About Cloud Computing in Banking
Cloud computing is the delivery of computing service such as servers, storage, databases, networking, software, analytics, and the Internet. Companies offering these computing services are called cloud providers. The cloud computing has offered number of benefits to various industries such as banking. It makes things easier like interoperability, secure storage, 24×7 up time, and others. Also, it creates an opportunity for bankers to connect with their users directly. Moreover, it is an easy technique to deploy and integrate with all the services of the bank system.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 22.0% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Cloud Computing in Banking market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Amazon Web Services (United States), Google (United States), Microsoft Azure (United States), IBM (United States), Aliyun (United States), Salesforce (United States), Oracle (United States), SAP (Germany), Workday (United States), Adobe (United States), Cisco Systems (United States) and EMC Corporation (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Cloud Computing in Banking market by and Region.
On the basis of geography, the market of Cloud Computing in Banking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. Public cloud will boost the Cloud Computing in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Type of cloud computing, the sub-segment i.e. Infrastructure as a Service (IaaS) will boost the Cloud Computing in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organisation size, the sub-segment i.e. SMEs will boost the Cloud Computing in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Workload , the sub-segment i.e. Application development and testing will boost the Cloud Computing in Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Adoption of Hybrid Cloud Services
Market Growth Drivers:
Benefits Such as Cost Effective, Feasibility, Reliability, and Productivity and Increased Return on Investments with Low Infrastructure and Storage Costs
Challenges:
Security Issues in Banking Sectors May Hamper the Market
Restraints:
Need to Manage Regulatory and Compliance Policy
Opportunities:
Growing Adoption by Large, Medium and Small Enterprises and Digital Transformation among the Industries
Market Leaders and their expansionary development strategies
In SEPTEMBER 2023, Temenos (SIX: TEMN) today announced that Varo Bank, N.A., the first all-digital, nationally chartered consumer techbank in the US, has extended its relationship with Temenos.
In June 2020, Amazon has opened AWS Europe (Milan) and AWS Africa (Cape Town), to expand its availability zones to 76 within 24 geographic regions across the world. It has also announced plans for nine mores availability zones and three more AWS regions in Indonesia, Japan, and Spain.
Key Target Audience
Banks, Government associations, Research organisations, Software vendors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.