Microsoft
’s
MSFT
Azure cloud platform is being leveraged by Canadian Imperial Bank of Commerce (“CIBC”) to revamp its business operations, boost operational efficiency and enhance client experiences.
Headquartered in Toronto, Canada, CIBC is a well-known banking and financial services’ institution that offers wide-ranging products and services for Commercial Banking and Wealth Management, Personal and Business Banking, and Capital Markets segments.
CIBC is looking to swiftly migrate several of its business applications on to Azure platform to gain advantages like enhanced scalability as well as agility.
By utilizing Azure as its primary cloud platform, CIBC can advance work on its enterprise data lake and Artificial Intelligence (AI)/Machine Learning (ML) platform to create innovative banking solutions for customers, noted Microsoft.
CIBC had deployed Microsoft’s cloud-based enterprise communication app — Teams — when it shifted to remote work set up during lockdown amid COVID-19 crisis last year for its 44,000-strong global workforce.
A few days ago, Microsoft had announced that Morgan Stanley was implementing the company’s Azure cloud services to accelerate digital transformation.
Microsoft Corporation Price and Consensus
Microsoft Corporation price-consensus-chart
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Microsoft Corporation Quote
Revenue Prospects Galore in Finance Sector
Accelerated digital transformation, driven by continuation of remote work set up and mainstream adoption of hybrid/distributed work model, is fuelling demand for cloud-based solutions.
The cloud computing market is projected to witness a CAGR of 17.9% between 2021 and 2028 and reach $791.48 billion,
per data from Fortune Business Insights report.
According to Mordor Intelligence report
, the worldwide finance cloud market is forecast to witness a CAGR of 22.3% between 2021 and 2026. Banking and financial institutions are rapidly migrating workloads to cloud gain advantages like cost savings, simplified disaster recovery management and improved scalability.
Microsoft, which carries a Zacks Rank #3 (Hold), has doubled down on the cloud computing opportunity. The tech giant has captured an impressive market share in the cloud space in a relatively shorter time frame. Microsoft’s Azure and
Amazon
’s
AMZN
Amazon Web Services (“AWS”) are the dominant players in the global cloud domain.
You can see
the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Azure’s availability in more than 60 announced regions globally, is expected to have strengthened Microsoft’s competitive position in the cloud computing market. In the last reported quarter, Azure’s revenues jumped 46% at constant currency on a year-over-year basis driven by solid growth in consumption-based business.
Due to alluring growth prospects several small and big players like
Oracle
ORCL
and
International Business Machines
IBM
have amped up their efforts in the cloud arena, thereby intensifying competition.
As far as cloud deal wins are concerned, Microsoft
recently
lost the coveted $10-billion Joint Enterprise Defense Infrastructure (“JEDI”) cloud deal that was awarded by the U.S. Department of Defense (“DoD”).
The JEDI contract was mired due to legal wrangling between Amazon and Microsoft as well as Oracle. Since the deal was awarded to Microsoft in October 2019, Amazon had vehemently opposed the deal being awarded to Microsoft and alleged a political bias interfering with the process.
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