Cloud computing is no longer just coming; it is now mainstream in several industries. We all know the rapid development of technology. To adapt to these changes, organizations are moving to the cloud. When workloads are in the cloud ecosystem, companies get better access to innovation and are also better able to manage it. The BFSI sector is one such area that is rapidly transitioning to the transition of cloud services.
Why are companies moving to the cloud?
Cloud migration has been a stable process, but in recent years it is certainly gaining more attention. Industry is turning to cloud service because of its flexibility and scalability. Cloud computing provides access to services, including remote locations and installations. So if an organization’s offices are far from headquarters, they can be connected using a cloud network.
In addition, cloud resources are useful for storing and backing up data. Thanks to a solid cloud infrastructure, your business is prepared for all threats. In the event of a disaster, data recovery can be easy due to cloud services. In addition, cloud services make it easier to implement new business ideas faster. Whether it’s a new application or a management protocol format, cloud service features can make it seamlessly available and quickly available. The efficiency of an efficient cloud environment is undoubtedly commendable as it improves business productivity.
Cloud transition trends
Cloud migration is a global phenomenon that is not limited to developed countries. Countries and industries around the world are taking advantage of cloud services. Several studies predict the growth rate of cloud migration in the coming years.
The cloud services market, valued at $ 119.13 billion in 2019, is projected to reach $ 448.34 billion by 2025. In just five years, the market will more or less quadruple! To reach the predicted value, cloud migration must increase by a CAGR of 28.89% between 2019 and 2025.
It is noteworthy that due to the rapid transition to cloud services, revenue in 2020 will be worth $ 411 billion.
The BFSI sector is moving to the cloud
Of the industries moving to the cloud, BFSI is at the forefront. Banking, financial services and insurance are a significant factor in the data produced in practice. For better information management resources, the cloud service is the way forward. In addition, the BFSI sector is set to grow massively in the coming years. Therefore, we are forced to see BFSI in the cloud migration route.
Cloud computing has numerous benefits that BFSI will take advantage of and will continue to do:
- Infrastructure costs are significantly reduced as workloads move to the cloud rather than within physical copies.
- Improving the financial technology ecosystem through cloud service innovation is evident. The cloud infrastructure enables integration with supporting technologies such as artificial intelligence.
- Operational and customer-driven functions show better performance as more and more sectors have access to more powerful and intelligent tools.
Are you looking for a cloud service provider for your trip?
If you work in the BFSI sector and are looking for the right cloud service, VEXXHOST is your answer. We offer OpenStack-based, powerful private cloud infrastructure. Our cloud service provides you with a customized experience of strict security measures. You can customize your infrastructure the way you want, and we’re here to manage your cloud environment in every way.
In addition, we know the migration processes of cloud services like our hands. Maintaining momentum during the transition is important for a successful cloud service. VEXXHOST’s years of experience offer so much more.
Take contact with our experts to know more about how we can help you embark on a cloud journey.