technologies Co. Ltd., and Zscaler Inc.
What Emerging Trends Are Seen in the Healthcare Cloud Computing Market?
Technological advancements in healthcare infrastructure are a key trend sweeping the market. Major companies are focused on introducing innovative solutions to solidify their market position. For example, in August 2023, AWS, a US-based cloud technology company, launched AWS Industry Quest Healthcare to enhance cloud computing skills specifically for healthcare professionals. This initiative seeks to bridge the skills gap in the healthcare sector where organizations are grappling with a shortage of personnel trained in cloud technologies.
Which Region Is Set to Witness Swift Growth in the Healthcare Cloud Computing Market?
In 2024, Asia-Pacific was the largest region in the healthcare cloud computing market while North America is projected to be the fastest-growing region in the forecast period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does the Healthcare Cloud Computing Market Offer?
Healthcare cloud computing involves the use of cloud computing services in healthcare to store, manage, and process healthcare-related data using remote servers accessed via the internet. It enables professionals and individuals to maintain electronic medical records, reduce data storage costs, and offer superior data security, among other benefits. The Healthcare Cloud Computing Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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