The Doppler Quarterly Summer 2017 - Page 30

Cloud Adoption in the Financial Services Industry David Linthicum More and more financial service organizations are adopt- ing the cloud to deliver innovation, customization and security to generate a unique competitive advantage. The report on the finance cloud market by the research firm, MarketsandMar- kets, has predicted that the finance cloud market will grow at a CAGR of 24.4% to $29.47 billion by 2021, from $9.89 billion in 2016. This growth will be driven by green IT, specialized services and the need for business agility and market focus, apart from customer management. Some of the key findings included: • During the forecast period, the professional services segment would dominate the market. • Among the applications available in this market, the customer applica- tions would have major growth because the BFSI companies want to leverage the benefits these applications offer, like improved productivity, lowered costs, advanced data analytics and more, to gain competitive advantage and long-term benefits. • Regionally, North America would have the largest market share because of the wider internet penetration, strong economy and the shifting of isolated infrastructures to the cloud. This will result in reduction of Capex spend, lowered complexity in IT management and improved secu- rity and agility. So, we know that finance companies are typically the first into technology trends, and the last out. Cloud is no exception. As the above report concludes, and as we see in the marketplace as well, financial services is looking to move to cloud-based platforms for a few key reasons: 28 | THE DOPPLER | SUMMER 2017