Digital Banking

Fintech cloud market to reach $196B

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November 16, 2022

The fintech cloud market will reach $196.2 billion by 2031, according to a press release from Allied Market Research. It will also grow at a compound annual growth rate of 16.4% from 2021 to 2031.

Efficiency is one of the key factors driving growth in the market but concerns over security are holding back some growth. Other findings include:

• COVID-19 encouraged the growth of managed data centers.
• Demand for cloud-managed services grew due to avoid high network down times.
• Large enterprises will hold the highest market share.
• Solutions segment will hold the highest market share.

North America currently holds the largest market share, but the Asia-Pacific market will grow the fastest as at compound annual growth rate of 19.8%.