The Cloud storage market for healthcare industry was valued at US$2.152 billion in 2017 and is projected to expand at a CAGR of 31.91% over the forecast period to reach US$11.337 billion by 2023. Cloud is becoming the preferred choice for healthcare organizations for back-office applications, revenue cycle management, backup, and disaster recovery owing to the advantages cloud provides over the on-premise deployment model. Hospitals and clinics across the globe are increasingly utilizing cloud data storage services for patient records to reduce costs and increase access. With an increasing number of connected medical devices constantly collecting, organizations are challenged with storing clinical data in a way that is both HIPAA (Health Insurance Portability and Accountability Act)-compliant and easy for authorized users to access. This is one of the main factors that is driving the demand for cloud storage solutions in this industry. It offers a flexible and scalable environment at a lower cost than on-premise deployments. The increasing penetration of smart devices in the healthcare sector is further boosting the demand for cloud data storage solutions. These devices are collaborated with the cloud to provide services in remote areas. For an instance, in telehealth, the cloud has collaborated with smart devices such as smartphones, tablets, IPad and etc. to provide healthcare services in remote areas.
By Solution
By solution, the cloud storage market for healthcare industry is segmented as primary and backup storage. The market for backup storage is expected to witness impressive growth as enterprises continue to drift towards the cloud for backing up their critical data and IT environment to ensure business continuity.
By Deployment Model
By deployment model, the cloud storage market for healthcare industry is segmented as public, private, and hybrid cloud. The public cloud model holds a major share in this industry as a large number of healthcare decision-makers are leveraging it to efficiently manage cloud environments and complement in-house infrastructure in order to improve application delivery at significantly lowered costs.
By Services
By services, the cloud storage market for healthcare industry is segmented as integration, consulting, and others. All these services are provided to the customers by the cloud storage solution provider so as to help businesses to boost their productivity in an efficient manner.
By Enterprise Size
By enterprise size, the cloud storage market for healthcare industry is segmented into large and small, and medium-sized businesses (SMBs).
By Geography
Geographically, the cloud storage market for healthcare industry is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. North America holds a significant share of the market owing to the government of the countries such as Canada supporting cloud adoption in the healthcare sector.
Competitive Intelligence
The cloud storage market for healthcare industry is competitive owing to the rising adoption of cloud storage solutions in the healthcare industry sector. The key players include Amazon Web Services, Inc., Microsoft, IBM, Google, RACKSPACE US, Inc, Box, Inc., and Carbonite, Inc. among others.
Segmentation
The cloud storage market for healthcare industry has been analyzed through the following segments: