Electric vehicles amounted to around 16.7 percent of global passenger car sales in 2023, which was a rise of around 3.1 percentage points year-over-year. Electric vehicle sales have rapidly increased since 2017, when they rose above one percent of the market, and have particularly accelerated since 2020. Many consumers started looking for more sustainable transportation methods amid the COVID-19 pandemic due to increased environmental consciousness. This contributed to the EV market expansion worldwide. A market driven by innovation Various factors contribute to the rapid growth of the electric vehicle market, including consumer perception, governmental targets, and investments in technological innovation. Regional institutions and national governments are committing to policies supporting electric vehicle adoption worldwide, with around 97 percent of the light-duty vehicle market comprising countries with these policies. Governmental spending on electric cars reached around 45 billion current U.S. dollars in 2022, the steepest increase recorded in the past five years, and global automakers are also allocating part of their revenue toward research and development expenses. Challenges and opportunities for EV charging Electric vehicle charging was the second technology type receiving the most early and growth-stage venture capital investments in 2023, above electric vars and electric two-wheelers. In 2023, there were around 11 electric vehicles per charging point worldwide, and access to this infrastructure was unequal, with China boasting the largest electric vehicle supply equipment network. Slow chargers, typically alternating current, were also the most common charging type, creating opportunities for the development of fast charging across the globe.

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Private and Public Cloud Market in the Financial Services Industry Size 2024-2028

The private and public cloud market in the financial services industry size is forecast to increase by USD 106.43 billion, at a CAGR of 19% between 2023 and 2028. The market is driven by the increasing demand for virtually unlimited storage and big data processing capabilities.

Major Market Trends & Insights

APAC dominated the market and accounted for a 39% share in 2022.
The market is expected to grow significantly in North America region as well over the forecast period.
Based on the Service Type, the SaaS segment led the market and was valued at USD 35.04 billion of the global revenue in 2022.
Based on the Deployment, the public cloud segment accounted for the largest market revenue share in 2022.

Market Size & Forecast

Market Opportunities: USD 90.04 Billion
Future Opportunities: USD 106.43 Billion
CAGR (2023-2028): 19%
APAC: Largest market in 2022

The trend is particularly prominent in the financial sector, where managing vast amounts of data is essential for risk assessment, fraud detection, and customer service. However, the adoption of cloud solutions in financial services is not without challenges. Data security and privacy remain major concerns, as sensitive financial information must be protected from cyber threats and unauthorized access. The development of OpenStack, an open-source cloud computing platform, offers potential solutions to these issues through enhanced security features and greater control over data.

What will be the Size of the Private and Public Cloud Market in the Financial Services Industry during the forecast period?

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Application performance monitoring, serverless computing platforms, and disaster recovery solutions are essential components of modern IT infrastructure. Software-defined networking and high availability clusters ensure optimal network performance and business continuity. Capacity planning tools and service level agreements help manage workloads and ensure consistent service delivery. Data loss prevention, cloud cost optimization, and regulatory compliance clouds are crucial for maintaining security and regulatory adherence. Financial data analytics, API security gateways, and container orchestration technology facilitate efficient data processing and streamlined operations. Payment processing platforms, automated compliance checks, and IT infrastructure optimization contribute to enhanced productivity and cost savings. The IaaS segment is the second largest segment of the service type and was valued at USD 20.87 billion in 2022.

Risk management systems, database replication systems, data governance frameworks, blockchain technology finance, financial data encryption, and financial transaction processing are integral to secure and efficient financial operations. Network security firewalls, virtual machine migration, public cloud scalability, and cloud security compliance are essential for maintaining a robust and secure IT environment. Microservices architecture and multi-cloud strategies enable flexibility and agility, while network security firewalls and virtual machine migration ensure seamless integration and migration between cloud environments. The ongoing unfolding of market activities underscores the continuous evolution of cloud technology in the financial services industry.

Financial institutions must navigate the complexities of implementing and managing these systems effectively to mitigate risks and ensure regulatory compliance. As companies in the financial services industry explore the benefits of cloud solutions, they must carefully consider both opportunities and challenges to optimize their IT infrastructure and maintain a competitive edge. By focusing on robust security measures and effective implementation strategies, financial institutions can capitalize on the potential of cloud technologies to drive innovation and growth.

How is this Private and Public Cloud in the Financial Services Industry Industry segmented?

