Finance Cloud Market, By Solution, Service, By Deployment, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Finance Cloud Market size was valued at USD 19,523.6 Million in 2022, expanding at a CAGR of 20.7% from 2023 to 2030.
Finance cloud refers to a cloud computing solution or platform specifically designed to meet the unique needs and requirements of the financial services industry. It provides a secure and scalable environment for financial institutions, including banks, insurance companies, investment firms, and other financial service providers, to manage and process their data, Deployments, and services in a cloud-based infrastructure.
Finance Cloud Market- Market Dynamics
Rapid digital transformation, the need for corporate flexibility, demand for agile innovation, and the assurance of a secure environment for sensitive data is expected to propel the market demand
Factors such as rapid digital transformation, the need for corporate flexibility, demand for agile innovation, and the assurance of a secure environment for sensitive data are fuelling the increased adoption of finance cloud solutions within the banking and financial sectors. The COVID-19 pandemic had a positive impact on the finance cloud market, as while the global economy faced stagnation due to the surge in COVID-19 cases, the financial services, banking, and insurance sectors continued their operations. Financial institutions were compelled to swiftly transition to remote work environments during the pandemic, prompting investments in cloud-based infrastructure. Although finance cloud adoption offers significant cost savings by eliminating the need for extensive IT system purchases and maintenance, the industry still grapples with challenges related to data security, protection, and the high initial investment and maintenance expenses. The security of cloud storage faces ongoing threats, including data loss due to computer viruses, hacking incidents, or system malfunctions, posing challenges that need to be addressed.
Finance Cloud Market- Key Insights
As per the analysis shared by our research analyst, the global Finance Cloud Market is estimated to grow annually at a CAGR of around 20.7% over the forecast period (2023-2030)
Finance Cloud Market is projected to grow at a significant rate due to rapid digital transformation, the need for corporate flexibility, demand for agile innovation, and the assurance of a secure environment for sensitive data
Based on Services, Managed Services was predicted to show maximum market share in the year 2022
Based on Deployment, public cloud was the leading segment in 2022
On the basis of region, North America was the leading revenue generator in 2022
Finance Cloud Market- Segmentation Analysis:
The Global Finance Cloud Market is segmented on the basis of Solution, Service, By Deployment, and Region.
The market is divided into two categories based on Service: Professional Services and Managed Services . In terms of service categories, the managed services sector claimed the dominant share of revenue, accounting for 64.8% in 2021, and is expected to exhibit a robust compound annual growth rate (CAGR) of 19.9% during the forecast period. Managed services provide organizations with the option to outsource either all or a portion of their IT operations and infrastructure, allowing them to focus on their core business objectives. The market is divided into two service segments: professional services and managed services. Notably, the professional services segment is anticipated to experience the highest CAGR of 24.8% throughout the forecast period. Organizations seeking to enhance their infrastructure often leverage the expertise of professional cloud service providers who specialize in deploying secure and efficient cloud-based architectures.
The market is divided into three categories based on Deployment: Public Cloud, Private Cloud, Hybrid Cloud. Within the deployment landscape, the public cloud sector emerged as the leader in terms of market revenue, amounting to $9.73 billion in 2021. The appeal of the public cloud lies in its cost-efficiency, as businesses only incur expenses for the resources they actively utilize, thereby eliminating wasteful spending on idle resources. Additionally, the public cloud provides businesses with the flexibility to easily scale their resources up or down in response to fluctuating demand. The deployment options in the market encompass public cloud, private cloud, and hybrid cloud models.
Finance Cloud Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Finance Cloud Market- Competitive Landscape:
In the Finance Cloud Market, companies are actively engaged in a range of strategic initiatives to maintain competitiveness and meet the growing demands of various industries. One prominent trend is the development of advanced NDT technologies that offer higher precision, speed, and versatility. This includes the integration of artificial intelligence and machine learning algorithms to automate data analysis and improve defect detection.
Furthermore, companies are increasingly focusing on the portability and ease of use of NDT equipment. This allows for on-site inspections and reduces downtime in critical industries such as aerospace, oil and gas, and manufacturing.
Recent Developments:
In June of 2023, Weavr, headquartered in London, unveiled its latest offering, the Embedded Finance Cloud. This innovative solution empowers banks and various financial institutions to securely design and disseminate embeddable financial products using a novel orchestration platform. Back in November 2021, Amazon Web Services, Inc., made headlines with its announcement of a long-term collaboration with Nasdaq, Inc. The aim of this partnership is to develop an advanced cloud-based infrastructure tailored for global capital markets. This cutting-edge technology is not limited to Nasdaq alone, as other market infrastructure operators and participants in the financial industry can leverage it to migrate their trading platforms to the cloud.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL FINANCE CLOUD MARKET KEY PLAYERS
Acumatica, Inc.
Amazon Web Services, Inc.
ARYAKA NETWORKS, INC.
Cisco Systems, Inc.
Google (Alphabet Inc.)
IBM
Microsoft
Oracle
Sage Group plc
SAP
Unit4
Wipro
Others
GLOBAL FINANCE CLOUD MARKET, BY SOLUTION
Financial Forecasting
Financial Reporting & Analysis
Security
Governance, Risk & Compliances
Others
GLOBAL FINANCE CLOUD MARKET, BY SERVICE
Professional Services
Managed Services
GLOBAL FINANCE CLOUD MARKET, BY DEPLOYMENT
Public Cloud
Private Cloud
Hybrid Cloud
GLOBAL FINANCE CLOUD MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Finance Cloud Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Finance Cloud Market Snippet by Solution
2.1.2. Finance Cloud Market Snippet by Service
2.1.3. Finance Cloud Market Snippet by Deployment
2.1.4. Finance Cloud Market Snippet by Country
2.1.5. Finance Cloud Market Snippet by Region
2.2. Competitive Insights
3. Finance Cloud Key Market Trends
3.1. Finance Cloud Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Finance Cloud Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Finance Cloud Market Opportunities
3.4. Finance Cloud Market Future Trends
4. Finance Cloud Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Finance Cloud Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Finance Cloud Market Landscape
6.1. Finance Cloud Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Finance Cloud Market - By Solution
7.1. Overview
7.1.1. Segment Share Analysis, By Solution, 2022 & 2030 (%)
7.1.2. Financial Forecasting
7.1.3. Financial Reporting & Analysis
7.1.4. Security
7.1.5. Governance, Risk & Compliances
7.1.6. Others
8. Finance Cloud Market - By Service
8.1. Overview
8.1.1. Segment Share Analysis, By Service, 2022 & 2030 (%)
8.1.2. Professional Services
8.1.3. Managed Services
9. Finance Cloud Market - By Deployment
9.1. Overview
9.1.1. Segment Share Analysis, By Deployment, 2022 & 2030 (%)
9.1.2. Public Cloud
9.1.3. Private Cloud
9.1.4. Hybrid Cloud
10. Finance Cloud Market- By Geography
10.1. Introduction
10.1.1. Segment Share Analysis, By Geography, 2022 & 2030 (%)
10.2. North America
10.2.1. Overview
10.2.2. Finance Cloud Key Manufacturers in North America
10.2.3. North America Market Size and Forecast, By Country, 2018 - 2030 (US$ Million)
10.2.4. North America Market Size and Forecast, By Solution, 2018 - 2030 (US$ Million)
10.2.5. North America Market Size and Forecast, By Service, 2018 - 2030 (US$ Million)
10.2.6. North America Market Size and Forecast, By Deployment, 2018 - 2030 (US$ Million)