Public Cloud in BFSI Market worth USD 156 Bn. by 2029: Competitive Landscape, New Market Opportunities, Growth Hubs, Return on Investments
Pune, 05, Dec 2022: In a recent report titled “Public Cloud in BFSI Market by Type of Examination, and Region: Regional Opportunity Analysis and Industry Forecast, 2021-2029,” Maximize Market Research analysed that the market for these services would grow at a 15 percent CAGR to reach USD 156 billion by 2029.
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Public Cloud in BFSI Market Scope and Research Methodology
The research report uses both primary and secondary data sources extensively. Government policy, the market environment, the competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, technical advancement in related industries, as well as market risks, opportunities, barriers, and challenges, are all investigated during the research process. To provide the final quantitative and qualitative data, all conceivable factors influencing the markets included in this research study were considered, thoroughly examined, validated through primary research, and evaluated. Market size for top-level markets and sub-segments is normalized, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast. This information is presented in the report, along with detailed inputs and analysis.
For market estimation and global market trend analysis, bottom-up approaches were used. Data was collected from a large sample using both primary and secondary research methods to obtain accurate inferences. Among the primary methods used were surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals. Secondary data was meticulously gathered from a carefully selected set of sources to ensure that the conclusions were correct. There are many resources available, including paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations and government websites, and white papers and annual reports. To understand various market factors, PESTLE analysis was used, whereas SWOT analysis was used to understand the strengths and weaknesses of important companies. Due to this, the report looks closely at the market for Public Cloud in BFSI.
Public Cloud in BFSI Market Overview
A public cloud is an IT architecture in which computing services, such as computation and storage, develop-and-deploy environments, and applications, are made available to enterprises and individuals on demand via the public internet by public cloud service providers. Cloud computing has long been a popular option for banks looking to cut costs, boost flexibility, and foster digital growth. Because of security and regulatory issues, cloud use has traditionally meant private or limited Types. However, in the post-Covid era, the digitization drumbeat has become louder, and more financial executives are putting aside their qualms. Furthermore, the use of public cloud platforms has recently gained popularity.
Public Cloud in BFSI Market Dynamics
Cloud computing technologies in the financial services industry have aided in digital banking transformation, helping both front-end and back-end operational models. Since the pandemic’s onset, several firms in various financial areas have been actively altering their company processes using public clouds. This will assist financial institutions in becoming more future-proof while also laying the framework for enhanced client value and revenue creation. Furthermore, public cloud solutions provide open banking, allowing consumers to gain access to both traditional and non-traditional financial services. Furthermore, in order to fulfill capacity and speed needs, banks and financial institutions are increasingly relying on digital technologies to store data and support applied analytics. As a result, increased digital transformation across sectors is likely to drive public cloud in BFSI market opportunity throughout the forecast period.
Public Cloud in BFSI Market Regional Insights
North America held a 51 percent share of the global public cloud in BFSI market in 2021, Due to its early adoption of the technology. It is expected that the presence of multiple vendors in the area, such as IBM Corporation, Amazon.com Inc., Oracle Corporation, Microsoft Corporation, and Oracle Corporation, as well as a stronger propensity to adopt new technologies, will help these areas maintain their market positions. Additionally, it is believed that more than half of all American federal agencies have implemented the services. Furthermore, Europe has emerged as a hub for cloud technology development, particularly in the banking industry, drawing billions of dollars in foreign investment.
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Public Cloud in BFSI Market Segmentation
By Type
By Component
By Enterprise Size
By End-User
Public Cloud in BFSI Market Key Competitors:
Key questions answered in the Public Cloud in BFSI Market are:
Key Offerings:
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