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China's financial cloud solution Market - new opportunities, new patterns

Beijing, October 25, 2019

in August, the first development plan and top-level design of China's financial technology industry, fintech development plan (year), was released, proposing to focus on the development of big data, cloud computing, distributed databases, artificial intelligence, network authentication, blockchain and other technologies and application scenarios, It marks the beginning of a new round of technological and industrial integration reform in the financial industry

new opportunities: China's financial cloud solution market is moving forward with great strides

the complete financial cloud market includes public cloud, private cloud or hybrid cloud infrastructure, as well as cloud platforms and cloud application solutions (Software + services) for the financial industry. IDC focuses on the latter with more financial industry attributes, and has released the report "China's financial cloud solution market tracking research, 2019h1" for the first time

three sets of data of China's financial cloud solution Market:

China's financial cloud solution market is expected to reach US $930 million in 2019, accounting for 9% of the overall IT solution Market in China's financial industry

the financial cloud solution Market in China is expected to grow by 40.1% year-on-year in 2019, with a growth rate close to twice that of the overall IT solution Market in China's financial industry

in, China's financial cloud solution market grew by 40.2% compound, and the market scale is expected to reach $3.59 billion in 2023

three hot spots in China's financial cloud solution market recently:

dual mode it: on the one hand, financial institutions cannot leave IOE in the short term, on the other hand, they hope to maximize the flexibility and agility of cloud computing. Dual mode it has become a priority choice for many banks to try digital transformation. Building interconnected core systems and transforming traditional systems into containers and microservices are the main ways

intelligent scenario: innovative cloud applications such as intelligent customer service, risk control, precision marketing, and face accounts have been increasingly recognized in the financial industry. In addition to Internet finance, traditional banking, insurance, and securities companies have begun to vigorously explore and practice through experiments

channel change: users' demand for offline finance has changed, and online has become an entry point for remote access to users and output of user experience. From online banking, banking to open banking, channel development continues to drive financial institutions to seek change

three driving factors for the growth of China's financial cloud solution Market:

favorable policies: from the CBRC's clear proposal to migrate all important information systems for Internet scenarios to cloud computing architecture platforms, to the central bank's proposal of technical architecture specifications and security technical requirements for cloud computing platforms in the financial field, and to the release of the financial technology development plan, financial institutions' concerns about cloud computing applications are gradually eliminated

industrial challenges: the regulatory and operational pressures faced by financial businesses push back industrial innovation and upgrading. Cloud computing and distributed architecture have become the only choice for financial institutions to optimize management and business agility

technological innovation: Based on the cloud architecture, the development and innovation of big data, artificial intelligence, blockchain and other technical means gradually have the basic conditions for landing applications in the financial field, and become a new force to reshape the future financial industry and services

new pattern: from the unification of financial vertical industry solutions to the three foot two strong

in the past years, China's financial IT solution market has been dominated by domestic and foreign financial vertical industry solutions. With the continuous deepening of financial institutions on the cloud, the focus of competition in the market has gradually shifted to financial cloud solutions, and various service providers have entered the market. Cloud service providers, financial subsidiaries, and financial vertical industry solutions constitute the preliminary pattern of the financial cloud solution Market:

in the first half of 2019, China's financial cloud solution market reached US $400million, Cloud service providers and financial vertical industry solutions providers are leading the market, with Alibaba, Zhongke soft technology, Tencent, Baidu and Rongxin cloud in the top five, accounting for 34.9% of the market share. Compared with the vertical industry solution providers represented by Zhongke soft technology and Rongxin cloud, the cloud service provider camp represented by Alibaba, Tencent and Baidu grew faster, mainly driven by the demand for cloud solutions from the cloud's native Internet financial market. Generally speaking, the cooperation between the two types of service providers is greater than competition

from the perspective of service provider layout strategy, Alibaba, Tencent or the local machine cannot experiment with it And Baidu and other cloud service providers mainly start from the transformation or new construction of the underlying distributed architecture, as well as big data and AI driven application scenarios; In the past two years, Zhongke soft technology has served a number of newly established insurance companies, and the cloud solutions cover the core and peripheral systems of property insurance, life insurance, automobile insurance and reinsurance cloud; Rongxin cloud mainly provides cloud solutions for Internet open banks and Internet finance, as well as SaaS hosting services for small and medium-sized banks and rural banks

liulihui, senior research manager of IDC China enterprise research department, said: from the underlying it infrastructure to the upper platform and application solutions, it is inevitable for Chinese enterprises to comprehensively transform to cloud computing architecture. As the leader of information technology applications in traditional industries, the financial industry is becoming the leader of cloud transformation in both Internet industries, especially after uneven distribution. Dual mode it, intelligent scenarios, and channel changes are the three hot spots in the current market demand for financial cloud solutions. Financial cloud solution providers need to be fully prepared in terms of cloud native product development, value scenario mining, and cooperative ecosystem building

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