Public cloud is an IT model where on-demand computing services and infrastructure are managed by a third-party provider and shared with multiple organizations using the public Internet. Cloud adoption has been a bit slower in the financial services sector. As a result, majority of cloud-based banking applications rarely have a major impact on daily business. Public cloud computing is becoming enticing to financial institutions because it enables them to effectively outsource computer resources and refocus those resources on speedier innovation driven by real-time insight. The number of major financial institutions - including banks - exploring potential applications for the public cloud is rising.
Growth in digital transformational strategies across the BFSI sector and rise in penetration of internet & mobile devices across the world are boosting the growth of the global public cloud in BFSI market size. In addition, increasing demand for AI and machine learning propels popularity and positively impacts the growth of the market. However, regulatory complexities associated with data residency hamper the public cloud in BFSI market growth. On the contrary, increase in the adoption of the Internet of Things (IoT) is expected to offer remunerative opportunities for the expansion of the public cloud in the BFSI market during the forecast period.
The public cloud in BFSI market is segmented on the basis of component, type, enterprise size, end user, and region. By component, the market is bifurcated into software and service. By type, the market is segmented into infrastructure-as-a-service, platform-as-a-service, software-as-a-service, and others. By enterprise size, it is bifurcated into large enterprises and SMEs. On the basis of end user, it is divided into banking, NBFCs, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the public cloud in BFSI market analysis are Adobe, Alibaba Group Holding Limited, Amazon Web Services, Inc., Google LLC., IBM, Microsoft Corporation, Oracle, Salesforce. com, Inc., SAP SE, and Workday, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Growth in digital transformational strategies across the BFSI sector and rise in penetration of internet & mobile devices across the world are boosting the growth of the global public cloud in BFSI market size. In addition, increasing demand for AI and machine learning propels popularity and positively impacts the growth of the market. However, regulatory complexities associated with data residency hamper the public cloud in BFSI market growth. On the contrary, increase in the adoption of the Internet of Things (IoT) is expected to offer remunerative opportunities for the expansion of the public cloud in the BFSI market during the forecast period.
The public cloud in BFSI market is segmented on the basis of component, type, enterprise size, end user, and region. By component, the market is bifurcated into software and service. By type, the market is segmented into infrastructure-as-a-service, platform-as-a-service, software-as-a-service, and others. By enterprise size, it is bifurcated into large enterprises and SMEs. On the basis of end user, it is divided into banking, NBFCs, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the public cloud in BFSI market analysis are Adobe, Alibaba Group Holding Limited, Amazon Web Services, Inc., Google LLC., IBM, Microsoft Corporation, Oracle, Salesforce. com, Inc., SAP SE, and Workday, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global public cloud in BFSI market forecast along with the current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on the global public cloud in BFSI market trend is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Type
- Infrastructure as a Service
- Platform as a Service
- Software as a Service
- Others
By Component
- Software
- Services
By Enterprise Size
- Large Enterprises
- SMEs
By End User
- Banking
- NBFCs
- Others
By Region
- North America
- U. S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ibm corporation
- Amazon Web Services
- SAP SE
- Google LLC
- Microsoft Corporation
- Oracle Corporation
- Salesforce, Inc.
- Workday, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: PUBLIC CLOUD IN BFSI MARKET, BY COMPONENT
