A MarketsandMarkets report on the healthcare cloud computing market forecasts the industry will enjoy a compound annual growth rate of 20.5 percent in the years leading up to 2017.
Revenue for health-focused cloud offerings worldwide is projected to grow from $1.8 billion in 2011 to $5.4 billion in 2017, MarketsandMarkets said Tuesday.
The report indicates that approximately 4 percent of healthcare organizations used cloud services in 2011 and that a large number of HCOs are planning to move into a cloud infrastructure within the next five years.
Many HCOs are reluctant to adopt cloud computing technology because of privacy and security considerations, according to the market research firm.
The research firm has identified GE Healthcare and Carestream Health as among key players in the sector.
Cloud service delivery comprises of software-as-a-service, platform-as-a-service and infrastructure-as-a-service models, and providers offer subscription-based or pay-as-you-go options to cloud customers.