Cloud Computing in Healthcare Market to Expand at a CAGR of 18.30% until 2032
Research Reports
Nov 15, 2023
Market Overview:
In 2022, the global market for cloud computing in healthcare was estimated to be worth USD 39.1 billion. The cloud computing market in the healthcare sector is expected to expand at a compound annual growth rate (CAGR) of 18.30% between 2023 and 2032, from USD 46.2 billion in 2023 to USD 177.4 billion. The main factors propelling the market’s expansion are data management and storage, data security and compliance, cost reductions, interoperability, telehealth, and remote monitoring.
Traditional data storage requires a significant upfront expenditure for IT professionals, data centres, and physical servers for upkeep and upgrades. On the other side, healthcare companies can move from capital-intensive expenses to predictable operating costs with the pay-as-you-go cloud computing model.
Cloud providers aggressively invest in data encryption, access controls, and state-of-the-art security measures to safeguard patient data. They also offer audit trails and compliance certifications, which facilitate regulatory standard compliance. Healthcare organisations that trust reputable cloud providers with their data can strengthen their security posture and guarantee adherence to complex healthcare regulations. Consequently, driving the revenue of the cloud computing healthcare market.
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Major players in the Cloud Computing in Healthcare market, including
- Amazon Web Services, Inc. (US),
- Microsoft Corporation (US),
- International Business Machines Corporation (US),
- Inc. (US),
- CareCloud, Inc. (US),
- Siemens Healthineers AG (Germany),
- eClinicalWorks (US),
- Koninklijke Philips N.V. (Netherlands),
- Allscripts Healthcare Solutions, Inc. (US)
Market Scope:
|
Report Attribute |
Details |
|
Market Size 2023 |
USD 46.2 Billion |
|
Market Size 2032 |
USD 177.4 Billion |
|
Compound Annual Growth Rate (CAGR) |
18.30% (2023-2032) |
|
Market Forecast Period |
2023-2032 |
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Sectoral Insights
Healthcare payer and provider solutions are included in the worldwide cloud computing in healthcare market segmentation based on goods. The market was led by the healthcare provider solutions segment in 2022.
Services and software are included in the component-based worldwide market segmentation for cloud computing in healthcare. In 2022, the market was dominated by the services sector.
Based on deployment model, the global cloud computing in healthcare market is divided into three segments: public, hybrid, and private clouds. In 2022, the market was dominated by the public cloud segment.
Pay-as-you-go and spot pricing are included in the worldwide cloud computing in healthcare market segmentation based on price model. In 2022, the pay-as-you-go category dominated the market.
Based on service model, the worldwide cloud computing in healthcare market is segmented into three categories: infrastructure, platform, and software as a service. In 2022, the software-as-a-service industry led the market.
Healthcare payers and providers are included in the end-user segmentation of the global cloud computing in healthcare market. In 2022, the category with the most revenue generation was healthcare providers.
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Regional Analysis:
The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the cloud computing in healthcare market in North America accounted for 45.80% of the market. Cloud computing is not being widely employed in healthcare in North America, especially in the United States, due to the strict legal framework. HIPAA (Health Insurance Portability and Accountability Act) rules must be followed by healthcare providers. North American cloud providers invest heavily in compliance measures like encryption and secure data storage to meet these stringent regulations. In addition, the U.S. market for cloud computing in healthcare had the most market share, while the fastest-growing cloud computing in healthcare market in North America was Canada.
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