4.1 Overview
4.1.1 Market size and forecast
4.2 Software
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Services
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
CHAPTER 5: PUBLIC CLOUD IN BFSI MARKET, BY TYPE
5.1 Overview
5.1.1 Market size and forecast
5.2 Infrastructure as a Service
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Platform as a Service
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Software as a Service
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
5.5 Others
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market analysis by country
CHAPTER 6: PUBLIC CLOUD IN BFSI MARKET, BY ENTERPRISE SIZE
6.1 Overview
6.1.1 Market size and forecast
6.2 Large Enterprises
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 SMEs
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
CHAPTER 7: PUBLIC CLOUD IN BFSI MARKET, BY END USER
7.1 Overview
7.1.1 Market size and forecast
7.2 Banking
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market analysis by country
7.3 NBFCs
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market analysis by country
7.4 Others
7.4.1 Key market trends, growth factors and opportunities
7.4.2 Market size and forecast, by region
7.4.3 Market analysis by country
CHAPTER 8: PUBLIC CLOUD IN BFSI MARKET, BY REGION
8.1 Overview
8.1.1 Market size and forecast
8.2 North America
8.2.1 Key trends and opportunities
8.2.2 North America Market size and forecast, by Component
8.2.3 North America Market size and forecast, by Type
8.2.4 North America Market size and forecast, by Enterprise Size
8.2.5 North America Market size and forecast, by End User
8.2.6 North America Market size and forecast, by country
8.2.6.1 U. S.
8.2.6.1.1 Market size and forecast, by Component
8.2.6.1.2 Market size and forecast, by Type
8.2.6.1.3 Market size and forecast, by Enterprise Size
8.2.6.1.4 Market size and forecast, by End User
8.2.6.2 Canada
8.2.6.2.1 Market size and forecast, by Component
8.2.6.2.2 Market size and forecast, by Type
8.2.6.2.3 Market size and forecast, by Enterprise Size
8.2.6.2.4 Market size and forecast, by End User
8.3 Europe
8.3.1 Key trends and opportunities
8.3.2 Europe Market size and forecast, by Component
8.3.3 Europe Market size and forecast, by Type
8.3.4 Europe Market size and forecast, by Enterprise Size
8.3.5 Europe Market size and forecast, by End User
8.3.6 Europe Market size and forecast, by country
8.3.6.1 UK
8.3.6.1.1 Market size and forecast, by Component
8.3.6.1.2 Market size and forecast, by Type
8.3.6.1.3 Market size and forecast, by Enterprise Size
8.3.6.1.4 Market size and forecast, by End User
8.3.6.2 Germany
8.3.6.2.1 Market size and forecast, by Component
8.3.6.2.2 Market size and forecast, by Type
8.3.6.2.3 Market size and forecast, by Enterprise Size
8.3.6.2.4 Market size and forecast, by End User
8.3.6.3 France
8.3.6.3.1 Market size and forecast, by Component
8.3.6.3.2 Market size and forecast, by Type
8.3.6.3.3 Market size and forecast, by Enterprise Size
8.3.6.3.4 Market size and forecast, by End User
8.3.6.4 Italy
8.3.6.4.1 Market size and forecast, by Component
8.3.6.4.2 Market size and forecast, by Type
8.3.6.4.3 Market size and forecast, by Enterprise Size
8.3.6.4.4 Market size and forecast, by End User
8.3.6.5 Spain
8.3.6.5.1 Market size and forecast, by Component
8.3.6.5.2 Market size and forecast, by Type
