Global Growth Opportunities for Healthcare Cloud





The COVID-19 pandemic has shown that many healthcare organizations lack the necessary agility and business continuity programs or technologies to support them during crises. It forces companies to act on cloud and digital transformation strategies that they had been putting off until now.

New York, Oct. 14, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of its “Global Healthcare Cloud Growth Opportunities” report – https://www.reportlinker.com/p06176216/?utm_source=GNW

The cloud is more important than ever to help healthcare providers respond to the pandemic and prepare for future disruptions. Healthcare cloud service providers have strengthened their partner programs by strengthening and expanding partnerships with Independent Software Vendors (ISVs), System Integrators (SIs), Cloud Managed Service Providers (MSPs), telecommunications and network service providers. The COVID-19 pandemic has had a significant and above all positive impact on the market in 2020, as it accelerated trends that were already prioritized by most healthcare organizations, such as implementing a digital transformation process or an end-to-end hybrid and multi cloud strategy . The revenue of the global healthcare cloud computing market is expected to reach $52.30 billion by 2026, compared to $11.59 billion in 2020, growing at a compound annual growth rate (CAGR) of 28.5 percent over the course of the year. the period. Key growth drivers through 2026 include increased adoption of Software as-a-Service (SaaS) cloud service, with a market share of 63.7% in 2020, due to an increasing number of providers and payers migrating to more SaaS computing services for health care to support the growth in patient data. Infrastructure as-a-Service (IaaS) had the second largest market share at 26.0% as key market participants expanded their market presence in this segment. The increased demand for data interoperability for healthcare provider-patient collaboration accelerated the adoption of IaaS (computing and storage) to support patient demand for online and digital interactions. Platform as-a-Service (PaaS) is catching up with SaaS and IaaS market share as healthcare organizations and digital healthcare start-ups continue to invest in platform strategy to build innovative business models to meet consumer demand for anytime, anywhere healthcare services. Top healthcare cloud providers include AWS, with a global market share of 40.0%, followed by Microsoft Azure, which increased its share to 18.0%. Google Cloud Platform (12.0%), IBM Cloud (13.0%) and Alibaba Cloud (7.0%) also expanded their market share in 2020 from their 2019 market share. The top 4 market participants’ strong revenue growth – AWS, Microsoft Azure, Google Cloud Platform (GCP), and IBM Cloud—is thanks to their strong investments to build their healthcare cloud capabilities in secure and compliant (HITRUST CSF, HIPPA, AVG) data storage, data interoperability (DICOM, HL-7 , FHIR), big data and analytics, artificial intelligence and machine learning (AI/ML). Other key market participants include Oracle Cloud Infrastructure, Rackspace, Fujitsu Cloud Services, Tencent Cloud, DigitalOcean, SAP Cloud, Salesforce Cloud, Cisco Cloud, VMWare, Infor, NetApp and Nutanix. The largest and most mature healthcare cloud market, North America, will gradually lose market share over the forecast period as emerging markets (Latin America) and fast-growing Asia-Pacific occupy the market space. North America held the highest market share at 56.7% in 2020, and the region will provide various growth opportunities for market vendors during the forecast period. With the highest CAGR during the forecast period and ranked third in regional market share, Asia Pacific is gaining momentum. The Chinese and Indian markets are among the largest in the region. They are also significantly different and more mature than the rest of Asia Pacific. Subsequent market entrants, cloud participants in China, have expanded and increased their market share. In addition to Alibaba, the market leader in Asia-Pacific, Tencent Cloud, Fujitsu and Huawei Cloud are key participants. As the 2020 Global Cloud User Survey shows, hybrid and multi-cloud will become the norm in 2020. This is happening as healthcare organizations continue to move from vendor lock-in to flexible, best-in-class environments and platforms for their workloads. and applications. The cloud promises significant cost savings for providers and payers, but the transition is not a trivial matter that the vendor will always manage. A well-developed healthcare stakeholder migration strategy is vital to the successful implementation of a cloud service. Improving the patient experience is the key driver for cloud adoption in healthcare. Healthcare organizations are increasingly focusing on the adoption of digital health tools, such as online video conferencing and virtual visits, resulting in increased cloud use (storage and computing). Reducing costs is the second priority for healthcare organizations as they use new technology to improve healthcare delivery. Return on Investment (ROI) is the main driver for the adoption of new technology, including cloud, in healthcare by business and IT leaders. Healthcare organizations are increasingly migrating to hybrid and multi-cloud adoption to be more innovative to meet their consumer demands for anytime, anywhere healthcare. There are concerns that hidden costs can be overwhelming, especially during the transition period. Ensuring security and privacy also remains an important aspect of a migration to the cloud. Controlling the costs of cloud migration and deployment is one of the key constraints on cloud adoption in healthcare organizations. Many of them lack the skills needed to manage a cloud, resulting in cost overruns and cloud repartitioning. Ensuring compliance and security of data and apps is becoming critical for organizations dealing with sensitive data. For healthcare organizations, patient Protected Health Information (PHI) and data security and compliance (HITRUST, CSF) are paramount when migrating to the cloud. Fog and edge computing architectures may prove to be the primary alternative to the cloud in healthcare. As countries begin to reopen and implement recovery plans, healthcare organizations are stepping back from rushed initiatives and seeking support in creating long-term strategies for their cloud and digital transformation plans. This should continue to have a positive impact on the global healthcare cloud market through the end of 2021.
Author: Rishi Pathak
Read the full report: https://www.reportlinker.com/p06176216/?utm_source=GNW

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