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Healthcare Cloud Computing Market to Reach $9.48B by 2020

healthcarecloudIt’s no secret that healthcare is a growing market for cloud services providers. The cloud shows enormous potential for the industry and recent studies have revealed that as much as 83 percent of healthcare organizations are currently using cloud services in some capacity.

Now, a new market research report from research and analysis firm MarketsandMarkets has put a number on growth on that growth. The global healthcare cloud computing market is forecasted to reach $9.48 billion by 2020, according to the MarketsandMarkets report Healthcare Cloud Computing Market by Application, by Deployment, by Service, by Pricing, By End-User – Analysis and Global Forecasts to 2020, available here. That number represents an impressive compound annual growth rate (CAGR) of 20.5% from the current, 2015 market value of $3.73 billion.

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According to the report one of the driving factors of growing interest in cloud computing for healthcare is the implementation of the Patient Protection and Affordable Care Act (PPACA). Now that political infighting surrounding the ACA has (temporarily) subsided, healthcare providers will need to be able to handle a massive influx of new data generated by new health care applications, and highly scalable, low-cost cloud computing solutions are likely to be considered.

Other driving factors identified include government healthcare IT reforms worldwide, the proliferation of new, online health care payment models, and the formation of accountable care organizations (AGOs).

The report also identified security concerns as the most crucial concern likely to restrain the growth of the market.

Market players covered in the report include Athenahealth, Inc., CareCloud Corporation, ClearData Networks, Inc., Carestream Health, Dell Inc., GNAX Health, IBM Corporation, Iron Mountain, Inc., Merge Healthcare, Inc., and VMware, Inc.

Foggy on your cloud jargon? We’ve got you covered. Check out Solutions Review’s Cloud Computing Glossary for definitions of the top 50 cloud computing terms and acronyms.

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