Cloud Computing Market in Healthcare Industry: Rising Demand for Shorter Response Times Propels Market across the Globe
The global cloud computing market in the healthcare industry is exhibiting a high CAGR of 21.30% within a forecast period of 2012 to 2018. The market was valued at US$1.82 bn in 2011. Assuming that growth occurs consistently, this market will reach US$6.79 bn by 2018, as stated in a research report released by Transparency Market Research. The report is titled, “Cloud Computing Market – Global Industry Analysis, Size, Share, Trends and Forecast 2012 – 2018”.
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Cloud computing is one of the major modern trends being followed in almost all industry verticals. Adopting cloud technology allows an organization to be faster, more efficient, and in a position to use high-end software, which can rapidly increase output. The use of cloud computing in healthcare is highly diverse and currently in a formative stage, where the use of modern technology is creating a large scope of growth for this market. Cloud computing can offer a unique advantage to most verticals – that of being relatively low-cost while still giving access to high-end software and storage options to help speed up processes.
The primary driver for the global cloud computing market in the healthcare industry is the high demand for cloud-based implementations in order to create faster response times while under growing budget restrictions.
Key segments in the global cloud computing market in the healthcare industry are made according to service models, pricing models, end users, and regions.
In terms of service model, the report expects most consumers to prefer PaaS cloud computing as it offers the greatest number of advantages to the healthcare industry. PaaS cloud computing holds rapid deployment speeds and simple application, allowing it to be used on a wider scale than other service models. Additionally, PaaS cloud computing does not entail software or hardware reliance for the client, as the service provider can offer both.
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The report also describes the numerous public, private, and hybrid cloud services in the market and how they affect the global cloud computing market in the healthcare industry.
From a geographical perspective, the global cloud computing market in the healthcare industry was dominated by North America in 2011. The report expects North America to continue leading this market for the given forecast period, while Europe and Asia Pacific follow closely.
Key players in the global cloud computing market in the healthcare industry are CareCloud, Merge Healthcare, ClearDATA Networks, Agfa Healthcare, Microsoft, IBM Corporation, and Oracle Corporation.
According to the report, the global cloud computing market in the healthcare industry holds a highly fragmented competitive landscape. No market players hold a share of over 10.0% given the high number of players in the market. The report also explains how the high level of customization demanded by consumers is making it difficult for companies to become popular over a larger region.