Increasing prevalence of chronic diseases coupled with rising adoption of IT based solutions is expected to drive the cloud computing market over the forecast period. Growing demand for computerized billing system, effective cost management and high concern for privacy are anticipated to drive the market in the coming seven years. The traditional IT work in healthcare sector could perform limited number of works and generally used for the functions like developing, deploying and testing application, which was the underutilization of resources. Public cloud based monitoring system provides a significant opportunity to the small organization so that they can share the data with minimum cost. Faster payback and high rate of return are also some of the important drivers of this market. The global cloud computing market is anticipated to show lucrative growth by 2022 owing to increasing IT cloud service coupled with rising in number of vendors.
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By service, SaaS (software as a solution) hold the major share in terms of market revenue in 2014. Its content, communication, collaboration and CRM activities are the main reasons for its continuing dominance over the forecast period. Private cloud model is anticipated to witness highest growth over the forecast period due to high level of security, data longevity and lower maintenance cost. The rising concern about online data security is also triggering the market for private cloud rather than public or hybrid cloud based model. Based on IT capability, business segment accounted for the largest share in 2014. With lucrative market share this segement is expected to witness further growth due to rising e-commerce, online payment process and cloud based advertisement.
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