Cloud Computing in Retail Banking Market Analysis & Forecast for Next 5 Years | IBM, Microsoft, Oracle
Published Via 11Press : According to HTF MI, “Global Cloud Computing in Retail Banking Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029″. The Global Cloud Computing in Retail Banking Market is anticipated to grow at a compound annual growth rate (CAGR) of 13.2% from 2023 to 2028, reaching USD 39 Billion in 2023 and USD 83 Billion by 2028.
Shorter development timelines for new products are made possible by cloud-based operating models for retail banks. The simplicity of service delivery, the ease of scaling cloud-based services, and strict regulatory standards around data security and privacy are driving up cloud use in retail banking. The rising usage of hybrid cloud services is a result of an increase in cybersecurity vulnerabilities.
The standardized systems provided by cloud computing make it easier for banks to integrate new tools and software. Additionally, cloud computing may much closer to business processes and technology, offering banks a great chance to simplify operations. Consequently, improving a bank’s operations will raise efficiency ratios and operational leverage.
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Key and developing players who have been highlighted as part of the coverage
- Adobe (United States),
- Alphabet (United States),
- Amazon (United States),
- Ellie Mae (United States),
- IBM (United States),
- Infosys (India),
- Intuit (United States),
- Medidata (United States),
- Microsoft (United States),
- Oracle (United States).
Market Drivers
- The industry is driven by the growing adoption of cloud computing in retail to enhance performance over several waves. With the aid of cloud computing, financial institutions can reduce large upfront capital costs to manageable ongoing operating costs.
- There is no need to make substantial expenditures on new hardware or software. Thanks to the unique characteristics of cloud computing, financial institutions can also pick and choose the services they require on a pay-as-you-go basis.
- Because cloud-based operating models are flexible, shorter product development cycles are conceivable for financial firms. This promotes a speedier and more efficient response to the needs of banking consumers. Less infrastructure investment is required because the cloud may be used whenever it’s needed, which cuts down on the time needed for initial setup. Thanks to cloud computing, new product development can continue without requiring a capital investment.
Market Trend
- new cutting-edge technology introduction and voice-first banking. In addition to helping banks implement business and operating models to improve revenue generation, increase customer insights, control costs, deliver market-relevant products quickly and efficiently, and aid in monetizing enterprise data assets, the top public cloud providers offer a wide range of cutting-edge products-as-a-service that are accessible on their platforms.
- Furthermore, the cloud offers a tremendous opportunity to streamline operations and integrate the business across risk, finance, regulatory, customer service, and other sectors. Large data sets can be consolidated in one place, at which time the business can apply advanced analytics to obtain thorough insights.
Market Opportunities
- The world offers a lot of possibilities to people and is always evolving. The world’s industries were all touched by digitalization. Anyone can access any source they’re interested in and store a plethora of data with the help of big data. Cloud computing has already had an impact on the financial sector; this is scarcely an exception.
- Traditional techniques of information storage are less useful today than they were in prior technological eras since modern technology has less to provide. This has led to several banks changing their tactics in an effort to keep up with the most recent technological developments. Without question, cloud computing is one of them.
- Any type of data may be handled and analyzed more easily in banking services thanks to cloud computing. Furthermore, it is much safer because banks require a sense of security.
- One of the advantages of cloud computing in banking is the ability to save money for the company. Because cloud-based services are always accessible and don’t require extra equipment, it is clear that using them considerably increases a company’s productivity.
Market Challenges
- Security is one of the key issues limiting the banking industry from utilizing cloud computing.
- When a bank chooses to store data or host applications in the cloud, it gives up its right to have direct physical access to the servers containing the information.
- Therefore, insider assaults, such as those carried out by workers of cloud computing companies, could endanger potentially sensitive and confidential corporate data.
- Numerous studies carried out over the years have shown that insider attacks are roughly the third highest risk to cloud computing. In order to optimize productivity and cut costs, cloud computing services commonly store the data of several clients on the same server.
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Key Developments in the Market:
Microsoft joins with U.S. Bank on February 22, 2022. Using cloud computing to power the majority of its infrastructure and application portfolio will enable U.S. Bank to modernize how it conducts business in an increasingly digital world. This will involve the ability to swiftly access and analyze data, speed up the time it takes to bring breakthrough products to market while more quickly expanding them to consumers and partners and empower its increasingly nimble staff. Major corporations and cloud service providers are investing more and more money into simplifying, creating, and delivering new services. As demand continues to rise, businesses are observing new trends, significant potential, and financial benefits. By switching to the cloud, they are shifting away from traditional IT consumption patterns and towards as-a-service.
Market Breakdown by Applications:
- Public Clouds,
- Private Clouds,
- Hybrid Clouds
Market Breakdown by Types:
- Revenue Management,
- Wealth Management System,
- Account Management,
- Customer Management,
- Others
Report Scope
| The Market size value in 2023 | USD 39 Billion |
| Revenue Forecast by 2033 | USD 83 Billion |
| Growth Rate | CAGR Of 13.2% |
| Regions Covered | North America, Europe, the Middle East and Africa, Latin America, and the rest of the world |
| Historical Years | 2018-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
Data Sources of Cloud Computing in Retail Banking Market Study
HTF Market Intelligence has employed a targeted and practical research framework for Cloud Computing in Retail Banking Market, enabling analysis of the pertinent market dynamics in numerous international locations.
Additionally, in order to give clients and organizations the chance to triumph in Cloud Computing in Retail Banking Market specialized markets and develop in emerging territories, our analysts undertake in-depth analyses of geographical regions.
The analysis of the global market for retail banking using cloud computing also demonstrates how the shifting player dynamics are influencing the market’s expansion. Additionally, our market analysts thoroughly examine the goods and services provided by various companies in the Cloud Computing in Retail Banking business who are vying for market dominance.
Primary Data Collection Methods: Industry participants and appointees, subject-matter experts, and C-level executives of the Cloud Computing in Retail Banking Industry are used to gathering primary data for the Cloud Computing in Retail Banking Market study using InMail, LinkedIn Groups, Survey Monkey, Google, and Other Professional Forums.
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