GVR Report cover Finance Cloud Market Size, Share & Trends Report

Finance Cloud Market Size, Share & Trends Analysis Report By Solution, By Service, By Deployment, By Enterprise Size, By Application, By End-use, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
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  • Report ID: GVR4082
  • Format: Electronic (PDF)
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The global finance cloud market is expected to witness significant growth over the forecast period, thanks to the increased need for transparency and operational efficiency in business processes and the rising demand for cloud among banks and financial companies. Finance cloud is a cloud-based code version, which is concentrated on wealth management systems allowing advisors to connect with clients in more efficient way. Cloud computing offers benefits such as increased information accuracy, automation of manual business processes, and streamlined approval processes, and shared workflows between multiple departments. Banks and financial institutions across the globe are widely adopting cloud-based finance solutions to prepare budgets, create expense accounts lists, send out invoices, handle payments, and approve purchase requests. 

Finance Cloud Market

Segments

Details

Solution

Financial Forecasting; Financial Reporting & Analysis; Security; Governance, Risk & Compliances; Others

Service

Professional Services; Managed Services

Deployment

Public Cloud; Private Cloud; Hybrid Cloud

Enterprise Size

Large Enterprise; Small & Medium Enterprise

Application

Revenue Management; Wealth Management; Account Management; Customer Relationship Management; Asset Management; Others

End Use

Banking & Financial Services

Regions

North America; Europe; Asia Pacific; Latin America; MEA

 

Finance cloud solutions help banks, insurance companies, and financial institutions keep real-time track of assets, sales, expenses, and purchases. Customer expectations and interactions have evolved significantly in recent years, with greater emphasis on personalization and immediacy. Financial institutions, banks, and insurance companies implement and actively utilize new technologies, such as the finance cloud, to meet such customer expectations. Moreover, cloud computing is helping transform businesses and develop new capabilities to become more well-organized and generate more value for customers. These factors are expected to contribute to the growth of the finance cloud market over the forecast period.

An increasing number of venture capital firms across the globe are investing in finance cloud solutions and platforms. For instance, in September 2021, I.F. Technology Ltd. announced that it had raised USD 2.4 million in seed funding. The funding round was directed by Octopus Ventures, one of Europe’s prominent venture capital firms, with participation from around 500 start-ups. I.F. Technology Ltd.’s platform allows financial institutions and FinTech companies to speed up innovation by streamlining connections with other financial institutions, suppliers, and banks to a single API. This funding would be used to invest in product development and customer growth.

Developing economies across the globe, including Singapore, India, China, South Korea, and Australia, are expected to offer significant growth opportunities for finance cloud solution providers to develop and expand their offerings. The lack of financial resources, the need for cost-efficient solutions, and digitization efforts are further anticipated to increase the adoption and implementation of cloud platforms in these countries. The rising need to ensure data security is encouraging banks, financial institutions, and insurance companies to invest in technologies and integrate cloud platforms in their existing business models. This could provide lucrative growth opportunities for the market over the forecast period.

The key players in the finance cloud market include Amazon Web Services, Inc., Acumatica, Inc., Cisco Systems, Inc., Sage Group plc, Aryaka Networks, Inc., IBM, Microsoft, and Oracle. Market players are focusing on new product development to increase their customer base and strengthen their foothold in the market. For instance, in September 2018, Sage Group plc introduced the Sage Intacct Budgeting and Planning solution cloud solution. The solution aims to help businesses eliminate the need for users to depend on emails and spreadsheets for planning, giving users back time to focus on core businesses activities.

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