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. 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.
By product, the healthcare providers solutions segment accounted for the largest share of the market in 2018

Based on the product, the healthcare cloud computing industry is segmented into healthcare providers solutions and healthcare payer solutions. The healthcare providers solutions accounted for the largest share of the global healthcare cloud computing market in 2018. The large share of this segment can be attributed primarily to the growing population and rising prevalence of diseases, leading to an increasing volume of patient data globally.

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By pricing model, the pay-as-you-go segment accounted for the largest share of the market in 2018

Based on the pricing model, the market is categorized into pay-as-you-go and spot pricing. The pay-as-you-go segment commanded the largest share of the healthcare cloud computing market in 2018. The large share of this segment can be attributed to the fact that the pay-as-you-go model allows healthcare providers to provide the latest software solutions while keeping operating costs to a minimum. This helps healthcare providers not to lock-in their capital on purchasing equipment, such as CPUs and servers, but utilizing all these services on an on-demand basis by paying only for what they use.

By service model, the software-as-a-service segment accounted for the largest share of the market in 2018

Based on the service model, the market is categorized into software-as-a-service, infrastructure-as-a-service, and platform-as-a-service. The software-as-a-service segment commanded the largest share of the healthcare cloud computing market in 2018. The large share of this segment can be attributed to the fact that SaaS was introduced in the market well in advance of the other two models. Additionally, the SaaS model offers several advantages, such as lower total cost of ownership (TCO) compared to on-premise solutions, faster deployment time, and limited up-front capital expenses. The IaaS segment is expected to grow at the highest CAGR owing to its advantages, such as needing any upfront charges, bandwidth utilization fees, or minimum term commitments.

The North American region accounted for the largest share of the market in 2018

Geographic segments in this report include North America, Europe, the Asia Pacific, and the RoW. The North American segment accounted for the largest share of the market in 2018. The large share of this region is attributed to 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 the industrial development of this region.

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Key Market Players

The major players in the global market include IBM (US), Siemens Healthineers AG (Germany), Koninklijke Philips N.V. (Netherlands), Allscripts Healthcare Solutions, Inc (US), GE Healthcare (US), NTT DATA Corporation (Japan), DXC Technology Company (US), Fujifilm Holdings Cooperation (Japan), and Dell Technologies, Inc. (US).

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