Cloud Adoption in Banking Market Set to Accelerate Due to Rising Demand for Scalable IT Systems

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Cloud Adoption in Banking Market - (By End User (Retail Banks, Commercial Banks, Investment Banks, Credit Unions, and Regulatory Bodies), By Type (Cloud Identity and Access Management Software, Cloud Email Security Software, Cloud Intrusion Detection and Prevention System, Cloud Encryption Software, and Cloud Network Security Software)), Trends, Industry Competition Analysis, Revenue and Forecast To 2034."

According to the latest research by InsightAce Analytic, the Global Cloud Adoption in Banking Market is expected to develop with a CAGR of 16.5% during the forecast period of 2025-2034.

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Cloud adoption in the banking sector reflects the ongoing shift toward leveraging cloud computing technologies to drive innovation, scalability, and operational efficiency. The increasing demand for cloud services within banking is influenced by factors such as rapid resource scalability, enhanced confidence in cloud security frameworks, improved compliance with regulatory mandates, reduced risk of data loss, advanced analytics capabilities, and the growing digitization of society. Additionally, heightened security requirements and stringent regulatory compliance standards are prompting financial institutions to transition toward cloud-based solutions, which offer robust data protection and disaster recovery features.

Cloud computing facilitates the rapid deployment of new services and applications to meet evolving customer expectations, thereby fostering innovation in a highly competitive landscape. By adopting cloud technologies, banks can effectively respond to changing business demands while maintaining operational continuity. This strategic integration is fundamental to achieving comprehensive digital transformation, which in turn enhances both competitiveness and customer satisfaction. Nevertheless, security remains a paramount concern for cloud service providers, as the sensitive nature of financial data necessitates rigorous protection measures. Consequently, some financial institutions exercise caution in fully embracing cloud adoption due to these security considerations.

List of Prominent Players in the Cloud Adoption in Banking Market:
• Google Cloud Platform
• Salesforce
• Vormetric Inc.
• Boxcryptor
• Trend Micro
• Sophos
• Wave Systems
• Microsoft Azure
• Temenos
• nCino
• Oracle Corporation
• Dell Technologies
• Amazon Web Services
• SAP SE
• IBM Corporation
• VMware
• Other Prominent Players

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Market Dynamics
Drivers:
In response to the rapidly evolving digital environment, the banking sector is increasingly prioritizing agility, scalability, and enhanced service delivery, thereby accelerating cloud adoption. Financial institutions are leveraging cloud computing to optimize operational efficiency, reduce costs, and introduce innovative customer-centric services. The ability to store and analyze vast volumes of data through cloud platforms is enabling improved decision-making and personalized client experiences. Moreover, the COVID-19 pandemic has expedited the shift toward digital banking, heightening the demand for reliable and scalable IT infrastructures provided by cloud service vendors. Additionally, cloud adoption is facilitated by banks' improved capacity to meet stringent data security and privacy regulations.

Challenges:
Key obstacles impeding cloud adoption in banking include concerns over data privacy, ambiguities in data residency regulations, and the absence of uniform standards and protocols. Regulatory uncertainty and divergent compliance requirements across jurisdictions-particularly concerning data location, access rights, and ownership-pose significant barriers. Many financial institutions rely on legacy systems that are deeply embedded in their operations, making integration with cloud platforms complex and resource-intensive. The substantial costs and uncertainties associated with cloud migration further complicate widespread adoption within the industry.

Regional Trends:
North America is projected to maintain a leading revenue share in the cloud adoption market within banking, driven by the sector's increasing implementation of advanced technologies such as big data analytics, artificial intelligence, augmented and virtual reality, machine learning, and next-generation network technologies including 4G and 5G. The presence of key market players in the region further supports its dominance. Meanwhile, the Asia Pacific region is expected to experience significant growth, propelled by proactive governmental initiatives, continuous advancements in digital infrastructure, the rising adoption of mobile banking applications, and expanding cloud usage across the banking sector.

Recent Developments:
• In Dec 2023, Cloud banking company nCino and Salesforce have recently strengthened their partnership. The 12-year-old partnership between nCino and Salesforce was extended. In order to aid financial institutions (FIs) that utilize both nCino and Salesforce in modernizing customer experiences such as onboarding, loan origination, deposit account opening, and portfolio management, the new agreement saw nCino strengthen its integration with Salesforce platform tools, including its financial services cloud.
• In Dec 2023, The Reserve Bank of India (RBI) has implemented a cloud infrastructure specifically designed for the financial industry in order to bolster data security. Banks and financial institutions have consistently accumulated a growing amount of data. A significant number of individuals employed a range of public and private cloud services for this objective.

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Segmentation of Cloud Adoption in Banking Market-
By Type-
• Cloud Identity and Access Management Software
• Cloud Email Security Software
• Cloud Intrusion Detection and Prevention System
• Cloud Encryption Software
• Cloud Network Security Software
By End-User-
• Retail Banks
• Commercial Banks
• Investment Banks
• Credit Unions
• Regulatory Bodies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/cloud-adoption-in-banking-market/2393

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.