Public Cloud in BFSI Market to Reach $179.41 Billion by 2030

â—‰ Global Public Cloud in BFSI Market to Reach USD 179.41 Billion by 2030, Growing at a CAGR of 15%
The global Public Cloud in Banking, Financial Services, and Insurance (BFSI) market is projected to grow from USD 67.44 billion in 2023 to USD 179.41 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 15% during the forecast period. This growth is driven by the increasing adoption of cloud technologies to enhance operational efficiency, scalability, and customer experience in the BFSI sector.

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â—‰ Competitive Landscape
Key players in the Public Cloud in BFSI market include Microsoft Corporation (MSFT), Amazon.com Inc. (AMZN), Alphabet Inc (GOOGL), International Business Machines Corp. (IBM), and Oracle Corp. (ORCL). These companies are investing in advanced cloud solutions to cater to the evolving needs of the BFSI sector. Their offerings focus on providing secure, scalable, and compliant cloud services that enable financial institutions to innovate and meet regulatory requirements.

â—‰ Regional Demand
North America currently leads the Public Cloud in BFSI market, attributed to early adoption of cloud technologies and a strong presence of key market players. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period, driven by increasing digital transformation initiatives and supportive government policies in countries like China, India, and Japan.

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â—‰ Vietnam: Growth Opportunities in Cloud Adoption
Vietnam's BFSI sector is embracing digital transformation, with an increasing number of institutions adopting public cloud solutions to enhance operational efficiency and customer service. The government's support for digital initiatives is further propelling this growth.

Thailand: Trends in Digital Banking Services
Thailand is witnessing a surge in digital banking services, leading to increased adoption of public cloud technologies. Financial institutions are leveraging cloud solutions to offer innovative services and improve customer engagement.

Japan: Opportunities in AI-Integrated Cloud Platforms
Japan's BFSI sector is focusing on integrating Artificial Intelligence (AI) with cloud platforms to offer personalized services and enhance decision-making processes. This trend is creating opportunities for cloud service providers offering AI capabilities.

South Korea: Consolidation in Cloud Services
South Korea's financial institutions are consolidating their IT infrastructure by adopting public cloud services. This move aims to reduce operational costs and improve scalability, enabling institutions to respond swiftly to market changes.

Singapore: Updation in Regulatory Compliance
Singapore's regulatory framework encourages the adoption of public cloud services in the BFSI sector. Financial institutions are updating their systems to comply with regulations while leveraging cloud technologies for enhanced efficiency.

United States: Growth in Cloud-Based Financial Services
The United States continues to lead in the adoption of cloud-based financial services. Institutions are leveraging public cloud solutions to innovate and offer a wide range of services, from digital banking to investment platforms.

China: Opportunities in Expanding Cloud Infrastructure
China's BFSI sector is rapidly expanding its cloud infrastructure to support the growing demand for digital financial services. Government initiatives and investments in cloud technologies are driving this growth.

Europe: Trends in Hybrid Cloud Adoption
European financial institutions are increasingly adopting hybrid cloud models to balance the need for data security and operational flexibility. This trend is shaping the region's public cloud in BFSI market.

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â—‰ Public Cloud in BFSI Market Segment Analysis:
by Type
Infrastructure as a Service
Platform as a Service
Software as a Service
Others

by Component
Software
Service

by Enterprise Size
SMEs
Large Enterprises

â—‰ Key Recent Developments

In November 2024, the Reserve Bank of India (RBI) announced plans to launch a pilot program in 2025 to provide affordable local cloud data storage to financial firms. This initiative aims to support smaller banking and financial services firms and promote data localization.

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