The multi-cloud networking in fintech market was valued at $362.34 million in 2021, and is estimated to reach $1.9 billion by 2031, growing at a CAGR of 18.2% from 2022 to 2031.
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Fintech is always surrounded by the risk of managing sensitive information and adhering to industry compliance. In addition, cloud providers have to take strict measures to protect customers’ data and systems from any kind of threats and attacks. Furthermore, some of the popular methods include using next-gen firewalls, intrusion detection, and prevention technologies, securing endpoints, data encryption, audits, penetration testing, tokenization, and (Virtual Private Network) VPN.
Furthermore, the increasing deployment of cloud service providers (CSPs) and the need for disaster recovery and contingency plans are boosting the growth of multi-cloud networking in the fintech market. In addition, the rise in the adoption of multi-cloud networking in fintech positively impacts the growth of the market. However, the lack of a skilled workforce and the complexity of redesigning the network for the cloud is hampering the multi-cloud networking in fintech market growth. On the contrary, the adoption of the emergence of the rise in a number of small and medium enterprises is expected to offer remunerative opportunities for expansion during the multi-cloud networking in fintech market forecast.
Depending on enterprise size, the large enterprise segment holds the largest multi-cloud networking in fintech market share as large enterprises are adopting multi-cloud networking in fintech to protect all their infrastructures. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to their growing technological investments and growing innovation, which is expected to further fuel the growth of the global cloud access security broker industry.
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Region-wise, the multi-cloud networking in fintech market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its highly advanced technology sector which is expected to drive the market for multi-cloud networking in fintech within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its growing digital capabilities and a highly competitive market space, which is anticipated to fuel the multi-cloud networking in fintech market growth in the region in the coming few years.
With an increase in cyber-attacks on enterprises and government organizations for accessing critical data has led to the implementation of stringent government guidelines for protecting both the companies and client’s sensitive data. Restricting access to information stored in the cloud was a data security concern of many businesses. The challenge for IT and security teams is to only allow that type of freedom to authorized users. The multi-cloud networking in fintech market trends solves this challenge by securing and monitoring access to information within the cloud, not just at the perimeter. Many key players adapted various strategies to develop integrated security solutions, building a global presence. For instance, in September 2021, Hewlett Packard acquired Zerto, a leader in cloud data protection and management. This acquisition aimed to strengthen HPE GreenLake’s edge-to-cloud platform across the high-growth data protection market along with a reliable solution and augment the storage business of HPE into a cloud-native and software-defined data services business.
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KEY FINDINGS OF THE STUDY
By component, the solution segment accounted for the largest multi-cloud networking in fintech market share in 2021.
Region-wise, North America generated the highest revenue in 2021.
Depending on enterprise size, the large enterprise generated the highest revenue in 2021.
The key players that operate in the multi-cloud networking in fintech market analysis are Aviatrix, VMware, Inc., Oracle Corporation, F5, Inc. Cisco System Inc., Nutanix, Cloudflare, Inc., Juniper Networks, Inc, Citrix Systems, Inc, versa networks, inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the multi-cloud networking in fintech industry.
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