Cloud Computing Market: Snapshot
The global market for cloud computing in the healthcare industry is slated to amount to US$6.79 bn by 2018, registering a strong double-digit CAGR during the forecast period. The rapid pace of expansion in this market can be attributed to the rising need for healthcare organizations (HCOs) to provide more flexible and faster healthcare services to patients, to manage as well as fully optimize their IT systems, to comply with evolving regulatory norms, and ensure the security of confidential patient information. The emergence of cloud computing in the healthcare industry is designed to increase cost efficiency and productivity among HCOs and the growing digitalization within the sector has considerably supported the market.
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Private Cloud Computing Dominates overall Market; Public Clouds More Lucrative
Cloud services are of three main types: platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and software-as-a-service (SaaS). Owing to the fact that SaaS was introduced to users before the other two services, this segment holds a larger market share.
By way of pricing model, the cloud computing market in the healthcare industry comprises pay-as-you-go model and spot pricing or subscription model. Currently, the spot pricing model accounts for a larger share in the overall market and is also projected to be the more attractive investment option among the two.
Based on end user, the cloud computing market is bifurcated into clinical and non-clinical information systems. Although the market for non-clinical information systems (NCIS) is much larger than clinical information systems (CIS), the latter is projected to register a CAGR higher than the former by 2018.
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On the basis of cloud type, the market for cloud computing in the healthcare sector is segmented into private, public, and hybrid. Private clouds presently account for the dominant share owing to the need for secure storage of highly sensitive patient data. Public clouds will, however, expand at a much faster rate than the other two cloud types.