This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the Global Healthcare Cloud Computing Industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Objectives of this Study
# To define, describe, segment, and forecast the global healthcare cloud computing market by product, deployment model, component, pricing model, service model, and region.
# To provide detailed information about the factors influencing market growth (such as drivers, restraints, opportunities, and industry-specific challenges)
# To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall market
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
# To forecast the size of the market in four main regions along with their respective key countries (North America, Europe, the Asia Pacific, and the Rest of the World)
# To profile key players in the global market and comprehensively analyze their core competencies and market shares
# To track and analyze competitive developments such as product launches & expansions, and R&D activities of the leading players in the market
Recent Developments in the Global HIT Industry:
# 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.
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Key Questions Addressed by This Study:
# 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?
Factors Influencing Global Growth:-
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.
# Data Security and Privacy Concerns
# Migration from Legacy Systems
# Complex Regulations Governing Cloud Data Centers
# Emergence of the Telecloud
# Use of Blockchain in the Health Cloud
# Formation of Accountable Care Organizations
# Interoperability Issues
# Increased Dependence of Users on the Internet and Provider Renting Policies
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Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: 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.
Geographical Growth Scenario:
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.
Leading Market Players:
# IBM (US)
# Carestream Health, Inc (US)
# athenahealth (US)
# CareCloud Corporation (US)
# Siemens Healthineers (Germany)
# eClinicalWorks (US) and many more…
Product deployments, product launches, & approvals; acquisitions; and partnerships, agreements, and collaborations were the key strategies adopted by key players.