Multi-Cloud Networks in Fintech Market to Reach $1.9 Billion Globally by 2031 at 18.2% CAGR: Allied Market Research

Increase in the use of multi-cloud networks in fintech, increase in cloud service provider (CSP) deployment and need for disaster recovery and contingency plans have boosted the growth of the global multi-cloud network in fintech market.

PORTLAND, Ore., 28 November 2022 /PRNewswire/ — According to the report published by Allied Market Research, titled, “Multi-Cloud Networking in the Fintech Market by component (solution, service), by company size (large enterprises, SMEs), by cloud type (public, private): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global multi-cloud network generated in the fintech industry 362.3 million dollars in 2021, and is estimated to reach 1.9 billion dollars by 2031, growing at a CAGR of 18.2% from 2022 to 2031.

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Important determinants of market growth

Increase in the use of multi-cloud networks in fintech, increase in cloud service provider (CSP) deployment and need for disaster recovery and contingency plans have boosted the growth of the global multi-cloud network in fintech market. On the contrary, lack of skilled labor and the complexity of redesigning the network for the cloud are hindering market growth. However, an increase in the number of small and medium-sized enterprises will open up new opportunities in the future.

Covid-19 outbreak:

• The Covid-19 pandemic had a negative impact on the growth of multi-cloud networks in the fintech market, due to critical security issues and facilitation of secure information.

• Moreover, multi-cloud networks helped financial institutions improve agility while serving customers and ensuring adequate data security.

The services segment to showcase the highest CAGR through 2031

Based on component, the services segment is expected to register the highest CAGR of 19.4% during the forecast period as it helps in managing concerns efficiently with personalized assistance and optimized performance development. However, the solutions segment held the largest share in 2021, accounting for nearly three-fifths of the global multi-cloud fintech market share in 2021, as it offers personalized services, accelerates throughput, and reduces operating costs.

The story continues

The SME segment is set to register the highest CAGR by 2031

Based on company size, the SME segment is estimated to manifest the highest CAGR of 19.6% during the forecast period, owing to increasing technological investments and increasing innovation. However, the large enterprise segment dominated in terms of revenue in 2021, accounting for more than two-thirds of the global multi-cloud network fintech market share in 2021, as multi-cloud offers much better security with multiple backups on different servers.

The public sector had the largest share

By cloud type, the public segment held the lion’s share in 2021, accounting for nearly four-fifths of the global multi-cloud fintech market, as it offers tools and services that help store data and monitor records of all IT. network resources to deliver additional services. However, the private segment is estimated to register the highest CAGR of 20.9% during the forecast period as it provides a more stable solution for financial institutions by dedicating exclusive hardware within financial firms.

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North America to have the largest share by 2031

Based on region, North America had the highest share in 2021, contributing around half of the market, due to the high concentration of cloud and security providers such as Microsoft Corporation, Cisco Systems, Inc. and Broadcom Inc. However, the global multi-cloud fintech market is at across Asia-Pacific would register the fastest CAGR of 20.8% from 2022 to 2031, due to rapid economic and technological development in the region.

Key players in the industry

• Deutsche Telekom AG

• Ericsson

• Huawei technology

• Nokia

• Orange SA

• Qualcomm Inc.

• Telecom Italia

• Telstra

• T-Mobile

• Intel Corporation.

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