The private and public cloud in the financial services industry industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Service Type

  SaaS
  IaaS
  PaaS


Deployment

  Public cloud
  Private cloud


Solution

  Financial forecasting
  Financial reporting & analysis
  Security
  Governance, Risk & Compliance
  Others


Application

  Revenue management
  Wealth management
  Account management
  Customer relationship management
  Asset management
  Others


Geography

  North America

    US
    Canada


  Europ

In 2024, the Omani antimony market increased by 19% to $19M, rising for the second consecutive year after four years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $27M in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure.

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The airfreight forwarding market share is expected to increase by 7107.92 thousand tons from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.48%.

This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (manufacturing industry, retail industry, and other industries) and geography (APAC, North America, Europe, the Middle East, Africa, and South America). The market report also offers information on several market vendors, including AP Moller Maersk AS, Agility Public Warehousing Co K.S.C.P, Aramex International LLC, C.H. Robinson Worldwide Inc., CEVA Logistics AG, CJ Logistics Corp, Deutsche Bahn AG, Deutsche Post DHL Group, DSV Panalpina AS, FedEx Corp., Gati Ltd, GEODIS, Kerry Logistics Network Ltd., Kuehne Nagel International AG, Nippon Express Holdings Inc, Omni Logistics LLC, Singapore Post Ltd, SINO Group, United Parcel Service Inc., and XPO Logistics Inc. among others.

What will the Airfreight Forwarding Market Size be During the Forecast Period?

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Airfreight Forwarding Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing e-commerce sector is notably driving the market growth, although factors such as the growing global rail logistics market may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the airfreight forwarding industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Market Driver

The growing e-commerce sector is notably driving the global market growth. The growing Internet penetration and improving purchasing power parity across all the regions are primarily bolstering the development of the global e-commerce market. The US and China are the key contributing countries to the global e-commerce market. For instance, in 2018, the business-to-customer (B2C) e-commerce industry in the US accounted for more than 10% of the overall retail sales in the US. Furthermore, the US e-commerce market is expected to grow significantly during the forecast period. The augmented online sales are expected to positively influence the volume of global airfreight during the forecast period.

Key Market Trend

Increasing US agricultural export to China is the key market trend driving global market growth. The US exports of agricultural products to China recovered in 2016 after a fall in 2015. In 2020, agricultural products from the US worth about $26.5 billion were exported to China. The products included meat, cut flowers, seafood, and others. In 2017, China reduced the value-added tax on primary agricultural products to 11% from 13%. The tax reduction is further expected to enhance the imports of agricultural products in China. This, in turn, is expected to increase the demand for airfreight forwarding service because quick delivery is required to prevent the spoilage of agricultural products.

Key Market Challenge

The growing global rail logistics market is the major challenge impeding the global market growth. The global rail logistics market is expected to register moderate growth during the forecast period. The growing rail infrastructure and low transportation costs are the main factors triggering the growth of the market. The freight volumes, especially that of the dry cargo, are exhibiting an upward trend since 2009. For instance, in 2018, about 19% of cereal grains transported within the US were through intermodal rail. In Europe, the demand for rail logistics services is from pharmaceutical and electronic component manufacturers. The rise in rail freight volumes is primarily because of its lower operating cost compared with sea freight and air freight. The growth of rail logistics operations is expected to be a threat to the vendors of the global market during the forecast period.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global airfreight forwarding market as a part of the global air freight and logistics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Maj

As of August 2022, Apple was the leading mobile vendor in Vietnam’s burgeoning smartphone market, with approximately ** percent of the total market share. Meanwhile, Samsung, a South Korean-based conglomerate and one of the world’s top manufacturers of consumer electronics, took second place with a market share of around ** percent that year. The race for the top among foreign players The global giants of the mobile phone industry, Apple and Samsung, have been vying for the top spot in the Vietnamese smartphone market, as Vietnamese consumers, despite the COVID-19 pandemic, continued to show an affinity for higher-end smartphones. Meanwhile, Chinese smartphone brands, such as Oppo, Xiaomi, and Vivo, dominated the mid-range price segment in Vietnam. The future for Vietnamese homegrown smartphones? Vsmart, launched in June 2018 by VinSmart, a subsidiary of Vingroup JSC, which is Vietnam’s largest conglomerate, remained the only domestic player among well-known mobile vendors in Vietnam. Vsmart successfully rolled out ** smartphone models, ranging from as low as *** million Vietnamese dong (equivalent to around ** U.S. dollars) to *** million Vietnamese dong. However, VinSmart’s sudden decision to halt Vsmart production back in May 2021 left Bphone as the last Vietnamese-made smartphone in the market. Bphone, first introduced in May 2015 by Bkav, a Vietnamese leading technology corporation specializing in antivirus software, is one of Vietnam’s earliest self-produced smartphones.

