Cloud Adoption in Banking Market Size is predicted to raise a 16.3% CAGR during the forecast period for 2024-2031.
Cloud adoption in banking represents the industry's growing reliance on cloud computing. This movement is about banks bringing their digital banking services to the next level by storing data and applications on the cloud. The purpose is to make financial services more innovative, flexible, and administratively efficient. The quicker and easier resource scalability, more trust in cloud security, more effective regulatory norms, and a digitally transformed world fuel the expansion of the worldwide market for cloud adoption in banking. Furthermore, because of the necessity for improved security measures and to comply with regulations, banks are increasingly turning to cloud solutions, which provide strong data protection and disaster recovery capabilities. Cloud computing allows for the quick rollout of new services and apps to suit the changing demands of customers, which is another innovation that banks are driven to make in response to the competitive market in the coming years.
However, market growth is hampered by the anticipation of rising security concerns; the frequency of data breaches has made security a major concern for cloud providers. The delicate nature of financial data necessitates stringent security measures, so banks are cautious about fully adopting cloud solutions in banking. The global market of cloud adoption in banking banks' efforts to collaborate and innovate was sped up by the pandemic, which prompted the use of analytics solutions, programming platforms, and cloud-based collaboration tools. The introduction of cloud computing has enabled banks to develop new digital products & services in a speedy manner.
Competitive Landscape
Some Major Key Players In The Cloud Adoption in Banking Market:
- Google Cloud Platform
- Salesforce
- Vormetric Inc.
- Boxcryptor
- Trend Micro
- Sophos
- Wave Systems
- Microsoft Azure
- Temenos
- nCino
- Oracle Corporation
- Dell Technologies
- Amazon Web Services
- SAP SE
- IBM Corporation
- VMware
- Other Prominent Players
Market Segmentation:
Cloud adoption in the banking market is segmented based on end-user and type. Based on end-users, the market is segmented into retail banks, commercial banks, investment banks, credit unions, and regulatory bodies. By type, the market is segmented into cloud identity and access management software, cloud intrusion detection and prevention system, cloud email security software, cloud encryption software, and cloud network security software.
Based On The End-User, The Investment Bank Segment Is Accounted As A Major Contributor To Cloud Adoption In The Banking Market.
The investment banks' cloud adoption in banking is predicted to have a significant portion of the worldwide market. The segment is experiencing expansion because of the need for state-of-the-art technological solutions in immediate analytics, risk control, and regulation in the data-intensive and ever-changing setting of investment banks. The segment is expected to grow even more due to the collaboration between market players and investment banks.
Cloud Identity And Access Management Software Segment To Witness Growth At A Rapid Rate.
The cloud identity and access management software segment is expected to expand quickly in the global market because it enhances safety and conformity with regulations. Critical for protecting sensitive financial data, cloud identity, and access management software systems allow for centralized control over user access, authentication, and authorization. Ensuring secure and compliant cloud operations, cloud identity, and access management software are expected to consolidate their position in the market further, which is of the highest priority to banks due to their emphasis on robust security measures.
In The Region, The North American Cloud Adoption In The Banking Market Holds A Significant Revenue Share.
The North American cloud adoption in the banking market is anticipated to provide the highest revenue share in the near future. It can be attributed to the large technological infrastructure, a high level of digital literacy, a robust legal framework that supports cloud services, and large cloud service providers in the area. In addition, Asia Pacific is projected to grow rapidly in the global cloud adoption in the banking market due to the rising population showing an increasing affinity for new technologies and the surge in initiatives aimed at digitally transforming the banking and financial sectors. Asia Pacific financial institutions are embracing cloud technology to enhance client service, flexibility, and quickness, which is driven by a growing economy and more technical awareness, which drive market expansion in the region.
Recent Developments:
- In Dec 2023, Cloud banking company nCino and Salesforce have recently strengthened their partnership. The 12-year-old partnership between nCino and Salesforce was extended. In order to aid financial institutions (FIs) that utilize both nCino and Salesforce in modernizing customer experiences such as onboarding, loan origination, deposit account opening, and portfolio management, the new agreement saw nCino strengthen its integration with Salesforce platform tools, including its financial services cloud.
- In Dec 2023, The Reserve Bank of India (RBI) has implemented a cloud infrastructure specifically designed for the financial industry in order to bolster data security. Banks and financial institutions have consistently accumulated a growing amount of data. A significant number of individuals employed a range of public and private cloud services for this objective.
Cloud Adoption in Banking Market Report Scope
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 16.3% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type And End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Google Cloud Platform, Salesforce, Vormetric Inc., Boxcryptor, Trend Micro, Sophos, Wave Systems, Microsoft Azure, Temenos, nCino, Oracle Corporation, Dell Technologies, Amazon Web Services, SAP SE, IBM Corporation, VMware and Other prominent players |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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