8.3.6.5.3 Market size and forecast, by Enterprise Size
8.3.6.5.4 Market size and forecast, by End User
8.3.6.6 Netherlands
8.3.6.6.1 Market size and forecast, by Component
8.3.6.6.2 Market size and forecast, by Type
8.3.6.6.3 Market size and forecast, by Enterprise Size
8.3.6.6.4 Market size and forecast, by End User
8.3.6.7 Rest of Europe
8.3.6.7.1 Market size and forecast, by Component
8.3.6.7.2 Market size and forecast, by Type
8.3.6.7.3 Market size and forecast, by Enterprise Size
8.3.6.7.4 Market size and forecast, by End User
8.4 Asia-Pacific
8.4.1 Key trends and opportunities
8.4.2 Asia-Pacific Market size and forecast, by Component
8.4.3 Asia-Pacific Market size and forecast, by Type
8.4.4 Asia-Pacific Market size and forecast, by Enterprise Size
8.4.5 Asia-Pacific Market size and forecast, by End User
8.4.6 Asia-Pacific Market size and forecast, by country
8.4.6.1 China
8.4.6.1.1 Market size and forecast, by Component
8.4.6.1.2 Market size and forecast, by Type
8.4.6.1.3 Market size and forecast, by Enterprise Size
8.4.6.1.4 Market size and forecast, by End User
8.4.6.2 Japan
8.4.6.2.1 Market size and forecast, by Component
8.4.6.2.2 Market size and forecast, by Type
8.4.6.2.3 Market size and forecast, by Enterprise Size
8.4.6.2.4 Market size and forecast, by End User
8.4.6.3 India
8.4.6.3.1 Market size and forecast, by Component
8.4.6.3.2 Market size and forecast, by Type
8.4.6.3.3 Market size and forecast, by Enterprise Size
8.4.6.3.4 Market size and forecast, by End User
8.4.6.4 Australia
8.4.6.4.1 Market size and forecast, by Component
8.4.6.4.2 Market size and forecast, by Type
8.4.6.4.3 Market size and forecast, by Enterprise Size
8.4.6.4.4 Market size and forecast, by End User
8.4.6.5 South Korea
8.4.6.5.1 Market size and forecast, by Component
8.4.6.5.2 Market size and forecast, by Type
8.4.6.5.3 Market size and forecast, by Enterprise Size
8.4.6.5.4 Market size and forecast, by End User
8.4.6.6 Singapore
8.4.6.6.1 Market size and forecast, by Component
8.4.6.6.2 Market size and forecast, by Type
8.4.6.6.3 Market size and forecast, by Enterprise Size
8.4.6.6.4 Market size and forecast, by End User
8.4.6.7 Rest of Asia-Pacific
8.4.6.7.1 Market size and forecast, by Component
8.4.6.7.2 Market size and forecast, by Type
8.4.6.7.3 Market size and forecast, by Enterprise Size
8.4.6.7.4 Market size and forecast, by End User
8.5 LAMEA
8.5.1 Key trends and opportunities
8.5.2 LAMEA Market size and forecast, by Component
8.5.3 LAMEA Market size and forecast, by Type
8.5.4 LAMEA Market size and forecast, by Enterprise Size
8.5.5 LAMEA Market size and forecast, by End User
8.5.6 LAMEA Market size and forecast, by country
8.5.6.1 Latin America
8.5.6.1.1 Market size and forecast, by Component
8.5.6.1.2 Market size and forecast, by Type
8.5.6.1.3 Market size and forecast, by Enterprise Size
8.5.6.1.4 Market size and forecast, by End User
8.5.6.2 Middle East
8.5.6.2.1 Market size and forecast, by Component
8.5.6.2.2 Market size and forecast, by Type
8.5.6.2.3 Market size and forecast, by Enterprise Size
8.5.6.2.4 Market size and forecast, by End User
8.5.6.3 Africa
8.5.6.3.1 Market size and forecast, by Component
8.5.6.3.2 Market size and forecast, by Type
8.5.6.3.3 Market size and forecast, by Enterprise Size
8.5.6.3.4 Market size and forecast, by End User
CHAPTER 9: COMPANY LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Key developments
