CLOUD TECHNOLOGY
The Age of The Cloud In his answers to MEA Finance, Naim Yazbeck Regional Director, Enterprise and Partner Group at Microsoft UAE, succinctly sums up the essential role that Cloud Technology plays across the banking and financial markets, and wider industry, highlighted by the increase in spending on its services in the past few years and the features, security and opportunities it offers for businesses and their customers
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Banking and Finance news in the MEA market
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t’s estimated that cloud infrastructure accounts for one-third of banks’ IT spending. Will this proportion reduce or expand in the coming years? In the past couple of years, the banking and finance sector has heavily invested in technology. Today, it is important for organizations across all industries to be digitally advanced in order to cope with the demands of the new normal. It has been observed that the majority of the leading businesses have migrated their workloads to the cloud and that this trend will further continue ahead into the years to come. Even the finance sector has benefitted from the features of cloud services like scalability and flexibility, amongst many others. According to predictions from Gartner, global spending on cloud services is expected to reach over US$482 billion in 2022, up from US$313 billion in 2020. Cloud computing infrastructure is the backbone of the delivery pipeline of just about every digital
