Telecom Cloud Market — BFSI Sector is the Prominent User Driven Demands

Posted by RASHMI on May 29th, 2019

In more recent times, many technological advancements have taken place in the telecom cloud market. BFSI, retail, transportation, and media & entertainment sectors widely use telecom cloud technology. Therefore, the telecom cloud market is expected to expand at a rapid pace in the coming years. Increase in the use of cloud infrastructureacross the world is primarily driving demand for telecom cloud computing.This is anticipated to drive the market over the forecast period.

Moreover,increase in demand for telecom cloud from the BFSI industry is expected to fuel the telecom cloud market in the near future. However, high risk of data security and information loss is projected to inhibit the growth of the telecom cloud market across the world. The telecom cloud market is likely to reach a value of US$ 55.29Bn by 2026 from US$ 12.63Bn in 2017, expanding at a CAGR of 18.2% during the forecast period.

In past few years, numerous technological advancements have taken place in the telecom cloud market. Industries such as BFSI, transportation, retail, and media and entertainment extensively use telecom cloud technology. Thus, the telecom cloud market is projected to increase rapidly in the near future.

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In addition, the integration of cloud computing in the telecom industry helps in providing various services such as virtualization of storage, networks, and services. It also increases the use of existing system resources and decreases infrastructure cost. Moreover, increasing use of cloud service across various organizations worldwide has also fueled the global market for telecom cloud computing.  BFSI industry uses cloud services and is expected to boost the demand in the telecom cloud market in the coming years.