Global Market for Private and Public Cloud in Financial Services to Witness Outstanding Growth by 2026
Financial services are increasingly adopting the cloud for innovation, security, and customization. A private cloud in financial services is a personal cloud hosting solution that dwells in an organization’s intranet or hosted data center. This is where a company keeps its data protected behind a firewall. Companies that already have expensive data centers can make use of their current infrastructure to keep the data protected. In the public cloud, the provider’s data center stores all its data and the provider manages and maintains the data center. Many companies are adopting this type of cloud environment because it lessens the time spent in testing and using new products. According to report analysts, the global market for private and public cloud in financial services will witness good growth over the forecast period.
Strategic application of IT resources in an organization will benefit the business and transform it in no time. When it comes to financial institutions, data security is most important. The institutions should also comply with many evolving regulatory requirements. That’s why many companies are combining on-premise private cloud and third-party public cloud services into a coherent whole, which is also known as hybrid cloud. With financial firms constantly looking for ways to scale computation and optimize costs, the market for private and public cloud is expected to grow at a good pace in the coming years. According to a recent survey of senior financial executives, about 40% of the financial enterprises will use the cloud to support a good percentage of their transactional systems.
Major players in the global Private and Public Cloud in Financial Services market include:
Amazon Web Services
Infosys Technologies Ltd.
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The global market for private and public cloud in financial services is segmented by types and applications.
Based on types, the market is divided into SaaS, IaaS, and PaaS.
Based on applications, the market is divided into banks, insurance companies, security companies, and others.
North America (The United States and Canada), Europe (UK, France, Germany, Italy, Spain, Sweden, Poland, and the rest of the region), Asia-Pacific (India, China, Japan, Singapore, South Korea, Australia, New Zealand, and the rest of the region), the Middle East and Africa (North Africa, South Africa, and the rest of the region), and Latin America (Mexico, Brazil and, the rest of the region) are the important geographical areas considered for the market analysis of private and public cloud in financial services.
The Asia-Pacific region, especially China, India, and Southeast Asia will occupy more market share during the forecast period. North America will continue to play an important role and any changes in the region will have a direct impact on the development of private and public cloud in financial services. Europe is yet another important region and it will continue to impact the global market positively.
With the cloud offering complete data security and privacy, it has become more important in the financial sector. According to PWC, a multinational professional services network, the public cloud will become an important infrastructure model in FinTech or financial technologies by 2020.
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