According to a recent report published by Allied Market Research, titled, “Hybrid Cloud in BFSI Market by Component, Type, Enterprise Size, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global hybrid cloud in BFSI market size was valued at $7.98 billion in 2020, and is projected to reach $36.15 billion by 2030, growing at a CAGR of 14.2% from 2021 to 2030.
Hybrid cloud is a computing environment that combines a BFSI firm’s on-premises private cloud services and third-party public cloud into a single, flexible infrastructure for executing applications and workloads. Furthermore, with the help of a hybrid cloud, banks no longer need to be concerned about disaster recovery and may retain their production environment in a private cloud and a recovery environment in a public cloud. Furthermore, the market is being driven by a change in inclination towards hybrid cloud and the growth in digital disruptions positively impacts the hybrid cloud in BFSI market growth. Furthermore, technological advances such as the integration of edge computing, the internet of things (IoT), and artificial intelligence boost the growth of the market across the globe. Factors such as network complications and growth in security concerns limit the growth of the market. High adoption of hybrid cloud services among the small and medium organizations is expected to offer remunerative opportunities for the expansion of the hybrid cloud in BFSI market during the forecast period.
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On the basis of end user, the banking segment is expected to gather a large share during the forecast period owing to growing COVID-19 patients across the globe which has led many banks and FinTech organizations to use cloud platform for various lending and other purposes. However, the NBFCs segment is expected to witness growth at the highest rate during the forecast period, owing to rise in adoption of digital technology among the NBFC, increase in use of mobile payment technology among the people and penetration of high-speed internet connectivity have led to increase hybrid cloud platform among the NBFC.
Region wise, the hybrid cloud in BFSI market share was dominated by North America in 2020 and is expected to retain its position during the forecast period. This is attributed to several factors such as penetration of new industries and improvement in the economy. Furthermore, the rise in number of hybrid cloud in BFSI solution vendors across the U.S. and Canada provides lucrative opportunities for the market. Asia-Pacific is expected to experience significant growth during the forecast period, owing to the wide presence of small-and medium-scale financial institutes, which are turning toward hybrid cloud solutions to efficiently manage their business processes, particularly in developing countries such as China, India, and Singapore.
The COVID-19 outbreak is anticipated to have a beneficial influence on expansion of the hybrid cloud in BFSI market. This is due to the increase in awareness of digitization and changing computing needs of BFSI industry. Furthermore, the COVID-19 pandemic has shifted the workplace of many bankers to work from home, in turn driving the demand for hybrid cloud among banks for helping the employees to securely connect to the banking systems. For instance, according to a Standard Chartered survey conducted in 2020, a total of 77% of people across the globe want to work more flexibly and about 70% want to continue working from home at least two days a week once restrictions are relaxed. Furthermore, it offers a variety of additional services such as ease of use, manageability, and rapid deployment to accelerate the deployment and expansion management of the banking IT applications bringing in agility and operational efficiency.
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Key Findings Of The Study
- On the basis of component, the solution segment accounted for the largest hybrid cloud in BFSI market share in 2020.
- On the basis of region wise, North America generated highest revenue in 2020.
- On the basis of type, the software as a service segment generated the highest revenue in 2020.
The key players profiled in the hybrid cloud in BFSI market analysis are Alibaba Group Holding Limited, Amazon Web Services, Inc., Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.Com, Inc., SAP SE, and VMware, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the hybrid cloud in BFSI industry.
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