Latest News- Private And Public Cloud In Financial Services Industry Market: SaaS is expected to lead the Service Type segment during 2025-2029

The Private And Public Cloud In Financial Services Industry Market is being driven by Growing demand for virtually unlimited storage and big data

The Private And Public Cloud In Financial Services Industry Market is expected to grow at a CAGR of 23.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 178588.4 million. OpenStack, an open-source cloud computing technology initiated by Rackspace and NASA in 2010, is gaining significant traction in the financial services industry. This technology comprises a suite of software tools designed to manage and construct cloud-based platforms. Backed by industry giants such as Cisco Systems, Rackspace, Dell, HPE, IBM, Oracle, Red Hat, and VMware, OpenStack is regarded as the next generation of cloud solutions. Notably, large financial institutions have shown a higher propensity towards OpenStack adoption compared to Small and Medium Enterprises (SMEs). The primary use cases for OpenStack in the financial sector involve core banking platforms. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service Type
  • SaaS
  • IaaS
  • PaaS
• Deployment
  • Private cloud
  • Public cloud
• Sector
  • Large enterprises
  • Small and medium-sized enterprises
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for virtually unlimited storage and big data
• Increased focus on cost optimization and scaling computation
• High focus on sustainability using green IT

However, the market also witnesses some limitations, which are as follows:

• Data security and privacy issues in the private and public cloud in financial services
• Increasing need for regulatory compliance
• Network connectivity issues and latency

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Market Scope in Private And Public Cloud In Financial Services Industry Market Research Report

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Research Analysis Overview

In the financial services industry, cloud storage solutions are utilized for data backup and recovery, ensuring business continuity plans. Regulatory reporting, fraud detection systems, and encryption key management require robust security measures, including access control policies, data masking techniques, intrusion detection systems, penetration testing services, and vulnerability management. Compliance with security audit compliance, data sovereignty concerns, customer data privacy, and transaction security protocols are crucial. Application security testing, compliance automation tools, and financial modeling platforms enhance operational efficiency. Cloud workload management, elastic load balancing, virtual private networks, network virtualization, cloud monitoring dashboards, and IT resource allocation are essential for effective cloud service provider selection.

Market Research Overview

In the financial services industry, cloud solutions have emerged as a strategic option for data processing and outsourced services. Cloud security compliance is paramount, ensuring financial data encryption and protecting against potential breaches. Private cloud architecture offers enhanced security and control, while public cloud scalability delivers flexibility and cost savings. Data sourcing and collection in the financial sector necessitates a thorough evaluation of potential sources, considering factors such as cost, coverage, and quality. Establishing long-term relationships with reliable data providers and implementing robust data management systems are essential for maintaining data integrity and security. The workforce in this sector consists of management and marketing executives, who play a crucial role in overseeing operations and ensuring regulatory compliance.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/