Report Code: A12967 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Cloud Computing Banking Market
Request Now !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.
COVID-19 Impact Analysis
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 Benefits of the Report
Questions Answered in the Cloud Computing Banking Market Research Report  Â
Cloud Computing Banking Market Report Highlights
Aspects | Details |
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By Type |
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By Deployment |
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By Enterprise Size |
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By Region |
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Key Market Players | Sophos Ltd., Temenos AG, Salesforce Inc., Thales, Wave Systems Corporation, nCino., Google Inc, Secomba GmbH, Trend micro Inc., Microsoft |
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