Banking Cloud Services Market Outlook – 2027
The global demand for banking cloud services is experiencing a significant growth, and is expected to maintain its dominance during the forecast period. Banking cloud services enable banks to use resources in an incredibly flexible and effective way through data analysis, data storage, and batch processing. Furthermore, cloud banking systems make it easier for banks to build products and services more efficiently. It not only enables the banking industry to enhance computing capacity, but also delivers excellent insights for banks to develop personalized services for their customers in the market.
The global banking cloud services market is segmented on the basis of service type, application, end user, and region. Based on service type, the market is divided into infrastructure-as-a-service, platform-as-a-service, software-as-a-service, and others. In terms of application, the market is categorized into payments, customer & channel management, processing services, risk management, and others. On the basis of end user, the market is segmented into retail banking, corporate banking, investment banking, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global banking cloud services industry include OneSpan, IBM Corporation, AO Kaspersky Lab., Blackstrat U.S. Inc., McAfee, Alert Logic Inc., CronU.S. Cyber Technology Ltd., Verodin Inc., XM Cyber Ltd., Guardicore, and Microsoft Corporation. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global banking cloud services market.
Top Impacting Factors
With growth in technological advancements, cyber-crimes, malware frauds, and insider frauds have increased across the globe. Thus, such conditions urge banks to adopt banking cloud technologies in their business operations, which boost growth of the market. However, FinTech disruptions among conventional players and regulatory concerns, owing to evolving market & economic landscape hinder the market growth.
Conversely, transforming banking models and developing services with the trend and rise in adoption of cloud based security solutions are some of the factors expected to provide lucrative opportunities in the upcoming years.
New Software Launches to Flourish the Market
In April 2020, banking software provider Temenos launched Software-as-a-Service (SaaS) propositions using innovative Explainable AI (XAI) and cloud technology to help the banking industry tackle the coronavirus pandemic and effectively manage consumer relationships. With rise in digital banking usage, Temenos enables banks fulfill customer needs for intimate digital engagement and serve small companies and retail customers with fast loan approvals and viable financial goods.
New Mobile Apps to Flourish the Market
OneSpan, a cyber security software released a security application for banks, which is a mobile security suite. It helps customers to safely transact and perform banking through mobile application. It uses wide array cloud data for authentication methods such as One-Time-Password, usage biometrics, fingerprint, facial recognition, Out-of-band SMS, and geo-location. It also allows bank customers to e-sign documentations, fulfill regulatory requirements for strong authentication, and maintain app security features.
Key Benefits of the Report
- This study presents analytical depiction of the global banking cloud services market size along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global banking cloud services market share.
- The current market is quantitatively analyzed to highlight the global banking cloud services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market banking cloud services market analysis based on the present and future competitive intensity of the market.
COVID-19 Scenario Analysis
- In the wake of COVID-19 pandemic, cyber criminals are expected to grow at a significant rate. For instance, IBM X-Force reported an increase of 43% in spam related to COVID-19 on websites and mobile applications.
- Furthermore, customers accessing applications related to COVID-19 are also hacked via ransom-ware online applications.
- Moreover, work from home scenario and impact of rising risks from cyber-attacks has accelerated growth & implementation of cloud-based technologies among financial institutions and banks globally.
Questions Answered in the Banking Cloud Services Market Research Report
- Who are the leading market players active in the banking cloud services market?
- What would be the detailed impact of COVID-19 on the global banking cloud services market?
- How current banking cloud services market trends would influence the industry in the next few years?
- What are the driving factors, restraints, and opportunities in the global banking cloud services market?
- What are the projections for the future that would help in taking further strategic steps?
Banking Cloud Services Market Report Highlights
By Service Type
By Deployment Type
By End User
Key Market Players
Alert Logic Inc., McAfee, Guardicore, Verodin Inc., Brocade Communications Systems Inc., AO Kaspersky Lab., Cisco systems, Inc., OneSpan, Microsoft Corporation, IBM Corporation