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Advantages of Cloud Migration for BFSI

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.

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Advantages of Cloud Migration for BFSI

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  1. EXPLAINS Cloud migration is the process of is moving your on-premise workloads such as data, applications and other business operations to a cloud environment. Migrating to a cloud environment could bring about so many benefits. But some major drivers of a migration decision are: Mobility Scalability Disaster Recovery Increased Effectiveness Faster Implementation In 2019, cloud migration services have been valued at USD 119.13 billion. This is expected to reach USD 448.34 billion by 2025! 200 150 Almost quadrupling in just a span of 6 years! 100 50 0 2019 2025 In the said period, the CAGR will be recorded at 28.89%. Because of rapid migration to the cloud, cloud computing is to generate revenue worth USD 411 billion by 2020 alone. BFSI (Banking, financial services and insurance industry) is to witness significant growth and therefore accelerate their migration towards cloud solutions. Some of the major bene- fits of BFSI moving to the cloud are: Cut down expenses by slashing infrastructure costs. Integration of emerging technologies with the FinTech ecosystem. Access to operational and customer facing programs. Through cloud migration the BFSI sector can operate effi- ciently and provide better services through AI, blockchain, and software container supported platforms. Resources: https://www.mordorintelligence.com/industry-reports/cloud- migration-services-market

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