Cloud adapting in banking and financial services involves the on-demand delivery of combined computing services, including data storage, services, data analytics, communication and networking, and applications. In this way, banks can quickly create tailor-made solutions on software infrastructure that regulates day-to-day operations.
Increase in adoption of cloud-based fintech solutions by banks and rising popularity of advanced technologies is boosting the growth of the global cloud computing banking market. in addition, increase in use of digital transformation technology the positively impacts growth of the cloud computing banking market. However, lack of technical proficiency for implementing cloud computing solutions and increasing security concerns is hampering the cloud computing banking market growth. On the contrary, increase in adoption of Artificial Intelligence based banking system is expected to offer remunerative opportunities for expansion of the cloud computing banking market during the forecast period.
The cloud computing banking market is segmented on the basis of service model, deployment mode, application, and region. On the basis of service model, the market is categorized into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). On the basis of deployment mode, the market is fragmented into public cloud, private cloud, and hybrid cloud. By application, it is classified into fraud detection & prevention, customer relationship management (CRM), human resource management, core banking, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the cloud computing banking market are Amazon Web Services, Microsoft Corporation, IBM Corporation, Google LLC, Oracle Corporation, Salesforce.com Inc., Alibaba Cloud Computing Ltd., VMware, SAP SE, and Dell Technologies. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Increase in adoption of cloud-based fintech solutions by banks and rising popularity of advanced technologies is boosting the growth of the global cloud computing banking market. in addition, increase in use of digital transformation technology the positively impacts growth of the cloud computing banking market. However, lack of technical proficiency for implementing cloud computing solutions and increasing security concerns is hampering the cloud computing banking market growth. On the contrary, increase in adoption of Artificial Intelligence based banking system is expected to offer remunerative opportunities for expansion of the cloud computing banking market during the forecast period.
The cloud computing banking market is segmented on the basis of service model, deployment mode, application, and region. On the basis of service model, the market is categorized into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). On the basis of deployment mode, the market is fragmented into public cloud, private cloud, and hybrid cloud. By application, it is classified into fraud detection & prevention, customer relationship management (CRM), human resource management, core banking, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the cloud computing banking market are Amazon Web Services, Microsoft Corporation, IBM Corporation, Google LLC, Oracle Corporation, Salesforce.com Inc., Alibaba Cloud Computing Ltd., VMware, SAP SE, and Dell Technologies. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global cloud computing banking market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global cloud computing banking market trend is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.
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- Product Life Cycles
- Upcoming/New Entrant by Regions
- Go To Market Strategy
- Market share analysis of players by products/segments
- Additional country or region analysis- market size and forecast
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Service Model
- Infrastructure as a service (IaaS)
- Platform as a service (PaaS)
- Software as a service (SaaS)
By Deployment Mode
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Application
- Fraud Detection and Prevention
- Customer Relationship Management (CRM)
- Human Resource Management
- Core Banking
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Google LLC
- Salesforce.com Inc.
- IBM Corporation
- SAP SE
- VMware
- Amazon Web Services
- Alibaba Cloud Computing Ltd.
- Microsoft Corporation
- Oracle Corporation
- Dell Technologies
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CLOUD COMPUTING BANKING MARKET, BY SERVICE MODEL
CHAPTER 5: CLOUD COMPUTING BANKING MARKET, BY DEPLOYMENT MODE
CHAPTER 6: CLOUD COMPUTING BANKING MARKET, BY APPLICATION
CHAPTER 7: CLOUD COMPUTING BANKING MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the cloud computing banking market was valued at $67.9 billion in 2022, and is estimated to reach $301 billion by 2032, growing at a CAGR of 16.3% from 2023 to 2032.Cloud computing used in banks offers impactful benefits for the industry and enables customized solutions for banking operations. It combines the digital assets of the sector, including software platforms and data algorithms, and customizes them to meet the unique requirements of the bank systems. Moreover, the role of cloud computing for banks has become inevitable due to its efficiency in improving customer experience and faster processing speed. Integrating cloud computing in the banking industry enables firms to gain greater fraud detection, data protection, and massive disaster recovery.
Key factors driving the growth of the market is the increase in adoption of cloud-based fintech solutions by banks and rising popularity of advanced technologies, increase in use of digital transformation technology. Rapid digitization is compelling organizations to modernize their application and infrastructure landscape to drive cost efficiency and business agility. By adopting cloud solutions and services, organizations support their key business activities effectively, move business workloads to a cloud platform, and avoid the latency of the network. Major vendors are launching new cloud solutions, services, and workloads and enhancing the capabilities of their current ones to increase their position in the market. For instance, in February 2023, Airtel India, a provider of communication services based in India, partnered with Vultr, a cloud computing company to offer cloud solutions for enterprises in India. Through partnership, Airtel India would provide cloud solutions of Vultr to their enterprise customers in the digital space. The offering will include Cloud GPU and fractionalized GPU, Cloud Compute, and Optimized Cloud Compute.
The market also offers growth opportunities to the key players in the market. The integration of specialized computing solutions as per the industry’s requirements presents a significant opportunity for the cloud computing banking market to grow. The integration of such solutions enables more efficient and tailored processing of specific tasks. Cloud solutions providers offer specialized hardware and accelerate as services, allowing customers to access these resources without the need for large investments in hardware infrastructure. With specialized solutions, the workload be managed, and cost be optimized. Thus, as industries start focusing on integrating specialized computing solutions, the market for cloud computing solutions is expected to grow. RCH Solutions, based in the U.S. is one of the most prominent providers of specialized computing solutions. The company offers specialized solutions to help research and development teams accelerate the delivery of scientific breakthroughs, which in turn is expected to provide lucrative opportunity for the growth of the market.
The cloud computing banking markets market is segmented on the basis of service model, deployment mode, application, and region. On the basis of service model, the market is categorized into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). On the basis of deployment mode, the market is fragmented into public cloud, private cloud, and hybrid cloud. By application, it is classified into fraud detection & prevention, customer relationship management (CRM), human resource management, core banking, and others. Region wise, it is analyzed across North America (the U.S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include Amazon Web Services, Microsoft Corporation, IBM Corporation, Google LLC, Oracle Corporation, Salesforce.com Inc., Alibaba Cloud Computing Ltd., VMware, SAP SE, and Dell Technologies. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in October 2023, Alibaba Cloud partnered with Confluent, Inc to offer data streaming and to expand the breadth and scope of solutions available to customers in Asia.
Key Market Insights
By service model, the software as a service (SaaS) segment was the highest revenue contributor to the market, and is estimated to reach $106.42 billion by 2032, with a CAGR of 17.4%. However, the platform as a service (PaaS) segment is estimated to be the fastest-growing segment with a CAGR of 18.3% during the forecast period.By deployment mode, the public cloud segment dominated the global market and is estimated to reach $104.05 trillion by 2032, with a CAGR of 14.2%. However, the private cloud segment is expected to be the fastest-growing segment with a CAGR 18.3% during the cloud computing banking markets market forecast.
Based on region, North America was the highest revenue contributor, accounting for $25.22 billion in 2022, and is estimated to reach $93.76 billion by 2032, with a CAGR of 14.3%.
Companies Mentioned
- Google LLC
- Salesforce.com Inc.
- IBM Corporation
- SAP SE
- VMware
- Amazon Web Services
- Alibaba Cloud Computing Ltd.
- Microsoft Corporation
- Oracle Corporation
- Dell Technologies
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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