The latest market report published by Credence Research, Inc. “Global Public Cloud in BFSI Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Public Cloud in BFSI Market generated revenue of around USD 49.6 billion in 2022 and is anticipated to grow a CAGR of over 14.5% during the forecast period from 2023 to 2030 to reach around USD 127.97 billion in 2030.
A public cloud service is an IT model wherein providers contribute to making computing services such as computation and storage, develop-and-deploy environments, and applications available on demand to organizations and individuals over the public internet. Cloud computing has been a common option for banks looking to cut costs, improve flexibility, and accelerate digital growth. The public cloud allows for scalability, quick end-user service delivery, and standardization of integration production and management. Public cloud service providers provide cloud-based services such as platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), or software-as-a-service (SaaS) to end users for a monthly or pay-per-use fee, eliminating the need for users to host these services on-site in their own data center. Robust growth in digital transformational strategies across the BFSI industry and the increase in penetration of internet & mobile devices globally boost the growth of the global public cloud in the BFSI market size. Besides, the increased demand for AI and machine learning propels popularity and positively impacts the global market’s growth. However, regulatory complexities related to data residency impede the public cloud’s growth in the BFSI market. On the other hand, increased adoption of the Internet of Things (IoT) is expected to provide lucrative opportunities for expanding the public cloud in the BFSI market over the forecasted period.
The global public cloud in BFSI market is bifurcated into Type, Component, Enterprise Size, End User, and Geography. Based on type, the market is categorized into infrastructure as a service, platform as a service, software as a service, and others. Based on components, the global market is segmented into software and services. The global market is divided into large enterprises and SMEs based on enterprise size. Based on end users, the global market is classified into banking, NBFCs, and others. Geographical divisions of the global market include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
North America dominated the global public cloud in the BFSI market in 2022, accounting for a significant market revenue share in value owing to its early adoption of the technology. Numerous regional vendors, such as Oracle Corporation, Microsoft Corporation, Amazon.com Inc, and IBM Corporation, as well as a greater propensity to adopt new technologies, are expected to assist this region in maintaining its market position. Besides, it is estimated that the services have been deployed by more than half of all government organizations in the United States.
The current trends in the public cloud market in the BFSI sector are being driven by the need for faster innovation cycles and the need to reduce IT costs. The adoption of cloud-based solutions is enabling organizations to be more agile and responsive to the ever-changing business environment. Cloud computing is also providing organizations with the ability to scale their operations quickly and efficiently. The major players in the public cloud market in the BFSI sector are Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform, and IBM Cloud.
Why to Buy This Report-
- The report analyses the drivers, constraints, opportunities, keen insight, current trends, challenges, and competitive dynamics in the global market for public cloud in BFSI by segment from 2016 to 2021, with 2022 as the base year and 2023–2030 as the forecasted period.
- The report also addresses the strategies the top players in the market employ at the local, regional, and international levels and the market’s competitive landscape.
- In-depth global public cloud in BFSI market segmentation analysis by type, component, enterprise size, and end user.
- The research also assists market players, investment firms, and new entrants in selecting and designing strategies based on the fastest-growing segments and largest revenue generation highlighted in the report.
- The public cloud in BFSI market report includes industry analysis at the regional, global, and national levels and specific facts on key market trends, competitive landscape, and growth strategies.
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