The Private And Public Cloud Market in the Financial Services Industry report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the private and public cloud market in the financial services industry between 2022 and 2027 is USD 90.17 billion. The growing demand for virtually unlimited storage and big data is a major factor driving the global private and public cloud in the financial services market growth. One of the most data-intensive industries is financial services as they are built on large IT infrastructures that process substantial volumes of data on a daily basis. Additionally, the large volumes of data, the use of different applications and systems, confidential information, and error-prone manual processes prevent financial institutions from gaining a holistic view of the business, related risk exposure, and customers. Hence, such factors drive the market growth of the market during the forecast period.
- Market Challenge -
Data security and privacy are major challenges impeding the global private and public cloud in the financial services market growth. The financial services industry functions and deals with a substantial amount of confidential client and customer data. Since bank account information, debit or credit card data, and business data for business transactions. Furthermore, the rise in data privacy regulations and potential threats to reputation related to data breaches increase the demand for data privacy policies. Hence, such challenges hinder the growth of the market during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio. Read a Sample PDF Report Now
The private and public cloud market in the financial services industry has been segmented by service type (SaaS, IaaS, and PaaS), Deployment (Public cloud and Private cloud) and Geography (North America, Europe, APAC, South America, and Middle East and Africa).