Telecom Cloud Market -Increasing Use of Cloud Computing in BFSI Industry to Boost Market Growth
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According to TMR, the global telecom cloud market is projected to expand at healthy CAGR of 18.2% during the forecast period between 2018 and 2026. The global telecom cloud market was worth US$12.63 bn in 2017 and is estimated to reach US$55.29 bn by the end of 2026.
On the basis of cloud platform, the software as a service (SaaS) segment held major share in the market in 2017. Business continuity as a service (BCaaS) held the second position in the market. According to the report, over the forecast period infrastructure as a service (IaaS) is expected to expand rapidly. The rapid expansion of IaaS is because it helps in management and monitoring of remote data center infrastructure. Based on geography, North America held dominant share in market in 2017. Over the forecast period, the region is projected to rise at 18.1% of CAGR. In terms of revenue, the U.S. held the dominant share in the telecom cloud market in North America. However, in the forthcoming years, South America and Asia Pacific is expected to expand significantly.
Increasing Use of Cloud Computing in BFSI Industry to Boost Market Growth
In past few years, numerous technological advancements have taken place in the telecom cloud market. Industries such as BFSI, transportation, retail, and media and entertainment extensively use telecom cloud technology. Thus, the telecom cloud market is projected to increase rapidly in the near future. In addition, the integration of cloud computing in the telecom industry helps in providing various services such as virtualization of storage, networks, and services. It also increases the use of existing system resources and decreases infrastructure cost. Moreover, increasing use of cloud service across various organizations worldwide has also fueled the global market for telecom cloud computing. BFSI industry uses cloud services and is expected to boost the demand in the telecom cloud market in the coming years.
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High Risk Related to Data Security to Deter Demand for Telecom Cloud
Despite the growing use of cloud computing in various industries there are several factors that might deter the market from growing at its full potential. One such factor is high-risk related to data security and information loss persists by using cloud services. In addition to that, increasing demand for over the top (OTT) cloud services also pose sever challenge for the telecom cloud market. Growing sophisticated data theft and breaches have increased concerns for using cloud services.
The information presented in this review is based on a TMR report, titled “Telecom Cloud Market (Type -Solutions, Services; Cloud Platform - Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Business Continuity as a Service (BCaaS), Infrastructure-as-a-Service (IaaS); Industry Vertical - Banking, Financial Services, Insurance (BFSI), Retail, Healthcare, Media and Entertainment, Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
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