Market Overview:

The global AI workstation market was valued at $2.5 billion in 2018 and is expected to grow at a CAGR of 19% during the forecast period 2022-2030. The growth in this market can be attributed to the increasing demand for AI-enabled devices and services, the growing adoption of AI in various industries, and rising investments in R&D activities for developing new and innovative applications of AI. Based on type, the global AI workstation market can be segmented into portable AI workstations, benchtop workstations, and others. PortableAI workstations are expected to witness higher growth during the forecast period as they offer greater flexibility and mobility as compared to other types of workstations.

Product Definition:

An AI workstation is a computer system that can be used for artificial intelligence (AI) tasks. These systems typically include a central processing unit (CPU), memory, and storage, as well as graphics and input devices such as a keyboard and mouse. They are designed to allow users to carry out complex AI tasks on a single platform.

Portable AI Workstation:

A portable AI workstation is a computer system that can be easily moved from one place to another. It is designed for use in field or laboratory settings and typically has a high-resolution display, fast processing capabilities, and ample storage space. Portable AI workstations are often used for tasks such as data analysis, machine learning, and scientific research.

Bench AI Workstation:

Bench AI Workstation is a type of AI workstation that is used for data analysis and machine learning. It is a portable device that can be used to perform various tasks such as data entry, data analysis, and machine learning. Bench AI Workstation is also known as a desktop replacement for traditional computers.

Application Insights:

The market is segmented by application into an expert system, knowledge inference, and others. The other segment includes virtual assistants and robotics. The expert system application is expected to witness the highest CAGR over the forecast period owing to its increasing adoption across several industry verticals for various applications such as predictive maintenance and asset management. The other applications include image recognition and natural language processing which are majorly used in autonomous vehicles or robots for customer interaction purposes. Image recognition has witnessed tremendous adoption in smartphones where users can easily add filters or effects that enhance their photos with just a few clicks on a mobile device without having to take an actual photo of everything around them which was previously done manually by photographers.

Regional Analysis:

The North American regional market dominated the global demand in 2016, with a revenue share of over 35.0%. The growth is attributed to the presence of major players such as Google Inc., Microsoft Corporation, and IBM Corporation in this region. Moreover, increasing investments by these companies in developing advanced algorithms are expected to drive the demand further. For instance, Google Inc. announced its plan to invest more than $600 million between 2018 and 2020 in AI-related projects such as computer vision and machine learning for creating intelligent systems that can see as a human can see; understand language as humans do; and act accordingly under various circumstances. Such initiatives are anticipated to fuel market growth across North America during the forecast period from 2022 to 2030. However other regions such as Asia Pacific are projected to exhibit lucrative growth over this period owing to their increasing adoption of AI technology across several sectors including healthcare & life sciences; manufacturing & production management; transportation & logistics etc.

Growth Factors:

• Increasing demand for AI-enabled devices and services.
• The growing number of AI startups.
• Rising adoption of AI by enterprises.
• The proliferation of big data and the emergence of advanced analytics.
• Development of new applications for artificial intelligence.

Report Scope

The Finnish data processing server market surged to $438M in 2024, jumping by 19% against the previous year. In general, consumption, however, continues to indicate prominent growth. Over the period under review, the market attained the maximum level at $558M in 2018; however, from 2019 to 2024, consumption failed to regain momentum.

In 2024, the CIS balloon and dirigible market increased by 19% to $649M for the first time since 2018, thus ending a five-year declining trend. Over the period under review, consumption, however, showed a perceptible curtailment. The level of consumption peaked at $2.6B in 2015; however, from 2016 to 2024, consumption remained at a lower figure.

In 2022, the Polish frozen lobster market increased by 19% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption, however, saw a mild decline. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

In 2024, the Kenyan banana market decreased by -19% to $1.4B for the first time since 2018, thus ending a five-year rising trend. Over the period under review, the total consumption indicated a notable increase from 2012 to 2024: its value increased at an average annual rate of +3.5% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +61.5% against 2016 indices.

