2024 Insights: Healthcare Cloud Computing Market Set for $131.8 Billion by 2031
Meticulous Research® has published an in-depth report titled “Healthcare Cloud Computing Market by Offering (Solutions, Services), Business Model, Deployment Mode (Public Cloud, Hybrid Cloud, Private Cloud), End User (Healthcare Providers, Healthcare Payers), and Geography - Global Forecast to 2031.” The report reveals that the global healthcare cloud computing market is projected to reach $131.8 billion by 2031, with a CAGR of 18.4% from 2024 to 2031.
The market's growth is driven by the increasing demand for personalized medicine and the adoption of analytics and IoT within the healthcare sector. However, concerns regarding data security and privacy act as significant barriers.
Growth opportunities include the heightened demand for cloud solutions in clinical research and drug development and the growing use of blockchain for managing electronic health records. Nevertheless, challenges such as data migration complexities and regulatory compliance remain prominent.
The market is segmented into offerings, service models, deployment modes, and end users. Offerings are divided into solutions (covering clinical and non-clinical information systems) and services (including professional and managed services). The solutions segment is expected to dominate due to the need for streamlined clinical operations. Managed services are predicted to grow rapidly due to demands for data security, compliance, and cost optimization.
Service models include SaaS, PaaS, IaaS, and BPaaS. SaaS is expected to capture the largest market share, driven by its role in improving healthcare operations and ensuring data security. This segment is also projected to register the highest growth rate.
Deployment modes are classified into public, private, and hybrid clouds. The public cloud segment is anticipated to lead due to its cost-effectiveness and scalability.
End users are categorized into healthcare providers and payers. Healthcare providers are expected to dominate the market, driven by the adoption of electronic health records and telemedicine. The healthcare payers segment is forecasted to grow the fastest, driven by the need for effective claims processing and fraud detection.
Geographically, North America is set to lead the market, supported by advanced healthcare cloud solutions and high digital technology adoption. The Asia-Pacific region is projected to experience the fastest growth, driven by supportive government policies and the increasing popularity of telemedicine.
Key Players
The key players operating in the healthcare cloud computing market are Amazon Web Services, Inc. (U.S.) (a subsidiary of Amazon.com, Inc.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google LLC (U.S.), Alibaba Group Holding Limited (China), Oracle Corporation (U.S.), IRON MOUNTAIN INCORPORATED (U.S.), AT & T Inc. (U.S.), NVIDIA Corporation (U.S.), GE HealthCare Technologies Inc. (a subsidiary of General Electric Company) (U.S.), OSP (U.S.), Zymr Inc. (U.S.), athenahealth, Inc. (U.S.), eClinicalWorks, LLC (U.S.), and e-Zest Solutions Inc. (U.S.).
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of offering, service model, deployment mode, and end user?
- What is the historical market size for the global healthcare cloud computing Market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global healthcare cloud computing market?
- Who are the major players in the global healthcare cloud computing market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global healthcare cloud computing market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global healthcare cloud computing market, and how do they compete with other players?
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