What Has Been the Growth of the Finance Cloud Market So Far?
The finance cloud market has seen considerable growth due to a variety of factors.
• Over the past years, the size of the finance cloud market has seen swift expansion. It is anticipated to increase from $72.12 billion in 2024 to $84.77 billion in 2025, escalating at a compound annual growth rate (CAGR) of 17.5%.
The rise in the past can be credited to issues related to the legacy system, cost-effectiveness, growing needs for scalability, concerns over data security, and trends in globalization.
What Is the Forecasted Market Size and Growth Rate for The Finance Cloud Market Size In The Coming Years?
The finance cloud market is expected to maintain its strong growth trajectory in upcoming years.
• The financial cloud market is predicted to experience a swift expansion in the coming years. Its estimated value is projected to rise to $161.26 billion by 2029, with a compound annual growth rate (CAGR) of 17.4%.
Factors contributing to this growth during the projection period include regulatory alterations, improved user interfaces, an increase in cybersecurity threats, the application of data analytics and business intelligence, as well as mobile access and adaptability. The prediction period will also witness trends like the incorporation of innovative technologies, technological progressions, cooperation-focused work environments, adoption of hybrid cloud, and interconnected ecosystems.
What Factors Are Driving Growth In The Finance Cloud Market?
Digital transformation's upward trend is anticipated to fuel the finance cloud market's expansion in the future. The term refers to the utilization of digital technologies to enhance or fundamentally alter business operations, strategies, and customer experiences. The development of new services, and market solutions that prompt personalized, user-friendly interactions enhancing customer satisfaction is a continuous process in digital transformation. The finance cloud forms a crucial part of this digital revolution, enabling companies to update their IT infrastructure, improve customer experiences, benefit from data-driven insights, automate processes, manage risk, and maintain compliance. For example, a survey – Mind the Tech Gap – conducted by US-based management consulting firm Boston Consulting Group (BCG) in November 2022 among approximately 2,700 executives across 13 countries, revealed that despite a contracting global economy, about 60% of businesses plan to increase their digital transformation investments by 2023. Thus, the upward trend in digital transformation is propelling the finance cloud market's growth.
What Are The Main Segments Of The Global Finance Cloud Market?
The finance cloud market covered in this report is segmented –
1) By Offering: Solutions, Services, Cloud Infrastructure Services, Managed Network Services, Managed Security Services, Other Managed Services
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Revenue Management, Wealth Management, Customer Management, Account Management, Other Management
5) By End User: Banks, Financial Service Providers, Insurance Companies
Subsegments:
1) By Solutions: Core Banking Solutions, Financial Analytics And Reporting Solutions, Payment Processing Solutions, Risk And Compliance Management Solutions, Customer Relationship Management (CRM) Solutions
2) By Services: Consulting Services, Integration Services, Deployment And Support Services
3) By Cloud Infrastructure Services: Infrastructure As A Service (Iaas), Platform As A Service (Paas), Software As A Service (Saas)
4) By Managed Network Services: Virtual Private Network (VPN) Management, Network Monitoring And Optimization, SD-WAN Solutions
5) By Managed Security Services: Security Information And Event Management (SIEM), Identity And Access Management (IAM), Threat Detection And Response, Firewall Management
6) By Other Managed Services: Backup And Disaster Recovery, Data Storage Management, IT Helpdesk And Support Services
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How Are Emerging Trends Reshaping The Dynamics Of The Finance Cloud Market?
Key players in the finance cloud market are focusing on developing new technology such as financial services cloud to facilitate innovation and business value growth in cloud-based platforms. The financial services cloud refers to a platform or solution specifically designed for the financial industry, aimed at aiding small and medium-sized businesses in the financial sector to expedite the adoption and development of cloud technology. For instance, in November 2023, a leading tech-infrastructure service provider, Kyndryl Holdings Inc., launched new banking and financial industry services for users of Google Cloud. The newly introduced financial cloud services are based on Google Cloud's reference architecture, enhancing automation, security, and easier compliance for clients. The services empower customers to utilize Google Cloud's advanced security features like Confidential Computing for encryption of critical data and the Security Command Center for identifying possible threats and vulnerabilities.
Who Are the Key Players In The Finance Cloud Market?
Major companies operating in the finance cloud market are:
• Microsoft Corporation
• International Business Machine Corporation
• Oracle Corporation
• SAP SE
• Salesforce Inc.
• Fiserv Inc.
• Intuit Inc.
• Fidelity Information Services Global
• Dassault Systèmes SE
• Wolters Kluwer NV
• Broadridge Financial Solutions Inc.
• SS&C Technologies Holdings Inc.
• Workday Inc.
• Morgan Stanley Capital International Inc.
• SAGE Group plc
• FactSet Research Systems Inc.
• ACI Worldwide Inc.
• TIBCO Software Inc.
• Alteryx Inc.
• Temenos Group AG
• Ellucian Company L.P.
• BlackLine Inc.
• Q2 Holdings Inc.
• Bottomline Technologies Inc.
• nCino Inc.
What Is The Most Dominant Region In The Finance Cloud Market?
North America was the largest region in the finance cloud market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the finance cloud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
