Public Cloud in BFSI Market Size & Share, By Type (Software as a Service, Platform as a Service, Infrastructure as a Service, Others), Component (Service, Software), Enterprise Size (Large Enterprises, SMEs), End-User (NBFCs, Banking, Others), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032
Market Outlook:
Base Year Value (2023)
USD 63.61 Billion
CAGR (2024-2032)
15.3%
Forecast Year Value (2032)
USD 229.08 Billion
Historical Data Period
2019-2023
Largest Region
North America
Forecast Period
2024-2032
Get more details on this report -
Market Dynamics:
Growth Drivers & Opportunity:The increasing shift towards digitalization in the BFSI sector is a major growth driver for the public cloud market. As financial institutions look to enhance their operational efficiency and improve customer experience, they are increasingly adopting cloud-based solutions to streamline processes and enable faster decision-making.
Furthermore, an influence on the development of the public cloud in BFSI market is the growing demand for advanced security solutions. With the rise of cyber threats and data breaches, financial institutions are turning to cloud providers that offer robust security measures to protect sensitive customer data and ensure regulatory compliance.
A further catalyst for the public cloud in BFSI market is the scalability and flexibility that cloud solutions offer. Financial institutions can easily scale their operations up or down based on demand, without the need for costly infrastructure investment. This allows them to adapt quickly to changing market conditions and seize new opportunities for growth.
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Type, Component, Enterprise Size, End-User |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | Lumen Technologies, DXC Technology Company, NTT Communications, Fujitsu., Intel, Dell EMC, RightScale, Panzura, Vmware, Equinix, Rackspace US, Citrix Systems, Hewlett Packard Enterprise Company, Cisco Systems, Workday,, SAP SE, Salesforce.com, Oracle, Microsoft, IBM, Google LLC, Adobe, Amazon.com, Alibaba Group Holding Limited |
Unlock insights tailored to your business with our bespoke market research solutions - Click to get your customized report now!
A substantial impediment for the public cloud in BFSI market is the stringent regulatory requirements that financial institutions must comply with. Concerns around data privacy and security mean that many organizations are hesitant to adopt cloud solutions, particularly if they are unsure about the level of control they will have over their data.
Another key industry restraint for the public cloud in BFSI market is the legacy IT systems that many financial institutions still rely on. The complexity of integrating these systems with cloud solutions can be a barrier to adoption, as it requires significant time, resources, and expertise to ensure a smooth transition.
Regional Forecast:
Largest Region
North America
XX% Market Share in 2023
Get more details on this report -
Considering Asia Pacific region, countries like China, Japan, and South Korea are also witnessing rapid growth in public cloud adoption in the BFSI sector. China, in particular, has a large number of financial institutions that are embracing public cloud services to enhance their operations and customer service offerings. Japan and South Korea are also investing heavily in public cloud infrastructure to modernize their banking and insurance systems.
In Europe, the United Kingdom, Germany, and France are leading the way in public cloud adoption in the BFSI market. These countries have well-established financial industries that are increasingly turning to cloud solutions to improve efficiency, reduce costs, and enhance security. European banks and insurance companies are leveraging public cloud platforms to accelerate their digital transformation initiatives and stay competitive in the market.
Report Coverage & Deliverables
Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Segmentation Analysis:
In terms of segmentation, the global Public Cloud in BFSI market is analyzed on the basis of Type, Component, Enterprise Size, End-User.
Software as a Service (SaaS):
The Software as a Service segment in the Public Cloud in BFSI market is witnessing significant growth due to the increasing demand for cost-effective and scalable software solutions among BFSI enterprises. SaaS offerings provide flexibility and accessibility to users, allowing them to access software applications from any location with an internet connection.
Platform as a Service (PaaS):
Platform as a Service is another key segment in the Public Cloud in BFSI market, catering to the evolving needs of BFSI enterprises for efficient and customizable application development platforms. PaaS solutions enable enterprises to build, test, and deploy applications without the need for investing in infrastructure or managing complex IT environments.
Infrastructure as a Service (IaaS):
Infrastructure as a Service is a crucial segment in the Public Cloud in BFSI market, offering on-demand access to virtualized computing resources such as servers, storage, and networking. BFSI enterprises are increasingly adopting IaaS solutions to reduce capital expenditure and improve operational efficiency through scalable and secure cloud infrastructure.
