Cloud Computing in Banking Market Scope
Cloud computing is the delivery of computing service such as servers, storage, databases, networking, software, analytics, and the Internet. Companies offering these computing services are called cloud providers. The cloud computing has offered number of benefits to various industries such as banking. It makes things easier like interoperability, secure storage, 24×7 up time, and others. Also, it creates an opportunity for bankers to connect with their users directly. Moreover, it is an easy technique to deploy and integrate with all the services of the bank system.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Cloud Computing in Banking market throughout the predicted period.
Amazon Web Services (United States), Google (United States), Microsoft Azure (United States), IBM (United States), Aliyun (United States), Salesforce (United States), Oracle (United States), SAP (Germany), Workday (United States), Adobe (United States), Cisco Systems (United States) and EMC Corporation (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Cloud Computing in Banking market and Region with country level break-up.
On the basis of geography, the market of Cloud Computing in Banking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On June 2020, IBM has acquired Spanugo Cyber security Posture Assurance for the Hybrid Cloud by automating all aspects of Risk, Cyber security, and Compliance Assurance.
In June 2020, Amazon has opened AWS Europe (Milan) and AWS Africa (Cape Town), to expand its availability zones to 76 within 24 geographic regions across the world. It has also announced plans for nine mores availability zones and three more AWS regions in Indonesia, Japan, and Spain.
Market Trend
- Rising Adoption of Hybrid Cloud Services
Market Drivers
- Benefits Such as Cost Effective, Feasibility, Reliability, and Productivity
- Increased Return on Investments with Low Infrastructure and Storage Costs
Opportunities
- Growing Adoption by Large, Medium and Small Enterprises
- Digital Transformation among the Industries
Restraints
- Need to Manage Regulatory and Compliance Policy
Challenges
- Security Issues in Banking Sectors May Hamper the Market
Key Target Audience
Banks, Government associations, Research organisations, Software vendors and Others