Cloud Computing Market in the Healthcare Industry was Valued at US$ 911.6 billion in 2028, Expanding at a CAGR of 10.8% | TMR Report

Wilmington, Delaware, United States, May 22, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global cloud computing market in the healthcare industry is projected to flourish at a CAGR of 10.8% from 2021 to 2028. As per the report published by TMR, a valuation of US$ 911.6 billion is anticipated for the market in 2028. The global cloud computing market in the healthcare industry is anticipated at US$ 383 billion in 2020

The increasing trend in healthcare infrastructures and other hospitals to adopt technology to reduce errors and increase efficiency is likely to drive the demand for the cloud computing market in the healthcare industry. Increasing adoption of electronic medical records, and technological innovation, and increased level of search & development activities in the field drive the market growth during the forecast period.

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Cloud computing in the healthcare industry utilizes advanced technology & services. Cloud service enables healthcare organizations to deliver more at less cost. Cloud computing provides the foundation for implementing advanced technology in healthcare such as artificial intelligence (AI), machine learning(ML), and the Internet of Things(IoT).

Cloud service providers offer robust disaster recovery mechanisms and security measures to protect healthcare data. To streamline operations, and improve patient care there is wide spared adoption of the cloud computing market in the healthcare industry. Cloud is preferred in the healthcare industry to improve stability, flexibility & storage.

Key Takeaways from the Market Study

• As of 2020, the cloud computing market in the healthcare industry market was valued at over US$ 383 billion
• Based on the service model, infrastructure-as-a-service enjoys high demand,
• By pricing model, the spot pricing model segment held the major share of the market
• Non Clinical Information Systems hold the major market share owing to the increased healthcare provider’s preference for NCIS
• Increasing application of private cloud in the healthcare industry due to the increased need for securing patients’ data drives the growth of the segment

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Cloud Computing Market in the Healthcare Industry: Regional Analysis

• North America is expected to account for a large share of the cloud computing market in the healthcare industry due to the increasing IT spending in the healthcare industry. Increasing advancement in technology, increased adoption of warble devices, IoT in healthcare, and increased use of big data analytics are some of the key factors influencing the market development throughout the forecast period.
• Asia Pacific is likely to emerge as a highly lucrative market, due to the adoption of new technology, and the availability of advanced healthcare and cloud computing services. The increasing need for cost-effective healthcare services and quality care to patients has resulted in the adoption of cloud computing

Competitive Landscape

Transparency Market Research has profiled the following players in its global cloud computing market in a healthcare report:

• Care Cloud Corporation
• Clear Data networks
• Carestream Health Inc.
• AGFA Healthcare
• Cisco System Inc.
• Merge Healthcare Inc.
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Oracle Corporation
• Amazon Web Services
• e-zest
• Kinvey
• SalesForce

Major cloud computing markets in a healthcare companies are collaborating & partnering with other organizations to provide more efficient solutions.

• In April 2023, CareCloud’s chronic care management program empowers patients with chronic conditions to take control of their health. CareCloud’s program provides personalized care plans, remote monitoring, and regular check-ins with healthcare providers to help improve patient outcomes, reduce healthcare costs, and streamline operations at the institutes. CareCloud Inc announced that the Heart & Vascular Institute has selected this program.
• In March 2023, ClearDATA announced the addition of a Well-Architected Framework Review and Cloud Compliance & Risk extends to its professional service portfolio. This will strengthen clear data ability to help healthcare providers keep health data private, secure & continuously complaint in the public cloud
• In April 2023, to streamline the healthcare commerce experience and lower the cost to serve customers & patients, Salesforce announced HIPAA-compliant commerce cloud capabilities. Salesforce’s real-time customer data platform, commerce cloud also helps create a personalized experience across every interaction through a unified, real-time view of each patient and provider

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Cloud Computing Market in Healthcare Industry– Key Segments

By Service Model

• Infrastructure-as-a-service(IaaS)
• Platform-as-a-service(PaaS)
• Software-as-a-service(SaaS)

By Pricing Model

• Spot Pricing or Subscription Model
• Pay-as-you-go Model

By Cloud Type

By End-User

• Clinical Information System(CIS)
• Non-Clinical Information System (NCIS)
  • RCM
  • Claims Management
  • APB
  • Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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