Study Shows Financial Services Organizations’ Push Towards Hybrid Cloud Model is Built On Private Cloud Investments
January 12 2021 - 9:00AM
Business Wire
43% of Financial Services Companies Globally
Plan to Increase Their Investment in Private Cloud Over the Next
Year
Nutanix (NASDAQ: NTNX), a leader in private cloud, hybrid and
multicloud computing, today announced the financial services
industry findings of its third annual Enterprise Cloud Index
Report, measuring organizations’ plans for adopting private, hybrid
and public clouds. The findings point to a digital transformation
within the industry, with half of respondents (50%) reporting that
COVID-19 caused them to increase their investment in hybrid
cloud.
In the industry’s five-year outlook, hybrid cloud is the only IT
model showing positive growth among financial company respondents,
and it is expected to increase by 39% in that timeframe. In
addition, 43% of financial services companies plan to increase
their investment in private cloud over the next year, 10% higher
than the global average (33%) – pinpointing that private cloud
adoption is crucial to creating a modern hybrid cloud.
Other key findings of this year’s report include:
- Security concerns are driving private cloud adoption:
Financial services organizations ranked security, privacy, and
compliance issues as the most concerning when running applications
within public cloud solutions (62%). Respondents were less
concerned with public cloud capacity (30%), showing that while
public cloud has the capabilities to support IT infrastructures,
the security of sensitive data is non-negotiable, and organizations
are looking for alternative solutions.
- Investment in hyperconverged infrastructure shows the
industry’s confidence in private cloud: Nearly 50% of financial
sector respondents say they’ve either fully deployed HCI or are in
the process of doing so, while 38% report they will be deploying
HCI within the next 12 to 24 months. This investment is directly
aligned with increased private cloud adoption, as HCI reduces the
time it takes to build the software-defined, scalable
infrastructure necessary to support private cloud.
- Financial services organizations are looking to optimize
their cloud usage: The sector’s top motivations for modernizing
its IT infrastructure is to gain greater control of IT resource
usage (59%) and to gain the speed (58%), and flexibility needed
(55%) to meet business requirements.
- The industry must invest in talent to support a hybrid cloud
environment: More than a third of financial services
respondents (36%) said they were short on skills needed to manage
mixed private/public cloud environments, while 34% said they lacked
expertise in cloud-native technologies and containers, including
Kubernetes. These issues have contributed to organizational
struggles to fully adopt hybrid cloud.
“Historically, financial services organizations have explored
public cloud offerings when decommissioning legacy datacenters,”
said Tapan Mehta, Director, Industries Solution Marketing at
Nutanix. “However, as the industry continues to place greater
interest in data privacy and compliance issues, organizations are
turning to the private cloud. This rapid increase in private cloud
adoption serves as the basis for a hybrid cloud model, which is
expected to become the industry norm over the next few years.”
The 2020 respondent base spanned multiple industries, business
sizes, and the following geographies: the Americas; Europe, the
Middle East, and Africa (EMEA); and the Asia-Pacific (APJ)
region.
To learn more about the financial services findings, please
download the report here.
About Nutanix
Nutanix is a global leader in cloud software and a pioneer in
hyperconverged infrastructure solutions, making computing invisible
anywhere. Organizations around the world use Nutanix software to
leverage a single platform to manage any app at any location at any
scale for their private, hybrid and multi-cloud environments. Learn
more at www.nutanix.com or follow us on Twitter @nutanix.
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