The global cloud computing market in the healthcare industry is showing a dynamic CAGR of 21.30% from 2012 to 2018. The market’s value of US$1.82 bn in 2011 is expected to grow to US$6.79 bn before the end of 2018 at this exponential CAGR. The statistical details are covered in a research report released by Transparency Market Research, titled “Cloud Computing Market - Global Industry Analysis, Size, Share, Trends And Forecast 2012 - 2018”.
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The healthcare industry is witnessing an upward trend in adopting cloud computing technology, which will enable healthcare organizations to deliver improved services in a cost competitive manner. The global cloud computing market in healthcare industry was estimated at USD 1.82 billion in 2011 and is expected to exhibit a CAGR of 21.3% from 2012 to 2018 to reach USD 6.79 billion by 2018.
North America is the fastest growing cloud computing market in the healthcare industry. The large market size of the region is supported by the presence of a large number of biopharmaceutical companies which are active in R&D and use IT support to optimize their processes. The market size is also influenced by increasing IT spending from the healthcare sector. The market possesses high attractiveness in terms of future prospects as HCOs (health care organizations) need to cut down their costs in IT spending and have started adopting cloud computing for their IT solutions.
The cloud computing market in the healthcare industry
is highly fragmented, as none of the key players hold a market share of more than 5%-10%. This is due to the existence of many cloud service providers, dynamic and versatile requirements of HCOs, department specific cloud needs and more.
Platform as a service (PaaS) is a fast growing segment in cloud computing as it simplifies application development and deployment on the cloud. PaaS creates web applications quickly, without the need for underlying software or hardware and provides support for the entire life cycle of building and delivering web applications on the web. PaaS is also referred to as “Program on the Internet.”
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