CHICAGO, Oct. 5, 2023 /PRNewswire/ -- Advanced technologies, better collaboration, improved security, and a steady shift towards digital financial services will define the Finance Cloud Market's future. Financial institutions will be able to function more effectively, provide creative solutions, and adjust to changing market dynamics thanks to these innovations.
The Finance Cloud Market size is expected to grow from USD 135.6 billion in 2023 to USD 268.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period, according to MarketsandMarkets. Demand for tailored solutions and an urge for tightened security and accessibility with efficient disaster recovery solutions and techniques will likely boost the adoption of Finance Cloud globally.
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260 - Tables
55 - Figures
276 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2019-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD Million) |
Segments Covered | Offering, Deployment Model, Organization Size, Application, and End User |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies covered | AWS(US), Microsoft (US), Google (US), IBM (US), Tencent Cloud (China), Salesforce (US), Oracle (US), Alibaba Cloud (China), Workday (US), SAP (Germany), HPE (US), VMware (US), Cisco (US), Huawei (China), ServiceNow (US), DXC Technsology (US), SAGE Group (UK), Snowflake (US), Nutanix (US), Acumatica (US), RapidScale (US), AtemisCloud (US), Rambase (Norway), OVHcloud (France), FreeAgent (Scotland), Freshbooks (Canada), Kashoo (US), and Wave (US) |
Based on end-user, insurance companies will record the highest CAGR in the Finance Cloud Market during the forecast period.
Insurance companies increasingly use finance cloud technology to improve operations and customer interactions. By adopting finance cloud solutions, these companies can streamline processes, manage data more efficiently, and enhance overall customer experiences. With cloud-based platforms, insurers can handle policy administration, claims processing, and underwriting procedures more effectively while reducing operational costs and increasing responsiveness to policyholders.
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By Application, the revenue management segment holds the largest market share during the forecast period.
Revenue management is a process that involves using cloud-based technologies and software solutions to optimize an organization's revenue generation strategies. These solutions analyze financial data, customer behavior, market trends, and pricing models to maximize revenue potential. By utilizing the Cloud's scalability and real-time data processing capabilities, finance professionals can make data-driven decisions concerning pricing, product offerings, and sales strategies. Revenue management within the finance cloud helps businesses identify opportunities for revenue growth, improve profitability, and quickly adapt to changing market conditions. It is essential for financial institutions and companies that want to optimize their revenue streams and stay competitive.
By region, the Middle East & Africa region recorded the second-highest CAGR during the forecast period.
The countries in the Middle East are embracing technological advancements and investing in knowledge-based economies. Saudi Arabia and the UAE are leading the way by adopting edge and cloud computing, resulting in their dominance in development. With the growth of their customer bases, Middle Eastern organizations are focusing on generating revenues, and outsourcing to third-party managed service providers is a profitable option; this has led to accelerating Finance cloud adoption in the region to reduce costs and save time. Key players like Cisco, Microsoft, IBM, Google, and SAP are working significantly to register a better market share by increasing consumer satisfaction, decreasing product prices, and improving productivity.
Many edge and cloud computing companies have launched data centers in the Middle East and Africa to accelerate edge adoption. For example, Microsoft opened its data centers in Cape Town and Johannesburg in May 2019 and Abu Dhabi and Dubai in June 2019, offering access to cloud computing and edge services locally.
Top Key Companies in Finance Cloud Market:
Some of the key players operating in the Finance Cloud Market are - AWS (US), Microsoft (US), Google (US), IBM (US), Salesforce (US), Tencent (China), Oracle (US), Alibaba (China), Workday (US), SAP (Germany), HPE (US), VMware (US), Cisco (US), Huawei (China), ServiceNow (US), DXC technology (US), SAGE Group (UK), Snowflake (US), Nutanix (US), Acumatica (US), RapidScale (US), AtemisCloud (US), Rambase (Norway), OVHcloud (France).
Recent Developments
- In September 2023, Workday partnered with Accenture. This partnership aims to help organizations reinvent their finance functions to become more agile, data-driven, and customer-centric. This global partnership between Workday and Accenture brings together the power of its cloud-native platform with AI and ML at the core and some of the industry's most forward-thinking and innovative experts to help its customers take advantage of transformative technologies to accelerate change across their financial operations while being adaptable and resilient.
- In September 2023, Tencent Cloud launched Tencent Cloud Blockchain RPC. This product is developed with Ankr. By introducing Blockchain RPC, Tencent Cloud strives to provide a blockchain node infrastructure solution that has speed and is robust, enabling developers to stay ahead in the rapidly evolving Web3 environment continuously.
- In August 2023, Google partnered with Brillio. This partnership will expand Brillio's ability to infuse generative AI into its customer experience (UI/UX/web experience), engineering, and data offerings, thus enabling clients to unlock more excellent value by industrializing processes and reducing time-to-market and cost-to-serve. Brillio's generative AI solutions, powered by Google Cloud's Vertex AI, will enable financial services organizations to interpret loan applications better, empower call center executives, provide investment advice, and summarize portfolios more effectively.
- In July 2023, SAP launched its SAP S/4HANA Cloud, Public Edition 2308 Release. This latest release would deliver a built-in, intelligent, modern experience across all SAP's business processes and several enhancements to help make the SAP S/4HANA Cloud, public edition user experience more modern, productive, and collaborative for end users and IT.
- In June 2023, Microsoft partnered with Wipro. This partnership will bring together Microsoft Cloud capabilities with Wipro FullStride Cloud and leverage Wipro's and Capco's deep domain expertise in financial services. Capco is a business and technology management consultancy firm owned by Wipro, operating primarily in the financial services and energy vertical(s). Using Microsoft Cloud for Financial Services, Wipro has already delivered various innovative solutions that will assist financial institutions in speeding up time to value and drive sustainable growth.
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Finance Cloud Market Advantages:
- Finance cloud solutions eliminate the need for onsite hardware and upkeep, which lowers the cost of IT infrastructure and operating costs.
- Cloud-based finance platforms offer flexibility and agility since they can scale up or down fast to meet changing business needs.
- With an internet connection, anyone may access financial data and services, making them available around-the-clock and allowing for remote work.
- Leading cloud providers make significant investments in security measures to guarantee strong data encryption, adherence to industry standards, and defence against online attacks.
- Advanced data analytics solutions are available on finance cloud platforms, enabling businesses to obtain insights, make data-driven decisions, and spot trends.
- Cloud solutions provide reliable disaster recovery options, guaranteeing data backup and operational continuity in the event of unforeseen circumstances.
- Through the use of cloud-based financial software, teams can interact more successfully, increasing workflow effectiveness and communication.
- IT workers are relieved of mundane duties thanks to cloud providers, who manage software upgrades, maintenance, and security patches.
- Compared to traditional software, cloud solutions frequently have faster deployment timelines, enabling organisations to use them right away.
- Real-time reporting is made possible by finance cloud platforms, guaranteeing that financial data is accurate and up to date.
Report Objectives
- To define, describe, and forecast the global Finance Cloud Market based on offering (solutions and services), deployment model (public, private, and hybrid Cloud), organization size (large enterprises and SMEs), end user (banks, financial service providers, and insurance companies), and region.
- To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
- To provide detailed information related to the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze macro and micro-markets concerning growth trends, prospects, and their contributions to the overall market
- To analyze industry trends, patents & innovations, and pricing data related to the Finance Cloud Market.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
- To profile key players in the market and comprehensively analyze their market share/ranking and core competencies.
- To track and analyze competitive developments, such as mergers & acquisitions, new product launches, product enhancements, and partnerships & collaborations in the market.
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