Cloud Storage Market For BFSI Industry Size, Share, Opportunities, And Trends By Solution (Primary Storage, Backup Storage), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Services (Integration, Consulting, Others), By Enterprise Size (Large, SMB (Small And Medium-sized Business)), And By Geography - Forecasts From 2023 To 2028

The cloud storage market for BFSI industry was valued at US$6.666 billion in 2017 and is projected to expand at a CAGR of 30.23% over the forecast period to reach US$32.512 billion by 2023. The dynamic and competitive Banking, Financial Services, and Insurance (BFSI) industry is characterized by changing consumer demands, evolving macroeconomic landscape, and bound by a regulatory framework. With the industry generating huge volumes of data, it is witnessing an increasing demand for efficient cloud storage solutions to store and manage an immense amount of data being created every day. Burgeoning needs to take decisions on the basis of data so as to gain a competitive edge compelling financial institutions to implement smarter business platforms that are agile, adaptable, and feasible. Earlier, they were cautious enough to adopt cloud storage solutions due to regulatory constraints. But with major players like Amazon and Microsoft opening data centers in the local region, banks are increasingly adopting cloud storage solutions so as to enhance their customer services and control costs to boost profitability. Flexibility and cost savings along with increased security and reliability of these solutions are the major factors that are leading to their widespread adoption by nearly all the market players in this industry. Reliable backup solutions, along with improved mobile data synchronization, data portability, and many other features offered by cloud storage solutions are other factors driving their market in this industry. However, a lack of technical know-how and high-cost migration to cloud technology can restrain market growth.

 

By solution, the cloud storage market for BFSI industry is segmented as primary and backup storage. The market for backup storage is expected to witness impressive growth as enterprises continue to drift towards the cloud for backing up their critical data and IT environment to ensure business continuity.

 

 

By deployment model, the cloud storage market for BFSI industry is segmented as public, private, and hybrid cloud. Public and Hybrid cloud storage solutions are widely adopted in this industry owing to the data centers being opened in the country which is encouraging the banking sector to adopt public cloud solutions.

 

 

By services, the cloud storage market for BFSI industry is segmented as integration, consulting, and others. All these services are provided to the customers by the cloud storage solution provider so as to help businesses to boost their productivity in an efficient manner.

 

 

By enterprise size, the cloud storage market for BFSI industry is segmented into large and small, and medium-sized businesses (SMBs). Large financial institutions hold a significant share of the market owing to the increasing adoption of cloud storage solutions.

 

 

Geographically, the cloud storage market for BFSI Industry is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia Pacific is expected to be the fastest growing region in this market owing to the major players opening up data centers in the respective country itself. For an instance, Microsoft has opened data centers in Indian states such as Mumbai, Pune, and Chennai to tap companies that had been unable to use public cloud services due to rules surrounding data sovereignty.

 

 

The cloud storage market for BFSI Industry is competitive owing to the key players coming up with advanced cloud solutions so as to serve their customers more efficiently. The key players include Amazon Web Services, Inc., Microsoft, IBM, Google, Hewlett Packard Enterprise Development LP, FUJITSU, RACKSPACE US, Inc, and StoneFly among others.

 

 

The cloud storage market for BFSI industry has been analyzed through the following segments: