Development of the cloud computing industry: impacts and transformations in progress

Cloud computing and the use of technological resources as a service have brought a revolution to both end consumers and public and private companies. While the market for cloud services entails a contribution to global economic growth, there are regulatory restrictions that hamper its development. Financial regulation is particularly stricter on cloud use by the banking sector, which is under pressure from other technology players who, ntrammelled by same regulatory restrictions over banking, are already beginning to provide financial services by tapping the benefits that cloud adoption has to offer.

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