The global healthcare IT market is projected to reach $974.5 billion by 2027 up from $394.6 billion in 2022, growing at a compound annual growth rate (CAGR) of 19.8% during the forecast period. This market growth reflects increasing technology investments by healthcare providers and systems aimed at advancing digital initiatives for improving patient engagement and outcomes, increasing efficiency and providing greater access to care.
According to the HIMSS Future of Healthcare Report, 80% of healthcare leaders plan to increase investment in digital solutions over the next five years. Many of these healthcare leaders are ramping up investment in artificial intelligence, cloud computing and cybersecurity technology to manage growing volumes of data, reduce costs and keep data secure and are turning to digital workforce platforms to hire the talent they need to get the most out these technologies.
Healthcare enterprises today generate massive amounts of data. According to RBC, approximately 30% of the world’s data volume is being generated by the healthcare industry.
RBC notes that by 2025, the compound annual growth rate of data for healthcare will reach 36% which is 6% faster than manufacturing, 10% faster than financial services, and 11% faster than media & entertainment.
Artificial intelligence (AI) is taking hold in the healthcare sector to process and analyze large data sets, identify patterns and make predictions. The technology is also being used to support patient engagement with AI chatbots providing 24/7 help to patients through email and phone support. On the administrative front, AI is being used by healthcare organizations to speed up billing, process insurance claims and manage medical record keeping.
Healthcare organizations are increasingly migrating computing environments to the cloud to reduce IT infrastructure and maintenance costs and to increase scalability, flexibility and accessibility. The global healthcare cloud computing market reached an estimated $39.4 billion in 2022 and is projected to grow to $89.4 billion by 2027, a CAGR of 17.8% during the forecast period.
Investments in cloud computing are allowing healthcare providers and systems to more efficiently manage and store data, deliver remote care, manage electronic medical records (EMRs) and update and share real-time data.
An increasing digital footprint in the healthcare sector is opening the door to a growing number of cyberthreats and attacks. Research from Check Point revealed that healthcare organizations across the world averaged 1,463 cyberattacks per week in 2022, up 74% compared with 2021.
Cyberattacks that result in data breaches are costly for healthcare enterprises. Data breaches in healthcare reached an average cost of nearly $11 million in 2023 – a 53% price increase since 2020.
With cyber risks increasing and data breach costs escalating, it is not surprising that investments in technology to safeguard sensitive data are a major priority for health systems and providers.
To combat cyber threats, keep data secure and comply with the Health Insurance Portability and Accountability Act, healthcare organizations are using a range of technologies including encryption, zero trust architectures, cloud security and AI.
As advances in technology continue to transform the healthcare industry, the need for IT talent to implement, manage and maintain these technologies increases. Hiring IT talent today is challenging as companies across all sectors fiercely compete to hire tech professionals.
Healthcare enterprises are increasingly investing in technology to manage growing volumes of data, reduce costs and keep data secure. Digital workforce platforms are making it easier for healthcare companies to secure the IT talent they need when they need it to get the most out of these digital transformation technologies.
Big data, defined as “high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation”, is transforming all aspects of the healthcare sector.
The global healthcare IT market is projected to reach $974.5 billion by 2027 up from $394.6 billion in 2022, growing at a compound annual growth rate (CAGR) of 19.8% during the forecast period. This market growth reflects increasing technology investments by healthcare providers and systems aimed at advancing digital initiatives for improving patient engagement and outcomes, increasing efficiency and providing greater access to care.
Companies across sectors are embracing flexible staffing models to fill critical talent and skill gaps. In today’s competitive talent landscape, flexible staffing models are helping enterprises add the required skills and expertise to address immediate operational and project needs. According to Aptitude Research, 80% of companies leverage contingent workers and more companies plan to increase their investments in a flexible workforce.
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Artificial intelligence (AI) is emerging as one of the biggest transformational technologies in healthcare. It’s a natural fit in the big data world of medicine, and is set to learn and expand exponentially over the coming months and years. The rise of AI will mean new cost savings and better physician and patient experiences, and care providers who lag behind in adopting these technologies should be wary of missing out.
There’s a lot of talk about autonomous coding, or AI coding, in healthcare these days. It’s important to know: How much of what you’re hearing is hype, and should you start thinking about autonomous coding in your own healthcare practice?
Robotic process automation, or RPA, is becoming an indispensable tool in running a profitable, flexible, and competitive healthcare business.
