Healthcare cloud computing market to reach $9.48 bn by 2020

As per the new Marketsandmarkets report, the global healthcare cloud computing market is expected to reach $9.48 billion by 2020 from $3.73 billion in 2015 at a CAGR of 20.5 percent during the forecast period. Based on application, clinical information systems (CIS) is estimated to account for the major share of the healthcare cloud computing market in 2015. Private cloud and software-as-a-service (SaaS) are some of the major segments of the healthcare cloud computing market which are expected to register robust growth.
 
North America is estimated to account for the largest share of the healthcare cloud computing market in 2015, followed by Europe and Asia. North America is expected to continue to grow at the highest CAGR during 2015-2020.
 
“Over the years, the adoption of cloud computing in healthcare is likely to increase owing to the rising need to curtail healthcare costs and enhance the quality of healthcare, reforms benefiting healthcare IT, proliferation of new payment models and cost-efficiency of cloud technology, and the implementation of the Patient Protection and Affordable Care Act (PPACA). Moreover, teleCloud and the formation of accountable care organizations (ACOs) are creating growth opportunities for the healthcare cloud computing market. However, the security of patient data on cloud is a crucial issue that is likely to restrain the growth of this market,” said Marketsandmarkets in a press release.