Market Research Report
Cloud Computing in Retail Banking - Thematic Research
|Published by||GlobalData||Product code||669412|
|Published||Content info||43 Pages
|Cloud Computing in Retail Banking - Thematic Research|
|Published: July 3, 2018||Content info: 43 Pages||
Cloud computing (IaaS, PaaS, SaaS, private, and hybrid) accounted for 9.5% of a global ICT market that was worth US$2 trillion in 2017, according to GlobalData. Whilst the global ICT market is forecast to grow at a CAGR of 5.7% over the next five years, cloud computing revenues, which passed US$193 billion in 2017, are growing at 18%. In theory, the entire IT market could shift to the cloud, so the disruption yet to be unleashed onto the global software and IT services sector is likely to be substantial.
Historically, retail banks have been slow to invest in cloud computing technology due to regulatory compliance issues, concerns around data security and privacy, and a lack of the skills required for management and maintenance.
However, as the sources of competitive advantage shift in banking, away from products and towards data, cloud migration has become a strategic priority; not only to enable a more synthesized view of customers across product holdings and channels, but to reduce operating costs, increase flexibility, and reduce time-to-market.