This Market Presentation presents IDC's view of the cloud services market for the Asia/Pacific (excluding Japan) (APEJ) financial services industry, with insights into cloud adoption and buyer needs, a competitive assessment of key players, and essential guidance for cloud SPs. The document also analyzes how the industry's buyers are shifting traditional IT spend to different cloud delivery models (i.e., private, public, and hybrid). In addition, this contains a view of the performance of leading vendors in the public cloud segment throughout infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). Moreover, it provides a forecast of the public cloud services spending by financial services institutions (FSIs) from 2018 through 2023. Further, the document uses survey results from IDC's 2019 Cloud Pulse Survey to understand end-user trends in cloud adoption for the FSI sector.
This document also includes an early assessment of COVID-19's impact. As APEJ waits for the contagion to peak, banks and FSIs will seek cloud services as a recourse should scalability and availability requirements increase further. Banks' portfolios of mobile and digital application capabilities — mobility solutions, next-generation payments, big data analytics — are new and are thus primed for cloud. Workforce productivity solutions, which are increasingly available on cloud, will also give additional momentum so that by the end of this crisis, banks can prove how they can shift requirements to the on-demand, highly scalable, and responsive architecture of cloud. For now, IDC expects that 80% of the region's tier 1 and 2 banks can move quickly to cloud, as by now, they would have a clear hybrid IT strategy.
COVID-19, Cognitive/artificial intelligence, Digital transformation, Global IT and economic markets, Hybrid clouds, Infrastructure as a service, Platform as a service, Private cloud services, Public cloud services, Software as a service