Healthcare Cloud Computing Market to Exceed Market Valuation of USD 51.01 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 19, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Healthcare Cloud Computing Market will reach a value of USD 51.01 Billion by 2031, with a CAGR of 12.7% during the forecast period (2024-2031).
The healthcare cloud computing market is progressing remarkably fueled by the growing need for effective data management, improved patient care, and efforts taken for cost reduction. Cloud computing in the medical sector provides scalable solutions for EHRs, big data analytics, and telemedicine. The leading trends comprise the adoption of ML and AI for predictive analytics, emphasis enhancing interoperability among systems, and the growth of patient-centric software. The market is notably driven by the growing demand for digital health solutions and cost-efficiency offered by cloud computing.
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Segmentation Analysis
By Type
Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS)
By Application
Hospital, Clinics, Others
Healthcare Cloud Computing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 19.6 Billion |
| Estimated Value by 2031 | USD 51.01 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growth of Telehealth and Telecloud Consultations |
| Key Market Drivers | Growing Popularity of Health IT Solutions |
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Prominent Players in Healthcare Cloud Computing Market
- MicroSoft
- IBM
- Oracle
- Amazon Web Services
- GE healthcare
- Carestream Health
- Alibaba Cloud
- Google Cloud Platform
- Dell
- Athenahealth
Software as a Service (SaaS) Segment to Hold Notable Market Share Owing to its Easy Use and Accessibility
By type, the software as a service (SaaS) market is anticipated to lead the market over the forecast period owing to its easy usage, low upfront costs, and accessibility. SaaS offers healthcare companies several efficient ready-to-use applications in the cloud, comprising EHRs, patient management systems, and practice management systems. These features along with its simplified usage are propelling the growth of the segment. On the other hand, the infrastructure as a service (IaaS) segment will hold a considerable share of the market in the future owing to its storage and scalable computing resources offered. This scalability offers computing resources to help healthcare businesses to efficiently manage huge data volumes without needing costly physical hardware. These features are helping the growth of the segment in the coming years.
Hospital Segment to Lead Market Due to Exponential Use of Cloud Computing for Numerous Applications
By application, the hospital segment is projected to lead the market with significant revenue owing to their extensive use of cloud computing for a broader range of uses like patient management systems, big data analytics, and electronic health records. The complexity and scale of hospital functions is majorly driving surging demand for cloud-based solutions in the settings that can capably manage huge data volumes and offer scalable and strong systems. Conversely, the clinics segment is expected to hold a larger market share in the forthcoming years owing to the increasing adoption of cloud-based systems that reflect the growing awareness of their advantages in enhancing patient care. Cloud computing in clinics helps them to handle scheduling, patient records, telehealth, and billing services.
North America to Dominate Market Owing to Heavy Adoption Rate of Cloud-Based Solutions
Geographically, North America dominated the healthcare cloud computing market in the previous years and will lead in future as well owing to its well-established healthcare infrastructure and growing adoption rate. The key countries of the region, including Canada and the United States hold strong and developed healthcare infrastructure that is favorable for integrating and adopting cloud-based solutions. Moreover, the growing adoption rates of these technologies in healthcare companies due to emphasis on efficiency and digital transformation is fueling the market growth in the region.
Asia-Pacific is the fastest growing region, among others, due to speedy healthcare progresses. The region is witnessing speedy growth of healthcare industry impacted by the ever-growing population, expanding healthcare services, and rising health awareness. Moreover, cloud computing offers economical solutions for healthcare providers, assisting them to scale their operations and manage their expenditures effectively.
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Healthcare Cloud Computing Market Insight
Drivers:
- Increasing Data Volume
- Enhanced Accessibility and Collaboration
- Flexibility and Scalability Offered
Restraints:
- Data Privacy and Security Concerns
- Downtime Issues and Reliability Concerns
- High Initial Investment Needed to Shift to Cloud Platforms
Key Questions Answered in Global Healthcare Cloud Computing Market Report
- What is the current size of global healthcare cloud computing market by 2031, as per SkyQuest Technology?
- Which is the dominating application segment in the healthcare cloud computing market?
- Which region will lead by 2031 in the healthcare cloud computing market, and why?
This report provides the following insights:
Analysis of key drivers (growth of telemedicine, technological advancements, government support and initiatives), restraints (resistance to change, interoperability issues, data migration challenges), opportunities (compliance and security advancements, emergence of IoT in healthcare, economical innovations), and challenges (service reliability, performance, and scalability, integration with legacy systems) influencing the growth of healthcare cloud computing market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the healthcare cloud computing market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the healthcare cloud computing market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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