Owing to the increasing internet user base and favorable market conditions, India has a lot of potential in the e-commerce industry. Growing at an exponential rate, the market value of the e-commerce industry in India was 125 billion U.S dollars in 2024. This number was estimated to reach 550 billion U.S. dollars by 2035. E-commerce platforms The competition in the e-commerce business in India is fierce. The market is filled with many local and foreign companies trying to hold the maximum market share. Flipkart and Amazon were the leading ecommerce retailers in the country. Moreover, electronics and apparel are the most popular shopping categories among Indian consumers. Growing trend of e-commerce Increasing growth in the e-commerce industry is attributed to several reasons. Digitizing the economy and the provision of affordable internet are a few of many reasons that boosted the growth of digital sales in India. In 2024, the e-commerce sales across India were estimated to increase by over 19 percent. Consequently, the revenue-generating potential has also increased. The average retail e-commerce revenue collected per user was more than 85 U.S dollars.

In 2021, the U.S. speed changer market increased by 19% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

In 2021, the African non-enclosed loudspeakers market increased by 19% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a noticeable decline. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

The U.S. auto industry sold nearly ************* cars in 2024. That year, total car and light truck sales were approximately ************ in the United States. U.S. vehicle sales peaked in 2016 at roughly ************ units. Pandemic impact The COVID-19 pandemic deeply impacted the U.S. automotive market, accelerating the global automotive semiconductor shortage and leading to a drop in demand during the first months of 2020. However, as demand rebounded, new vehicle supply could not keep up with the market. U.S. inventory-to-sales ratio dropped to its lowest point in February 2022, as Russia's war on Ukraine lead to gasoline price hikes. During that same period, inflation also impacted new and used car prices, pricing many U.S. consumers out of a market with increasingly lower car stocks. Focus on fuel economy The U.S. auto industry had one of its worst years in 1982 when customers were beginning to feel the effects of the 1973 oil crisis and the energy crisis of 1979. Since light trucks would often be considered less fuel-efficient, cars accounted for about ** percent of light vehicle sales back then. Thanks to improved fuel economy for light trucks and cheaper gas prices, this picture had completely changed in 2020. That year, prices for Brent oil dropped to just over ** U.S. dollars per barrel. The decline occurred in tandem with lower gasoline prices, which came to about **** U.S. dollars per gallon in 2020 - and cars only accounted for less than one-fourth of light vehicle sales that year. Four years on, prices are dropping again, after being the highest on record since 1990 in 2022.

The average exchange rate of the euro to the pound nearly reached 0.9 GBP over the course of 2022, a figure lower than in previous years. This is according to a comparison between average monthly and daily exchange rates. Figures changed, especially in the second half of 2022, after the British government first announced its inflation plans. By August 27, 2025, however, one euro was valued at 0.86 British pounds. The pound-to-euro exchange rate can be found on a different page.EstablishmentThe euro, which was established in 1992, introduced in non-physical form in 1999, and finally rolled out in 2002, is used by 19 of the 27 member states of the European Union. This group of 19 countries is otherwise known as the eurozone or euro area. By 2018, the total value of euro currency in circulation was almost 1.2 trillion euros, or over 3.4 thousand euros per capita.Euro to GBPBetween 2000 and 2009, the average annual exchange rate of the euro to the British pound sterling noted a steep increase. In 2009, the euro to British pound sterling annual average exchange rate was equal to 0.89, which meant that one euro could buy 0.89 British pounds. By 2016, this value had decreased to a value of 0.82, which again meant that one euro could buy 0.88 British pounds. The Brexit referendum is the likely reason for the noted increase in value of the euro to British pound sterling from 2017 onwards. The overall strengthening of the euro against the British pound following the referendum result in June 2016 can be seen in the monthly exchange rate.

After two years of decline, the Swiss aromatic alcohols market increased by 19% to $13M in 2024. The market value increased at an average annual rate of +1.3% from 2012 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $15M in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure.

The Russian market for meat of camels and other animals soared to $2.6B in 2024, jumping by 19% against the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $2.9B in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure.

In 2024, the Russian hand tools market decreased by -19% to $1B for the first time since 2018, thus ending a five-year rising trend. In general, consumption, however, saw a measured increase. Hand tools consumption peaked at $1.2B in 2023, and then shrank remarkably in the following year.

In 2024, the German acrylic polymer market increased by 19% to $2B for the first time since 2021, thus ending a two-year declining trend. Overall, consumption, however, showed a deep downturn. As a result, consumption attained the peak level of $4.7B. From 2018 to 2024, the growth of the market failed to regain momentum.

In 2024, the Sri Lankan cable-making machine market increased by 19% to $689K for the first time since 2021, thus ending a two-year declining trend. In general, consumption recorded buoyant growth. As a result, consumption reached the peak level of $1.9M. From 2018 to 2024, the growth of the market remained at a lower figure.