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Healthcare Cloud Computing Market - Upcoming Tech Innovations to Boost the Revenue

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Makarand Vaidya

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.

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).

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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.

Data Triangulation:

After arriving at the market size, the market was divided into several segments and sub-segments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments & sub-segments.

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.

By service model, the software-as-a-service segment accounted for the largest share of the market in 2018

Based on the service model, the market is categorized into software-as-a-service, infrastructure-as-a-service, and platform-as-a-service. The software-as-a-service 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 SaaS was introduced in the market well in advance of the other two models.

Additionally, the SaaS model offers several advantages, such as lower total cost of ownership (TCO) compared to on-premise solutions, faster deployment time, and limited up-front capital expenses. The IaaS segment is expected to grow at the highest CAGR owing to its advantages, such as needing any upfront charges, bandwidth utilization fees, or minimum term commitments.

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Geographic Analysis:

A further breakdown of the Asia Pacific healthcare cloud computing market into Japan, China, India, Singapore, Australia, and the Rest of Asia Pacific.

A further breakdown of the European market into Germany, the UK, France, and the Rest of Europe.

Major Leaders:

IBM (US), Siemens Healthineers (Germany), and Carestream Health (US) are the leading players in the global healthcare cloud computing industry. 

Other prominent players operating in the healthcare cloud computing market include Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), NTT Data Corporation (Japan), Fujifilm Holdings Cooperation (Japan), Dell (US), Allscripts Healthcare Solutions (US), athenahealth (US), DXC Technology Company (US), Vepro eHealth Solutions (Germany), Orion Health Group (New Zealand), NextGen Healthcare (US), Sectra AB (Sweden), Hyland Software Inc. (US), and EnSoftek Inc.(US). 

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Makarand Vaidya
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