Healthcare Cloud Computing Market – Global Growth Dynamics

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.

The global healthcare cloud computing market 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.

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.

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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.

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.

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?

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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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).

With a reliable brand name, IBM was one of the leading players in the global healthcare cloud computing market for 2018. The company has a strong presence in the commercial and government healthcare markets. The company offers a robust portfolio of products and services in the market. In order to strengthen its portfolio, IBM focuses on enhancing its products & services and investing in research activities to continuously improve its product portfolio.

Siemens Healthineers is another key player in the global healthcare cloud computing market. The company provides technology solutions to the healthcare, pharmaceutical, and life sciences markets. The company offers medical technologies, software solutions, and clinical consulting services. Siemens Healthineers focuses on R&D activities and develops innovative product lines using artificial intelligence.