The global cloud computing banking market revenue was around US$ 67.9 billion in 2022 and is estimated to reach US$ 301 billion by 2032, growing at a compound annual growth rate (CAGR) of 16.3% during the forecast period from 2023 to 2032.

The term ?cloud computing? is also known as the on-demand availability of computer system resources, most notably data storage and computing power, without the requirement for the user to handle these resources actively and directly. Large clouds generally have processes that are dispersed across multiple locations, with each location working as a data center. Cloud computing is dependent on the sharing of resources to gain coherence.

Factors Influencing Market Growth

- The rise in the adoption of cloud-based fintech solutions by banks and the growing popularity of developed technologies is augmenting the growth of the cloud-computing banking market.

- The rise in usage of digital transformation technology positively influences the growth of the cloud computing banking market.

- The lack of technical proficiency for executing cloud computing solutions and the rising security concerns are hindering the growth of the global cloud computing banking market.

- The rise in the adoption of AI-based banking systems is anticipated to show remunerative opportunities for the development of the market during the forecast period.

Impact of COVID-19

The cloud computing banking market has witnessed significant growth in the past few years, and even in the wake of the COVID-19 pandemic, the need for cloud computing banking has increased significantly. This is attributed to the rise in the adoption of a work-from-home culture. Also, different industries are adopting cloud computing solutions to enhance the loss suffered because of the pandemic and to enhance their market share.

Also, the rise has been seen in the usage of cloud computing in the banking industry due to an unusual surge in data traffic and escalating usage of broadband services, as more people were working from home and depended on virtual meetings and video conferencing, which boosted the consumer interest in strong connectivity and digital services.

Regional Analysis

In 2022, North America dominated the global cloud computing banking market in terms of revenue and is anticipated to maintain its position during the forecast period because of the rise in adoption of cloud computing banking in small and medium enterprises to ensure the effective flow of financial activities.

Also, Asia-Pacific is anticipated to notice significant growth during the forecast period because of the rising adoption of mobile-based and web-based business applications in the sector of banking.

Leading Companies

The leading prominent companies profiled in the global 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
- Dell Technologies.
- Other prominent key players

Segmentation Outline

The global cloud computing banking market segmentation focuses on Service Model, Deployment Mode, Application, and Region.

Segmentation based on Service Model

- Infrastructure as a service (IaaS)
- Platform as a service (PaaS)
- Software as a service (SaaS)

Segmentation based on Deployment Mode

- Public Cloud
- Private Cloud
- Hybrid Cloud

Segmentation based on Application

- Fraud Detection and Prevention
- Customer Relationship Management (CRM)
- Human Resource Management
- Core Banking
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa