How Cloud Is Driving Global Healthcare Market
Even a few years ago, healthcare professionals largely depended on cloud-based solutions for back-office needs, such as email and data storage. The scope of cloud computing in the healthcare sector has expanded in recent times, as many healthcare IT departments are not only exploring cloud computing architectures for the increased flexibility and potential cost savings, but also to create a competitive edge.
According to the latest market study released by Technavio, the global healthcare cloud computing market is expected to grow at a CAGR of more than 21% during the forecast period. This research report titled ‘Global Healthcare Cloud Computing Market 2017-2021’ provides an in-depth analysis of the market regarding revenue and emerging market trends. [Read the full report here]
“The cloud-based software market in the healthcare industry for cardiology is booming due to the rising volume of subscriptions and license renewals of medical software. Many cardiac care hospitals also deploy cloud-based solutions for immediate retrieval of patient data. The rising demand for advanced and remote healthcare services has accelerated the sales of cloud-based software in the healthcare industry,” said Amit Sharma, lead analyst at Technavio for enterprise application research.
The global software as a service (SaaS) in the healthcare market is expected to grow at a CAGR of close to 23%. SaaS is an on-demand software solution that is delivered over the Internet on a subscription basis. Healthcare organizations are implementing SaaS over on-premises solutions to reduce the high upfront cost of software licensing. Healthcare payers and providers have adopted SaaS-based software solutions for CRM, accounting, payroll, supply chain management, and healthcare information systems.
SaaS has gained traction in the cloud computing market as SaaS-based software solutions take less time to implement than on-premises software solutions. Vendors such as Salesforce specialize in SaaS for CRM services. The SaaS solutions that are powered by analytical tools are in high demand in the healthcare sector.
The global infrastructure as a service (IaaS) in the healthcare market is expected to grow at a CAGR of more than 18%. IaaS is a cloud computing service that manages databases, storage, disaster recovery, and other infrastructure-related solutions through hosting services. “Healthcare organizations are quickly adopting IaaS to manage their IT infrastructure requirements through on-demand cloud computing services,” Sharma said.
The study also noted that SMBs often lack an in-house IT team to manage infrastructure-related IT solutions. They either outsource their IT department to third-party service providers or subscribe to cloud-based services. Top vendors in the market, such as Microsoft and Amazon Web Services (AWS), are providing IaaS solutions to SMBs for data center services, application management, and disaster recovery systems. Flexibility regarding storage space on the PAYG pricing model is one of the main offerings of IaaS. This has encouraged many SMBs in the BFSI, telecom, healthcare, and retail industries to adopt this model.
According to Technavio, the global platform as a service (PaaS) in the healthcare market is expected to grow at a CAGR of more than 20%. PaaS provides a platform to create and manage web applications and business processes in an organization’s IT environment. These applications and business processes can be delivered over the Internet. PaaS solutions act as a middleware in the cloud computing architecture and provide a platform to integrate enterprise web applications.
PaaS solutions such as Microsoft Azure provide cloud platform solutions for application development and management services. Some of the advanced software development tools, such as DevOps, can be integrated with a PaaS solution to build, run and test an application in a cloud-based environment. The mobility trend is a major growth driver for the PaaS market. Many enterprise mobile application developers have turned their focus to PaaS solutions.
- Choosing The Right HR Management System For Your Firm
- How Cloud Is Transforming CXOs' Operating Style
- CXOs Still Wary Of Cloud Data Security: Study
- India’s Digital Payments Will Touch USD 1-Tn By 2022: Report
- AI, Cloud, IoT To Have Huge Impact On Semicon Revenue: KPMG
- Weekly Rewind: Top 10 Stories On CXOToday (Feb 12-17)
- Unnecessary Security Cordons Make Fintech More Vulnerable
- Using RPA For Greater Accuracy, Efficiency In Business
- E-Commerce Payment Market To Reach USD 135 Bn By 2023: Study
- 4G Smartphones Sees 14 pc Growth In India: IDC