Multi-cloud networks in the Fintech market
The Business Research Company recently published a comprehensive report on the analysis of global multi-cloud networking in fintech market size and trends with forecast 2024-2033. This latest market research report offers a wealth of valuable information and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and data critical to success in the industry.
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According to The Business Research Company, the market size of multi-cloud networks in the fintech market has grown exponentially in recent years. It will grow from $0.53 billion in 2023 to $0.64 billion in 2024, at a compound annual growth rate (CAGR) of 21.0%. The growth during the historical period can be attributed to increasing deployment of cloud applications and services, increasing demand for security and compliance requirements, improving security features, growth of cloud computing services and improved API capabilities.
Multicloud networks in the fintech market are expected to grow exponentially in the coming years. It will reach $1.39 billion in 2028, at a compound annual growth rate (CAGR) of 21.3%. The growth during the forecast period can be attributed to customer data security and privacy being paramount, leveraging multi-cloud strategies to optimize costs, advancements in cloud technology, leveraging multi-cloud strategies to optimize costs and comply with regulations. Key trends in the forecast period include integration of advanced security postures, integration of artificial intelligence (AI) and machine learning (ML) algorithms, increasing adoption of multi-cloud networks, integration with DevOps and the increasing focus on achieving seamless interoperability and integration. .
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Market Drivers and Trends:
The increasing adoption of cloud computing is expected to propel the growth of multi-cloud networks in the fintech market. Cloud computing involves providing various services over the Internet, allowing users to access resources as needed without managing them directly. The adoption of cloud computing is due to its scalability, cost-effectiveness, flexibility, support for innovation, and robust disaster recovery and security features. In fintech, cloud computing supports multi-cloud networking using multiple cloud providers, improving performance, security, and regulatory compliance. For example, as of December 2023, according to the European Union, an international organization based in the Netherlands, the percentage of EU companies that purchased cloud computing services increased by 4.2 percentage points in 2023 by compared to 2021. Therefore, the increasing adoption of cloud computing is driving the growth of multi-cloud networks in the fintech market.
Large companies operating in the field of multi-cloud networks in the fintech market are focusing on the development of innovative solutions such as multi-cloud platforms. A multi-cloud platform is an integrated environment that allows organizations to manage and deploy applications and workloads across multiple cloud computing services or platforms. For example, in November 2022, eFinance Investment Group (EFIG), an Egypt-based investment management company, launched Egypt’s largest multi-cloud platform in collaboration with 13 global technology companies at the ICT 2022 exhibition in Cairo. This platform combines advanced global technologies to support digital transformation across various industries. The main features include secure computing technologies, various digital services, cloud platforms, cybersecurity applications, AI and big data processing. This platform is designed to support the digital transformation efforts of the Central Bank of Egypt and support digital banks and fintech startups, ensuring compliance with industry standards for digital transactions.
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Top Key Market Players:
Amazon Web Services Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Google Cloud, VMware Inc., Equinix Inc., Palo Alto Networks, Juniper Networks Inc., Fortinet Inc., Arista Networks Inc., Cloud Software Group Inc., Akamai Technologies, F5 Inc., Nutanix, Zscaler, Cloudflare Inc., Versa Networks inc., Megaport, Aviatrix, NetFoundry
Multi-Cloud Networks in Fintech Market Key Insights 2024:
• Multi-cloud networks in the fintech market are expected to grow exponentially in the coming years. It will reach $1.39 billion in 2028, at a compound annual growth rate (CAGR) of 21.3%.
• Growing adoption of cloud computing drives growth of multi-cloud networks in fintech market
• EFIG’s multi-cloud platform integrates artificial intelligence (AI) and Big Data to revolutionize the Egyptian Fintech sector
• North America was the largest region in the fintech multi-cloud networking market in 2023.
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