Private and Public Cloud Market Share, Size, Trends and Growth to 2020

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Date Submitted: 09/06/2016 03:20 AM

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Technavio Announces the Publication of its Research Report Global Private and Public Cloud Market in Financial Services Industry 2016-2020

Technavio recognizes the following companies as the key players in the global private and public cloud market in financial services industry: AWS, CSC, Eze Castle Integration, Fujitsu, Google, IBM, Jack Henry & Associates, Microsoft, Oracle, Rackspace, Red Hat,, and VMware

Other Prominent Vendors in the market are: Accenture, Alibaba Group Holding, Box, EMC, Fiserv, HPE, Huawei Technologies, Infosys, and SAP

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Commenting on the report, an analyst from Technavios team said that development of OpenStack is one of the trends spurring growth for the market. OpenStack is an open-source cloud-based computing technology started as a joint project by Rackspace and NASA in 2010. The technology involves a set of software tools that help manage and build cloud-computing platforms in the cloud. The open-source software is backed by major companies and many individual community members are involved in software development and hosting. OpenStack is considered the future of cloud computing.

According to the report, growing demand for virtually unlimited storage and big data is a key driver aiding to the growth of this market. Financial services are one of the most data-intensive industries. They are built on large IT infrastructures that process substantial volumes of data on a daily basis. A large amount of data is produced by financial firms through numerous sources such as online loan application data, bank transactions data, and stock and commodities trading. Financial institutions also need to gather and interpret unstructured and social data from sources such as the internet, mobile devices, and social media to gain advanced operational insights....