The healthcare cloud computing market is likely to register lucrative growth over the coming years owing rising geriatric population, their susceptibility to several diseases, availability of advanced diagnostic tools in diagnostic centers, rising adoption of SaaS service model, and growing adoption of public cloud computing solution among many others. Cloud computing denotes to the on-demand availability of computer system resources such as computing power or data storage with no management or little required by the user.
The word cloud is basically used to define data centers available to numerous users over the internet, widely distributed over multiple places from central servers. Nowadays, a lot of healthcare providers are choosing to work with vendors that provide efficient cloud computing solutions for their digital records than ever before. In fact, storing information securely off site is seen as a major benefit for both small as well as large provider organizations.
The healthcare cloud computing market is bifurcated into various segments in terms of application, service model, deployment, end-use, and regional landscape.
Based on application, the market for healthcare cloud computing is divided into nonclinical information systems and clinical information systems. In 2020, clinical information systems segment accounted for more than 62% market share and is expected to follow robust growth over the coming years. Rising demand for maintaining raw data generated from various physicians and doctors will augment the industry growth.
With respect to service model, the healthcare cloud computing market is classified into platform as a service (PaaS), infrastructure as a service (IaaS), and software as a service (SaaS). SaaS service segment accounted for approximately $20 billion market value in 2020 and is estimated to follow high growth over the coming years. Numerous advantages of SaaS including lower total cost of ownership, security, faster deployment time will enhance the segment growth.
Based on deployment, the healthcare cloud computing market is categorized into private cloud, public cloud, and others. Among these, public cloud segment will witness around 13.5% CAGR over the analysis timeframe. Public cloud computing solution can be integrated within mobile devices so that patients become aware about appointment scheduling which is likely to bolster the market potential.
In terms of end-use, the overall healthcare cloud computing market is segmented into public payers, private payers, ambulatory centers, diagnostic & imaging centers, pharmacies, hospitals, and others. In 2020, diagnostic & imaging centers accounted for more than $5 billion market value and is likely to follow a healthy growth over the coming time period. The availability of advanced diagnostic tools in diagnostic centers will further foster the market growth.
From a regional frame of reference, in 2020, healthcare cloud computing market in Latin America witnessed more than 4% market share and is expected to witness strong growth over the coming time period. This estimated growth is attributed to the rising geriatric population susceptible several diseases across various Latin American countries.