The healthcare cloud computing market is projected to reach USD 44.93 billion by 2023 from USD 19.46 billion in 2018, at a CAGR of 18.2%. Growth in the healthcare cloud computing market can be attributed to the increasing adoption of big data, wearable devices, and IoT in healthcare; advantages of cloud usage (such as improved storage, flexibility, and scalability of data); implementation of healthcare reforms such as the Patient Protection and Affordable Care Act; and the dynamic nature of health benefit plan designs. On the other hand, concerns over data security and privacy may limit the growth of the healthcare cloud computing data during the forecast period.
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The market is segmented by component into software and services. The services segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the recurring nature of services such as training and education, installation, software upgrades, consulting, and maintenance.
Based on pricing model, the market is segmented into spot pricing model and pay-as-you-go model. The pay-as-you-go segment is expected to grow at the highest CAGR during the forecast period. This 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.
On the basis of service model, the market is segmented into software-as-a-service, infrastructure-as-a-service, and platform-as-a-service. The infrastructure-as-a-service segment is expected to grow at highest CAGR during the forecast period. This can be attributed to the fact that this model simplifies application development and deployment on the cloud.
Based on end user, the market is segmented into healthcare providers and healthcare payers. The healthcare providers is expected to grow at the highest CAGR during the forecast period and this growth is attributed to the increasing adoption of cloud computing by healthcare providers owing to its advantages such as improved storage, flexibility, and scalability of data.
Asia Pacific is expected to register the highest CAGR during the forecast period. Growing number of hospitals, increased prevalence of diseases, and government initiatives to adopt cloud computing in healthcare are the key factors contributing to the market growth in this region.
