Cloud is an environment that provides scalable and measurable IT resources and works with virtual components rather than actual physical hardware. Banks opt for cloud technology due to the increase in data input. Reduction in hardware cost as well as flexibility and scalability for availability of data are advantages of adopting cloud technology.
Reduction in IT infrastructure investments predominantly drive the public cloud service market in BFSI market growth. In addition, rise in investments in local data centers also fuel the market growth. However, latency in data retrieval and interruptions in data transmissions restrain the growth of the market. Ability of cloud technology to provide flexibility in deployment models, which in turn enhance the BFSI sector to be more agile makes way for market growth opportunities.
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The global public cloud service in BFSI market is segmented on the basis of service type, end user, and region. Based on service type, it is bifurcated into infrastructure as a service (IAAS) and platform as a service (PAAS). The end user segment includes banks, trade finance houses, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Benefits:
- The study provides an in-depth analysis of the global public cloud service in BFSI market and current & future trends to elucidate the imminent investment pockets.
- Information about the key drivers, restrains, and opportunities are provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the market is provided to determine the market potential.
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Key players operating in this market are Amazon.com, Inc, Google, Hewlett-Packard Enterprise, IBM Corporation, Microsoft, Rackspace Inc, Cisco Systems, Inc, Dell Inc, Oracle, and SAP SE.
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