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2021
Cloud Computing Banking Market

Cloud Computing Banking Market By Type (Cloud Identity & Access Management Software, Cloud Email Security Software, Cloud Intrusion Detection & Prevention System, Cloud Encryption Software, and Cloud Network Security Software), Deployment (Public, Private, and Hybrid), and Enterprise Size (Large Enterprise and Small & Medium Enterprises): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12967
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Oct 2021 | 213 Views
   
Author(s) : Vijay Poola
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Cloud Computing Banking Market Outlook - 2030

The banking industry houses a large amount of consumer data and is constantly striving to provide the best services to its clients. In such a scenario, cloud computing technology serves as a transformative digital solution that provides the banking sector with unprecedented levels of security, agility, and scalability while enhancing its ability to handle consumer data.

With the help of data analytics, data storage and batch processing, strategically implemented cloud computing services enable banks to use resources in a highly flexible & efficient manner. Moreover, cloud technology aids the banking industry in increasing revenue, operational efficiency, and client service. Therefore, the demand for cloud computing in banking industry has increased as many financial firms are implementing blockchain technology as it provides a very high level of security & safety for the customers, which will further help in boosting the growth of the market.

The global cloud computing banking market is segmented on the basis of type, deployment, enterprise size and region. Based on type, the market is divided into cloud identity & access management software, cloud email security software, cloud intrusion detection & prevention system, cloud encryption software, and cloud network security software. In terms of deployment, the market is categorized into public, private, and hybrid. On the basis of enterprise size, the cloud computing banking market is divided into large enterprise and small & medium enterprises. 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 cloud computing banking industry include Google Inc, Salesforce Inc., Thales, Secomba GmbH, Trend micro Inc., Sophos Ltd., Wave Systems Corporation, Microsoft, Temenos AG and nCino.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global cloud computing banking market.

Market Scope and Structure Analysis

Report Metric

Details

 Market Size Available for Years

 2020–2030

 Base Year Considered

 2020

 Forecast Period

 2021–2030

 Forecast Unit

 Value (USD)

 Segments Covered

 Type, Deployment, Enterprise Size, and Region

 Regions Covered

North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Italy and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa)

 

 Companies Covered

Google Inc, Salesforce Inc., Thales, Secomba GmbH, Trend micro Inc., Sophos Ltd., Wave Systems Corporation, Microsoft, Temenos AG and nCino.

 

COVID-19 Impact Analysis

  • In the wake of COVID-19 pandemic situation, it was discovered that many traditional financial service firms use outdated technology infrastructures. As cloud computing has been developed, banks and credit unions have been hesitant to embrace it, fearful of security, unsure of the benefits, and unwilling to relinquish control of their data.
  • However, there has been a potential digital change as COVID-19 has accelerated digitalization in banking. This is mainly due to customers’ expectations, as they have altered altogether during the pandemic. This helped banks cope up with the operating environment, which was made complex by COVID-19.

Top Impacting Factors

Rising demand for cloud security in banking and increase in cyber security threats are expected to drive the growth of the market. In addition, integration of big data, artificial intelligence (AI) & machine learning (MI) with cloud will propel the growth of the market. However, data privacy & information security concerns associated with cloud solutions may impede the growth of the market. Contrarily, cost reduction, scalability, and efficiency by cloud computing are expected to provide lucrative opportunities for the market in the coming years.

Rising Demand for Cloud Security in Banking

Cloud computing solutions have acted as a catalyst for digital banking transformation, bringing benefits to both front-end and back-end operational models. These advantages will help financial institutions become more future-proof while also laying the groundwork for increased customer value and revenue. Cloud computing is a viable replacement for out-of-date systems that are becoming increasingly vulnerable to data tampering.

Moreover, cloud solutions also facilitate open banking possibilities, expanding the solution set for consumers across traditional and non-traditional financial services. Cloud solutions can provide added comfort from cybersecurity risks by allowing for instant detection of potential breaches and embedded security to safeguard banking data. Therefore, banks and credit unions are increasingly turning to cloud computing solutions to store data and support applied analytics to meet their capacity & speed requirements, which, in turn, will boost the growth of the market during the coming years.

Increased Return on Investments with Lower Infrastructure and Storage Costs

Banking enterprises are concerned about the costs of data hosting on-premises in terms of implementation and maintenance. Furthermore, employee costs and issues with downtime are two additional concerns for the firms. The current competitive environment and global economic conditions have accelerated the adoption of cost-effective business model restructuring measures. Moreover, the cloud provides the pay-as-you-go model, which allows the firms to pay for cloud services based on how much they use them, resulting in lower costs. Therefore, this consolidation is expected to foster the market growth of the global cloud computing banking industry in the coming years.

Key Segments Covered

Segment

Sub-Segment

 Type

  • Cloud Identity & Access Management Software
  • Cloud Email Security Software
  • Cloud Intrusion Detection & Prevention System
  • Cloud Encryption Software
  • Cloud Network Security Software

 Deployment

  • Public
  • Private
  • Hybrid

 Enterprise Size

  • Large Enterprise
  • Small & Medium Enterprises


Key Benefits of the Report

  • This study presents analytical depiction of the global cloud computing banking market forecast 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 market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global cloud computing banking market growth scenario.            
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed cloud computing banking market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Cloud Computing Banking Market Research Report   

  • Which are the leading players active in the global cloud computing banking market size?
  • What are the detailed impacts of COVID-19 on the cloud computing banking market trends?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global cloud computing banking market share?
  • What future projections would help in taking further strategic steps?
 
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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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