Cloud computing is no longer just up and coming; it is now mainstream among several industries. We are all familiar with the rapid advancements in technology. To adapt to these changes, organizations are migrating to the cloud. With workloads in a cloud ecosystem, businesses not only get better access to innovation but are also capable of better management. BFSI sector is one such area that is rapidly taking to cloud migration.
Why are companies migrating to the cloud?
Cloud migration has been a steady process, but in the past few years, it is certainly gaining more attention. Industries turn to the cloud for its flexibility and scalability. Cloud computing gives access to services, even in remote locations and setups. So if offices of an organization are far from headquarters, they can be linked via the means of a cloud network.
Additionally, cloud resources are beneficial for data storage and backup. Having a robust cloud infrastructure keeps your business prepared for any threats. In the case of a disaster, data recovery can be a breeze because of cloud services. Moreover, cloud computing facilitates faster implementation of any new business ideas. Be it in the form of a new application, or management protocol, cloud computing can seamlessly make it available and actionable in no time. The effectiveness of a high performing cloud environment is undoubtedly commendable as it improves business productivity.
Trends In Cloud Migration
Cloud migration is a global phenomenon and not just limited to developed nations. Countries and industries all over the world are taking advantage of cloud services. Several studies predict the growth rate of cloud migration in the coming few years.
The cloud migration market valued at USD 119.13 billion in 2019 is forecasted to increase to USD 448.34 billion by 2025. In just five years, the market is going to more or less quadruple! To achieve the predicted value, cloud migration must grow at a CAGR of 28.89% between 2019 to 2025.
It is noteworthy that because of the high paced migration to the cloud, the revenue for the year 2020 is going to be worth USD 411 billion.
BFSI Sector Moves To The Cloud
Among the industries that are moving to the cloud, BFSI is on the top. Banking, financial services and insurance is a significant contributor of virtually generated data. For better data management resources, cloud computing is the way forward. Furthermore, the BFSI sector is to witness a massive growth in the coming years. Therefore, we are bound to see BFSI on the cloud migration route.
There are numerous benefits of cloud computing that BFSI is reaping and will continue to do so:
- Infrastructure costs will significantly reduce as workloads move to the cloud than within physical copies on-premise.
- Enhancement of the Financial Technology ecosystem via the innovations of cloud computing is evident. Cloud infrastructure enables the integration with supporting technology like artificial intelligence.
- Operational and customer-facing activities witness enhanced performance as more the sector gains access to more efficient and smart tools.
Looking For A Cloud Provider For Your Migration Journey?
If you are working in the BFSI sector and are in search of the right cloud provider, VEXXHOST is your answer. We provide OpenStack based, high-performing private cloud infrastructure. Our cloud service offers you a tailored experience with tight security measures in place. You can customize your infrastructure as you see fit, and we will be here to fully-manage your cloud environment through every step of the way.
Additionally, we know cloud migration processes like the back of our hand. Maintaining momentum during migration is important for a successful cloud. VEXXHOST’s years of experience offer that and more.
Get in touch with our experts to know more about how we can help you get started on your cloud journey.
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