Global Finance Cloud Market Report and Forecast 2024-2032

Global Finance Cloud Market Outlook

The global finance cloud market reached a value of approximately USD 31.31 billion in 2023. The market is projected to grow at a CAGR of 16.40% between 2024 and 2032, reaching a value of around USD 122.83 billion by 2032.

Key Trends in the Global Finance Cloud Market

Finance cloud refers to a cloud computing solution specifically designed for the financial industry. It combines the benefits of cloud computing with specialised financial tools and services to meet the unique needs of financial institutions, such as banks, insurance companies, investment firms, and other financial service providers.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

• The finance sector has been rapidly adopting cloud-based technologies to drive efficiency, enhance security, and improve scalability. One of the primary drivers for the market is the increasing demand for cost-effective solutions. Companies of different sizes are willing to implement cloud-based financial applications to eliminate substantial upfront investments in hardware, software licenses, and infrastructure.

• Digital transformation is one of the major finance cloud market drivers. Cloud technologies enable organisations to digitise their financial processes and automate routine tasks, improving efficiency and accuracy. Finance cloud solutions offer features like automated invoicing, real-time reporting, and predictive analytics, empowering financial professionals to make data-driven decisions.

• rtificial intelligence (AI) and machine learning (ML) have gained significant traction in the finance industry. Finance cloud solutions are integrating AI-powered tools for fraud detection, risk assessment, credit scoring, and predictive analytics.

Global Finance Cloud Market Analysis

Based on component, the market is segmented into solution and services. The solution segment is further divided based on type into finance forecasting, financial reporting and analysis, security, and governance, and risk and compliance, among others. The services segment, based on type, is further divided into professional service and managed service.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

On the basis of deployment, the finance cloud market can be categorised into public cloud, private cloud, and hybrid cloud. The market, based on enterprise, is bifurcated into large enterprise and small and medium enterprise.

Based on application, the market is segmented into revenue management, wealth management, customer relationship management, account management, and asset management, among others. The major regional markets for finance cloud are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global finance cloud market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• IBM Corporation

• Microsoft Corporation

• Oracle Corporation

• Amazon Web Services, Inc.

• Acumatica, Inc.

• Aryaka Networks, Inc.

• Sage Group plc

• SAP SE

• Salesforce, Inc.

• Others

Global Finance Cloud Market Share by Deployment

The public cloud segment is expected to account for a major portion of the finance cloud market share. The segment growth is augmented by its cost-effective benefits as it enables businesses to only pay for the resources they use. This eliminates unnecessary expenses associated with maintaining idle resources. Furthermore, the public cloud offers businesses the flexibility to easily scale their resources up or down in response to fluctuations in demand.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Global Finance Cloud Market Share by Application

The application of cloud technologies in wealth management is likely to generate a significant amount of market revenue. The significant surge in demand for cloud technology among wealth and investment management organisations is a major factor propelling the market growth. These firms are seeking efficient solutions to manage an increasingly demanding client base.

In addition, compliance with stringent regulations is a top priority for wealth management firms, and cloud technology provides advanced security measures and data protection capabilities, ensuring compliance with regulatory frameworks.

Competitive Landscape

IBM Corporation, commonly referred to as IBM (International Business Machines Corporation), is a well-established American multinational technology company, established in 1911. The company has gone through developments and expanded its business endeavours into diverse sectors. It has become one of the leading figures in the finance cloud market, while also having a significant presence in the artificial intelligence (AI), blockchain technology, cybersecurity, and data analytics sectors, among others.

Microsoft Corporation is one of the leading technology companies, which is best known for its software products, particularly its operating systems. The company began its operation in 1975 and has developed its presence in multiple fields, including cloud computing and hardware, among many others. In the field of cloud computing, the company has established its place with its Microsoft Azure platform.

Oracle Corporation is a renowned multinational technology company based in the United States that specialises in an array of technology solutions, including database software, cloud engineering systems, and enterprise software products. With its establishment in 1977, Oracle has emerged as a prominent global technology firm, catering to diverse industries and customers worldwide. The company is particularly recognised for its flagship offering, the Oracle Database, which stands as a leading relational database management system (RDBMS).

Other market players include Amazon Web Services, Inc., Acumatica, Inc., Aryaka Networks, Inc., Sage Group plc, SAP SE, and Salesforce, Inc., among others.

Key Highlights of the Report