Financial Cloud Trends in Asia/Pacific

Financial Cloud Trends in Asia/Pacific

This IDC Perspective takes a look at some of the major trends in cloud usage in the region based on IDC research and offers an overview of the four largest cloud services providers in Asia/Pacific (excluding Japan) (APEJ) based on revenue to compare their offerings for the financial services space. Cloud usage in financial services in APEJ continues to grow dramatically, with IDC estimating that spending in cloud infrastructure and software will reach US$27.2 billion in 2026, up from US$15.0 billion in 2023. Both sentiment and overall spending in the region have increased and the development of more localized centers to service the unique needs of the region means that rapid adoption is now being seen with more critical workloads and use cases being migrated to cloud-based platforms. "Cloud continues to dominate the infrastructure futures of banks in APEJ and usage is accelerating in the region. More technology initiatives such as AI and security only pave the way further for more cloud adoption, and the multicloud reality emerging within financial services means that FSIs will have to become adept at both leveraging the potential of cloud as well as develop new frameworks to account for the new risks," said Michael Yeo, associate research director for IDC Financial Insights and Retail Insights."To ensure that their cloud modernization journey is off to a good start, FSIs should assess the respective regulatory landscape, and analyze the vendors' suitability in respect to the FSI's current technology architecture, existing process design, and future business need," said Adam Kamarul, market analyst, IDC Financial Insights.

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