CHAPTER 10: COMPANY PROFILES
10.1 ibm corporation
10.1.1 Company overview
10.1.2 Company snapshot
10.1.3 Operating business segments
10.1.4 Product portfolio
10.1.5 Business performance
10.1.6 Key strategic moves and developments
10.2 Amazon Web Services
10.2.1 Company overview
10.2.2 Company snapshot
10.2.3 Operating business segments
10.2.4 Product portfolio
10.2.5 Business performance
10.2.6 Key strategic moves and developments
10.3 SAP SE
10.3.1 Company overview
10.3.2 Company snapshot
10.3.3 Operating business segments
10.3.4 Product portfolio
10.3.5 Business performance
10.3.6 Key strategic moves and developments
10.4 Google LLC
10.4.1 Company overview
10.4.2 Company snapshot
10.4.3 Operating business segments
10.4.4 Product portfolio
10.4.5 Business performance
10.4.6 Key strategic moves and developments
10.5 Microsoft Corporation
10.5.1 Company overview
10.5.2 Company snapshot
10.5.3 Operating business segments
10.5.4 Product portfolio
10.5.5 Business performance
10.5.6 Key strategic moves and developments
10.6 Oracle Corporation
10.6.1 Company overview
10.6.2 Company snapshot
10.6.3 Operating business segments
10.6.4 Product portfolio
10.6.5 Business performance
10.6.6 Key strategic moves and developments
10.7 Salesforce, Inc.
10.7.1 Company overview
10.7.2 Company snapshot
10.7.3 Operating business segments
10.7.4 Product portfolio
10.7.5 Business performance
10.7.6 Key strategic moves and developments
10.8 Workday, Inc.
10.8.1 Company overview
10.8.2 Company snapshot
10.8.3 Operating business segments
10.8.4 Product portfolio
10.8.5 Business performance
10.8.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Public Cloud in BFSI Market,' the public cloud in bfsi market was valued at $49 billion in 2021, and is estimated to reach $189.4 billion by 2031, growing at a CAGR of 14.6% from 2022 to 2031.Cloud computing is a type of on-demand service that provides access to shared resources, applications, or storage over the Internet. It enables financial institutions to store and process data in remote servers instead of local systems. Cloud computing offers a number of benefits to banks and financial institutions, such as increased security, faster processing speeds, and lower costs. While the financial industry has been slow to adopt cloud technology due to concerns about giving up their legacy on-premises applications, regulatory compliance, and data privacy issues, this position is starting to change as more financial institutions realize how technology can help them meet their business objectives while satisfying customers’ needs at the same time.
Growth in digital transformational strategies across the BFSI sector and rise in penetration of internet & mobile devices across the world boost growth of the global public cloud in BFSI market size. In addition, increasing demand for AI and machine learning propels the growth of the market. However, regulatory complexities associated with data residency hampers the public cloud in BFSI market growth. On the contrary, increased adoption of the Internet of Things (IoT) is expected to offer remunerative opportunities for expansion of the public cloud in BFSI market during the forecast period.
Depending on the enterprise size, the large enterprise segment holds the largest share of the public cloud in BFSI market. This is attributed to rise in shift toward hybrid and multi-cloud solutions among large enterprises are expected to propel growth of the market. However, the SMEs segment is expected to grow at the highest rate during the forecast period, due to the implementation of public cloud in BFSI solutions offering increased transparency, control, inventory, and efficiency through which small & medium businesses are able to achieve their time and money savings goals.
Region-wise, the public cloud in BFSI industry was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to increase in cloud-enabled activities and growth in cloud marketplace trends in North America countries are expected to drive public cloud in BFSI market trends. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in usage of cloud-based services and growth in deployment of data centers mainly driving growth of the public cloud in BFSI market in Asia-Pacific.
Banking and financial enterprises have adopted to shift business focus toward digital transformation and this helps to enable to revisit operating model activities. With the high demand for cloud-based application development tools and data analytics increasing dramatically in the area, leading FSIs are striving to bring new technologies to the market and embracing hybrid cloud-based solutions to deliver a higher value proposition and services to financial customers. Moreover, cloud-based banking had also shown the considerable potential of speeding up the delivery of new goods and digital tools to clients. For instance, according to an Accenture survey in 2020, moving applications to the cloud reduced time to market by up to 50% among the company’s large banking clients. These factors are expected to drive market growth.
KEY FINDINGS OF THE STUDY
- By component, the software segment accounted for the largest public cloud in BFSI market share in 2021.
- Region-wise, North America generated highest revenue in 2021.
- Depending on enterprise size, large enterprise generated the highest revenue in 2021.
The key players profiled in the public cloud in BFSI market analysis are Adobe, Alibaba Group Holding Limited, Amazon Web Services, Inc., Google LLC., IBM, Microsoft Corporation, Oracle, Salesforce.com, Inc., SAP SE and Workday, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- IBM Corporation
- Amazon Web Services
- SAP SE
- Google LLC
- Microsoft Corporation
- Oracle Corporation
- Salesforce, Inc.
- Workday, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, 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
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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