Since the adoption of information technology solutions paving the way in the healthcare industry, the Cloud computing service is on the rise. The service offers easy access to servers, storage, and databases, with a wide range of applications. Healthcare cloud computing provides flexibility to control data scalability, a huge amount of storage of clinical statistics in healthcare centers and clinics and faster ease of access to digital medical records. According to the market facts and insights, the global market for Healthcare Cloud Computing is predicted to exceed USD55 billion by 2025. It’s all attributed to the rising demand for IT solutions in the space. Cloud computing techniques further enable IT facilities to get back assets from the internet by using web-based tools and applications.
Escalating utilization of cloud computing inpatient billing to cut down capital expenditure pertaining to the conventional mode of billing practices will further accelerate the revenue size. As per the regional basis, the North America healthcare cloud computing market accounted for over USD 8.5 billion in last year and is anticipated to witness a similar trend in forthcoming years. The main reason for the growth of the business in this region is growing healthcare expenditure coupled with the adoption of technologically advanced solutions. Additionally, rising adoption for EHRs (Electronic Health Records) among medical professionals in addition to the active involvement of private key players in the development of the healthcare industry will fuel the North America healthcare cloud computing industry growth throughout the projected timeframe.
In the healthcare cloud computing market, the private cloud segment is expected to grow with 15.7 percent CAGR during the forecast period, owing to inclination towards the private cloud as its advantages like data protection and customization of the cloud environment. In 2018, hospitals segment held over 22 percent revenue share as of the rising number of patient visits in healthcare centers. Growing prevalence of chronic diseases and an escalating number of surgeries being performed in care locations settings will spur the demand for patient data storage.