Healthcare Cloud to Grow Exponentially in US by 2020

Cloud isn’t just changing the way we do business, cloud is redefining the methods by which healthcare delivers technology. Being on the cusp of innovation is what doctors and healthcare staff need in order to collaborate in the ever evolving world of healthcare. Cloud has matured from a fringe technology into being the preferred delivery model for those who want to deliver IT resources but stay within the bounds of laws such as HIPAA. At the end of 2013, Frost & Sullivan estimated that the cloud services market for healthcare IT stood at $903.1 million. Frost & Sullivan mention in their latest report that the healthcare IT market is set to boom by 2020 with the total expected value of the market to be around $3.5 billion.

The report went into depth about the state of healthcare IT both in the USA and in Europe. The report was dubbed “Opportunities in Healthcare Cloud Market in the US and Europe,” and it broke down the key growth areas of healthcare IT. The report notes that all three of the major cloud service types will receive exponential growth including Infrastructure as a Service, Platform as a Service and Software as a Service.

Research Analyst Shruthi Parakkal commented on the report saying, “Government initiatives to optimize healthcare information exchanges have underlined the importance of synchronized real-time data management and personalized healthcare delivery, lending impetus to the healthcare cloud market in the U.S. and Europe,” Parakkal adds, “Operational efficiency, lower upfront costs, access to on-demand capacity, quick deployment and easier management of IT staff are the major advantages strengthening the case for managed healthcare services.”

Parakkal goes on to talk about how Cloud Service Providers (CSPs) can capitalize on this rapidly expanding market. Parakkal mentions, “Availability, scalability and reliability are the performance criteria used to benchmark a cloud solution; therefore, joining hands with industry experts to develop contracts between vendors and providers that clearly cover conditions on data access, retrieval and termination rights will accelerate the move to cloud solutions in the U.S. and [Europe].”