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The global Healthcare Cloud Computing Market is expected to reach USD 64.7 billion by 2025 from USD 28.1 billion in 2020, at a CAGR of 18.1%.

Research Methodology Followed:

Primary Research:

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the healthcare cloud computing market.

The primary sources from the demand side included industry experts, consultants, healthcare providers, healthcare payers, hospital administration, and government bodies. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.

Secondary Research:

The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Some non-exclusive secondary sources include Cloud Computing Association (CCA), Healthcare Information and Management Systems Society (HIMSS), American Health Information Management Association (AHIMA), American Medical Informatics Association (AMIA), Asia Cloud Computing Association (ACCA), European Coordination Committee of the Radiological, Electromedical and Healthcare IT Industry (COCIR), Dubai Health Authority (DHA), American Association of Healthcare Administrative Management (AAHAM), Institute for Health Technology Transformation (iHT2), WHO, OECD, Expert Interviews, and MarketsandMarkets Analysis.

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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, technological advancements in healthcare infrastructure, and increasing cloud deployments in the healthcare industry are the key drivers of the healthcare cloud computing market growth. Rising patient population worldwide and subsequent increase in the burden on healthcare systems will further upsurge the demand for healthcare cloud computing solutions.

The healthcare cloud computing market includes Tier I and II vendors like IBM, athenahealth, Siemens Healthineers, and Allscripts among others. The companies have a large market spread across various countries in North America, Europe, Asia Pacific and Rest of the World.

The global COVID-19 outbreak has positively impacted the business to a certain extent. Companies are opting for cloud computing infrastructure to achieve higher operational efficiency, leading to shorter waiting times and enhanced patient access, especially in these times of pandemic.

Cloud services help to eliminate the inconvenience of remote working and allows communication, collaboration, and monitoring of work while ensuring employee safety.

Healthcare provider solutions segment is anticipated to be the fastest growing segment during the forecast period

The market is segmented into healthcare provider solutions and healthcare payer solutions, based on the product. The healthcare provider solutions segment is estimated to command the largest share of the market in 2020, and is projected to register the highest CAGR during the forecast period.

Increasing adoption of clinical as well as non-clinical information systems among the healthcare providers to meet the changing regulatory standards, gaining data control, and managing costs while delivering higher customer satisfaction and service quality is expected to boost the segment growth during the forecast period.

Hybrid cloud deployment model is projected to grow at the highest CAGR during the forecast period

The healthcare cloud computing deployment model is broadly segmented into private cloud, public cloud and hybrid cloud. The hybrid cloud deployment model is expected to show high growth rate during the forecast period owing to its benefits such as multiple environments offering flexibility and ability to avoid vendor lock-in.

Hybrid cloud models allow organizations to choose a combination of services among the available cloud services to provide the complete range of IT services needed by healthcare providers.

Services component, owing to its increasing demand, is expected to occupy the largest market share in 2020

The healthcare cloud computing market is segmented on the basis of component into software and services. The services component is expected to hold the largest share of the market in 2020 owing to the increasing reliance of HCIT industry on service providers for consulting, storage, implementation, training, maintenance, and regular technology upgrades.

The demand for services is expected to grow rapidly in the coming years due to the introduction of complex software and the need to ensure the integration and interoperability of software, which requires extensive training and upgrades.

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The Asia Pacifichealthcare cloud computing marketto grow at the highest CAGR during the forecast period

While North America is expected to dominate the global healthcare cloud computing market in 2020, followed by Europe, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high regional growth is attributed to the various initiatives undertaken in the APAC countries to implement new policies and to rework existing policies with public and private healthcare organizations to digitalize healthcare and increase operational efficiency.

The technological revolution is thus expected to boost the healthcare cloud computing market growth in this region.

The major players operating in the healthcare cloud computing market include IBM (US), CareCloud Corporation (US), athenahealth (US), Hyland Software (US), Siemens Healthineers (Germany), eClinicalWorks (US), Koninklijke Philips NV (Netherlands), NTT DATA (Japan), Allscripts Healthcare Solutions (US), Fujifilm Holdings (Japan), GE Healthcare (US), Dell Technologies (US) and EnSoftek (US).

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Healthcare Cloud Computing Market to grow worth 64.7 billion USD by 2025 - WhaTech