Others:
The "Others" segment in the Public Cloud in BFSI market includes emerging cloud services and solutions that cater to specific requirements of BFSI enterprises, such as cloud-based data analytics, artificial intelligence, and blockchain applications. These specialized offerings are driving innovation and digital transformation in the BFSI sector.
Service Component:
The Service Component segment in the Public Cloud in BFSI market comprises managed services, consulting, and implementation services that support BFSI enterprises in adopting and optimizing cloud solutions. Service providers offer expertise and support to help enterprises navigate the complexities of cloud migration and integration.
Software Component:
The Software Component segment in the Public Cloud in BFSI market includes cloud-based software applications and tools that enable BFSI enterprises to streamline their operations, enhance customer engagement, and drive business growth. Software providers offer a range of solutions tailored to the specific needs of BFSI organizations.
Large Enterprises:
Large Enterprises are a significant segment in the Public Cloud in BFSI market, driving demand for advanced cloud solutions to meet their complex IT requirements and scale operations. Cloud adoption among large BFSI enterprises is driven by the need for agility, scalability, and cost efficiency in a competitive digital landscape.
SMEs:
Small and Medium Enterprises (SMEs) are an emerging segment in the Public Cloud in BFSI market, seeking affordable and easy-to-implement cloud solutions to enhance their competitiveness and accelerate growth. Cloud services tailored for SMEs offer scalability, security, and flexibility, allowing them to innovate and expand their business operations.
NBFCs:
Non-Banking Financial Companies (NBFCs) are a key end-user segment in the Public Cloud in BFSI market, leveraging cloud technology to enhance financial services delivery, improve customer experience, and strengthen regulatory compliance. Cloud solutions tailored for NBFCs offer secure and compliant infrastructure to support their business operations.
Banking:
The Banking sector is a primary end-user segment in the Public Cloud in BFSI market, adopting cloud solutions to drive digital transformation, innovation, and efficiency in banking operations. Cloud services for banks offer robust security, scalability, and agility to support diverse banking functions, from customer service to risk management.
Get more details on this report -
Competitive Landscape:
The competitive landscape in the Public Cloud in the BFSI market is characterized by increasing investments from financial institutions to enhance their operational efficiency and improve customer experiences through technology. Major players are increasingly focusing on providing tailored cloud solutions that cater specifically to the compliance and security needs of banks and financial service providers. Innovations in artificial intelligence, data analytics, and machine learning are also shaping the competitive dynamics, with companies striving to differentiate their offerings. Robust partnerships and collaborations between cloud service providers and regulatory bodies are becoming essential for ensuring compliance and building trust among users. This market is witnessing significant competition as enterprises seek scalable and flexible cloud solutions to facilitate digital transformation and meet growing customer demands.Top Market Players
- Amazon Web Services
- Microsoft Azure
- Google Cloud Platform
- IBM Cloud
- Oracle Cloud
- Alibaba Cloud
- Salesforce
- SAP Cloud Platform
- Rackspace Technology
- VMware
Our Clients
Why Choose Us
Specialized Expertise: Our team comprises industry experts with a deep understanding of your market segment. We bring specialized knowledge and experience that ensures our research and consulting services are tailored to your unique needs.
Customized Solutions: We understand that every client is different. That's why we offer customized research and consulting solutions designed specifically to address your challenges and capitalize on opportunities within your industry.
Proven Results: With a track record of successful projects and satisfied clients, we have demonstrated our ability to deliver tangible results. Our case studies and testimonials speak to our effectiveness in helping clients achieve their goals.
Cutting-Edge Methodologies: We leverage the latest methodologies and technologies to gather insights and drive informed decision-making. Our innovative approach ensures that you stay ahead of the curve and gain a competitive edge in your market.
Client-Centric Approach: Your satisfaction is our top priority. We prioritize open communication, responsiveness, and transparency to ensure that we not only meet but exceed your expectations at every stage of the engagement.
Continuous Innovation: We are committed to continuous improvement and staying at the forefront of our industry. Through ongoing learning, professional development, and investment in new technologies, we ensure that our services are always evolving to meet your evolving needs.
Value for Money: Our competitive pricing and flexible engagement models ensure that you get maximum value for your investment. We are committed to delivering high-quality results that help you achieve a strong return on your investment.
Select Licence Type
