Private And Public Cloud Market size in the Financial Services industry is set to grow by USD 90,175.21 million from 2022 to 2027; the development of OpenStack to be a major market trend - Technavio
NEW YORK, June 8, 2023 /PRNewswire/ -- The global private and public cloud market size in the financial services industry is estimated to grow by USD 90,175.21 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 18.81% during the forecast period. North America is estimated to account for 37% of the global market growth during the forecast period. The adoption of cloud computing in the region is relatively lower among small businesses than large enterprises. A small financial services company adopts cloud services to support digital financial services. Some of the major users of cloud computing services include banking, financial services, insurance, e-commerce, and telecommunications sectors. A key factor in adopting cloud computing services is cost reduction. Hence, such factors drive the regional market growth during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
Private And Public Cloud Market In The Financial Services Industry - Segmentation Assessment
Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
Private And Public Cloud Market in The Financial Services Industry – Market Dynamics
Key factor driving market growth
The growing demand for virtually unlimited storage and big data is a major factor driving the global private and public cloud in the financial services market growth. One of the most data-intensive industries is financial services as they are built on large IT infrastructures that process substantial volumes of data on a daily basis. Generally, financial firms generate a large amount of data through numerous sources, such as online loan application data, bank transaction data, and stock and commodities trading.
Additionally, the large volumes of data, the use of different applications and systems, confidential information, and error-prone manual processes prevent financial institutions from gaining a holistic view of the business, related risk exposure, and customers. Hence, such factors drive the market growth of the market during the forecast period.
Leading trends influencing the market
The development of OpenStack is an emerging trend that is expected to fuel the global private and public cloud in the financial services market growth. It is an open-source cloud-based computing technology that started as a joint project between Rackspace and NASA in 2010. This technology involves a set of software tools to help manage and build cloud-computing platforms in the cloud.
Furthermore, OpenStack is considered the future of cloud computing, and the adoption of OpenStack is higher in large financial enterprises when compared with SMEs. Moreover, banks such as TD Bank have implemented OpenStack solutions to manage their online platforms. Hence, such trends drive the market growth during the forecast period.
Major challenges hindering the market growth
Data security and privacy are major challenges impeding the global private and public cloud in the financial services market growth. The financial services industry functions and deals with a substantial amount of confidential client and customer data. This includes bank account information, debit or credit card data, and business data for business transactions.
Since bank account information, debit or credit card data, and business data for business transactions. Furthermore, the rise in data privacy regulations and potential threats to reputation related to data breaches increase the demand for data privacy policies. Hence, such challenges hinder the growth of the market during the forecast period.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service Type
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Infiniti Research, Inc.
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