Public Cloud in BFSI Market Size
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
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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.
Industry
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 |
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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.
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