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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Public Cloud In Bfsi Market
Request Now !The public cloud is an IT model in which a third-party provider manages on-demand computing services and infrastructure that is shared across multiple organizations via the public Internet. The public cloud makes computing resources available for purchase by anyone. In addition, a public cloud is typically shared by multiple users., whereas, a private cloud, on the other hand, refers to cloud-based services that are hosted within an organization. Furthermore, cloud computing, as one of the most important and rapidly evolving technologies, has enabled a slew of other disruptive technologies, including big data, artificial intelligence, the internet of things (IoT) and others. Many core banking processes have been transformed as a result of it. Moreover, financial institutions are actively exploring cloud computing applications as a result of an increase in banking services such as payment gateways, online transactions, digital wallets, and omnichannel customer service, among others. Therefore, the surge in demand for public cloud in BFSI domain is expected to boost the growth of the market in the upcoming period.
The global public cloud in BFSI market is segmented on the basis of type, delivery model, end-user, and region. Based on type, the market is divided into Hardware, Software and Services. In terms of delivery model, the market is categorized into Application, Platform and Infrastructure. On the basis of end-user, the market is divided into Banks, Financial Institutions and Insurance Companies. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
An increase in digital transformation among industries and rising penetration of the internet and mobile devices across the world are driving the growth of the market. In addition, increasing demand for AI & machine learning propels popularity. However, complexities associated with data residency are expected to hamper the growth of the market. Contrarily, increased adoption of the internet of things (IoT) is expected to provide lucrative opportunities to the public cloud in BFSI market in the upcoming years.
The Global Public Cloud in BFSI Market Trends Are As Follows:
Increase in Digital Transforming Among Industries:
Cloud computing solutions have aided in the transformation of digital banking, benefiting both front-end and back-end operational models. Since the pandemic has stuck, many enterprises across different domains are actively transforming their businesses online. This will assist financial institutions in becoming more future-proof while also laying the foundation for increased customer value and revenue.
Furthermore, cloud solutions enable open banking, broadening the range of options available to consumers across traditional and non-traditional financial services. Moreover, to meet their capacity and speed requirements, banks and financial institutions are increasingly turning to digital technologies to store data and support applied analytics. Therefore, the increase in digital transformation among industries is expected to drive the growth of the public cloud in BFSI market during the forecast period.
Rising Penetration of Internet & Mobile Devices Across the World:
The spread of internet access to every corner of the globe has resulted in a surge in the online segment. In the twenty-first century, smartphones have also become an indispensable part of many people's lives. The increasing use of devices such as smartphones and tablets, as well as access to the internet via 4G, 5G, and other technologies, has accelerated the adoption of technology. Moreover, to streamline daily operations and gain access to data from anywhere, banking firms and financial institutions are turning to cloud software, as the software keeps businesses up to date on transactions automatically. Therefore, the rising penetration of the internet and mobile devices across the world is expected to drive the growth of the public cloud in BFSI market forecast period.
Key Benefits of the Report:
Questions Answered in the Public Cloud In BFSI Market Research Report:
Key Market Segments
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Key Market Players
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