The North American healthcare cloud computing market was valued at $1,750.4 million in 2013 and is poised to grow at a compound annual growth rate of 29.8% from 2013 to 2018 to reach $6,459.0 million by 2018, according to MarketsandMarkets. In its report, the market research firm says the increased adoption of information technology, legislative reforms of the Patient Protection and Affordability Care Act, dynamic nature and availability of various types of health benefit plans, proliferation of new payment models, improvements in storage technologies, and greater flexibility and scalability of data are the factors driving the adoption of cloud computing in the healthcare industry. The cost benefits offered by the cloud technology are the major reason that is likely to fuel the growth of cloud computing in the healthcare industry, the report states. However, factors such as data security concerns and reduced control over applications and content are hindering the growth of this market.
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