Abstract - The Maturity of Cloud Computing Across Financial Institutions in MEA | Research | IDC CEMA

This IDC Financial Insights report presents a detailed view of the evolving cloud computing landscape across the Middle East and Africa (MEA) region from the perspective of finance IT decision makers. This study provides in-depth analysis of MEA finance-sector cloud computing IT readiness, decision-makers' familiarity with and general attitudes towards cloud computing, leading adoption drivers and inhibitors, current and expected rates of cloud adoption, and vendor selection criteria.

"Key areas of concern for financial institutions include the uncertain and highly competitive landscape, organizational efficiency, and cost containment. Although cloud computing has been considered by many financial institutions in the MEA region, factors such as security concerns, compliance standards, and an overall lack of knowledge have slowed down adoption levels. Due to the sensitivity of the data that financial institutions bear, there is a definite bias toward private and hybrid cloud technologies. Cloud technology adoption will accelerate in the coming years, with many financial institutions already saying that cloud technology is part of their short- to medium-term plans." – Bijen Ramdas, Senior Research Analyst, IDC Financial Insights Middle East, Turkey, and Africa