Cloud Computing Market size in 2020 is estimated at $283 billion, growing at a CAGR of 12.8% during the forecast period 2021-2026. Cloud computing is one of the most commonly used applications in healthcare, BFSI and IT sectors. Cloud edge computing makes electronic medical record-sharing easier and safer and increases the efficiency of the industry. The rising demand for cloud-based information systems and technological advancement are the major factors driving the growth of the market. Moreover, use of cloud computing provides better collaborative workforce, offering cloud storage and provides lowering of costs further enhancing the overall market demand for Cloud Computing during the forecast period. Although cloud computing is employed in many applications through Infrastructure as a Service, Platform as a Service and Software as a Service models, the high initial cost and the maintenance cost act as the hindering factor for the cloud computing market. Moreover the cloud computing forces businesses to grapple with the same network security models and the physical security parameters for more remote servers in which security footprints and the traffic patterns are accessible to everyone thereby hindering the security of the database and acting as a challenge.
Cloud Computing Market Segment Analysis – By Application
Based on the Application, Cloud Computing Market is segmented into Clinical Information Systems, Non-Clinical Information Systems. The clinical information systems segment is forecast to be the fastest-growing segment and is estimated to grow at a CAGR of 10.1% during the forecast period 2021-2026. This is mainly owing to increasing demand for maintaining data generated from doctors and physicians. Moreover, clinical information system is designed specifically for the critical care environment such as Intensive care unit (ICU) that are contributing the growth of this segment. BFSI sector is analyzed to grow at significant rate due to the increasing adoption of mobile banking initiatives, advanced platforms including block chain and so on, contributing to the increase in demand for Cloud Computing in BFSI industry. Moreover the growth of smartphones along with the increase in deployment of mobile payment apps are further fueling for the Cloud computing market.
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Cloud Computing Market Segment Analysis – By Deployment
Based on the Deployment, Cloud Computing Market is segmented into Public Cloud, Private Cloud. In 2020, public cloud held the largest share in the Cloud Computing market at 71%. This is mainly owing to improve security, saving time and saving money. Moreover, it provides a quick and easy setup and requires no maintenance is also contributing to the growth of this segment. The employment of IoT in various industries including automotive, manufacturing, retail, transportation, energy and so on has been analyzed to drive the market. IoT is employed in these industries as it provides real time information, improves operational efficiency, optimization in production, and other benefits that impact the efficiency of the industry and further contributing as the driving factor for the cloud computing market. G.E has stated that employment of Industrial IoT has 44% impact on global energy consumption. Therefore the employment of IoT in industries is analyzed to be a driving factor for cloud computing market during forecast period 2021-2026.
Cloud Computing Market Segment Analysis – By Geography
North America dominated the Cloud Computing market share accounting for 40.4% of the market in 2020. This is mainly owing to continuous technological advancements in the Cloud Computing solution and supportive regulatory scenario. According to American Hospital Association, the healthcare system in the U.S. has increasing the demand of cloud computing services for delivery of better healthcare services. However, the Asia-Pacific region is forecast to be the fastest-growing during the forecast period 2021-2026. This is owing to increasing geriatric population, advancement in healthcare infrastructure and rising awareness among people about disease.
Cloud Computing Market Drivers
Rising Demand for Cloud-Based Information Systems
Rising demand for cloud-based information systems and high-power analytics in the cloud are some factors driving the growth of Cloud Computing market. Moreover, usage of cloud reduces cost and improves scalability, storage and flexibility are also set to increase the market growth.
Rising adoption of information technology in the healthcare sector are some factors driving the growth of the market. Moreover, growing technological evolution in the medical industry and adoption of advanced technology such as machine learning which is easier in cloud system further contributing the growth of Cloud Computing market.
Cloud Computing Market Challenges
Data Security Issues
Data security and integrity issues are challenging the growth of the market. Moreover, unavailability of proper healthcare infrastructure and lack of interoperability and industry standards are further restraining its market growth during the forecast period 2021-2026.
Cloud Computing Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Cloud Computing Market. Cloud Computing top companies are Microsoft (US), AWS (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US), Workday (US), Adobe (US) and IBM.
In July 2019, Humana invests in ClearData’s $26M funding round for health care cloud computing.In February 2019, Veritas Captial finalizes athenahealth acquisition for $5.7 billion.
In 2020, North America dominates the Cloud Computing market owing to continuous technological advancements in the Cloud Computing solution and supportive regulatory scenario.
Rising demand for cloud-based information systems and technological advancement is driving the market growth of Cloud Computing.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Cloud Computing market report.
Data security and integrity issues are challenging the growth of the market.
A. North American Healthcare Cloud Computing Market
B. Cloud High Performance Computing (Hpc) Market
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