The size of the Latin American healthcare cloud computing market is estimated to be growing at a steady CAGR during the forecast period.
MARKET DRIVERS:
Factors such as growing enterprise migration to hybrid clouds, such as the infrastructure as a service business model, and the growing adoption of IaaS solutions by small and midsize businesses are expected to drive the Latin American healthcare cloud computing market.
The growing popularity of service-oriented architecture has resulted in the positive growth of cloud computing in Latin America. Service-Oriented Architecture aims to provide an IT framework that tends to be favorable to organizations in managing their IT needs and also helps them reduce the time required to implement cloud-based services.
In addition, the shift in the mindset of consumers towards cloud computing and businesses of various sizes and structures and various industry verticals that understand the benefits of cloud services also improves investments in cloud infrastructure. It doesn't require or use a local server, and by eliminating infrastructure expenses, the total cost is dramatically reduced. In addition to the one-time installation costs, the costs of maintaining a cloud are often enormous.
Adopting new technologies such as the Internet of Things, Big Data, improvised mobility, profitability, minimal environmental impact, and adoption of managed cloud services are the major factors driving the cloud infrastructure market in Latin America.
MARKET RESTRAINTS:
Factors such as discrepancies in payments and security concerns are some of the major reasons for the restrictive growth of the healthcare cloud computing market in Latin America. Additionally, patients themselves are concerned about the security of their data, which adds to the importance of maintaining data protection security standards. Like conventional IT systems, public clouds face similar security challenges and therefore underperform. While private clouds have more reliable protocols and access frameworks, the healthcare industry remains skeptical about protecting private cloud data.
Although the cloud has many advantages and security measures, the information stored in the cloud remains vulnerable to cyber-attacks. Privacy and data protection concerns are increasing with the increasing amount of patient data and increasing efforts for the digital transformation of healthcare.
Impact of COVID-19 on the Latin America healthcare cloud computing market:
During the COVID-19 pandemic, there is a great need for technologies such as cloud computing for the analysis of patient data. As the number of electronic medical records increases, healthcare providers are expanding the use of highly secure and scalable cloud storage solutions to serve many cases.
Private doctors and health facilities are offering advice online amid the country's lockdowns. The need for mobile outpatient services has increased due to the virus outbreak. These facilities and services require cloud-based communication and collaboration platforms to improve operational efficiency and employee productivity. Healthcare providers are developing cloud-based applications to gain clinical information about COVID-19 and estimate resource requirements, such as intensive care beds and ventilators.
Therefore, the increasing demands for the analysis of clinical data and information and the high expenditure on the development of cloud-based applications and ERP solutions in the context of the COVID-19 pandemic are creating opportunities and revenue for cloud service providers.
This research report on the European healthcare cloud computing market has been segmented & sub-segmented into the following categories.
By Product:
By Deployment Model:
By Component:
By Pricing Model:
By Service Model:
By Country:
Geographically, the growth of cloud computing for the healthcare market in the Latin American region is driven by demographics in densely populated countries such as Brazil, Argentina, and Mexico, the large volumes of patient data created due to the increasing burden of disease in the region and various governments initiatives focused on the digitization of healthcare during the forecast period.
In other regions such as Peru, Colombia, etc., the growing investment in modernizing the country's health infrastructure is expected to drive the growth of cloud computing for the health market in Latin America. The continuous technical advancements of the healthcare cloud computing solution have increased its acceptance among healthcare providers. In addition, the favorable regulatory scenario favors regional growth, as it ensures the availability of efficient and up-to-date software.
KEY MARKET PLAYERS:
IBM, CareCloud Corporation, Agfa-Gevaert N.V., Merge Healthcare Inc., Carestream Corporation, Cerner Corporation, Microsoft Corporation, Oracle Corporation, ClearData Networks Inc., Sectra AB, Nuance Communications, GE Healthcare, athenahealth Inc., NextGen Healthcare, Siemens Healthineers, and Dell Inc, are a few of the promising companies in the Latin American healthcare cloud computing market.
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