Increasing deployment of applications via cloud is expected to provide opportunities for the Finance Cloud market growth.
Finance cloud technology was introduced specifically for financial institutions, including private and public banks, educational institutions, and insurance sectors. The financial cloud industry is expanding and evolving at a considerable rate. Cloud technology is on the rise, taking into account banking and financial institutions that have a significant effect on the development of the country's economy in the global scenario. The financial sector is largely opting for and relying on cloud finance technologies, as it can retain a vast amount of database along with reducing main considerations in terms of time and expense. Improving developments in online transactions, taking into account smartphone apps and online transactions in the banking sector across the globe is serving as a core factor in the development of the financial cloud industry.
The report also outlines the various characteristics of the global finance cloud industry by assessing the market from value chain analysis. Moreover, the finance cloud market report comprises various qualitative parts of the finance cloud industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The finance cloud market has solid competition amongst the already well-known and new market players. Also, the Finance Cloud industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the type segment, the market is bifurcated into solutions and services. In the year 2020, the solutions segment gathered the major growth and it is likely to maintain its position during the forecast years. However, the services segment is projected to grow at the highest CAGR during the forecast period. This is mainly attributed to its increasing demand as these services allow companies to establish good customer relationships by consistently helping them during their company tenure.
Based on the enterprise size, the market is segmented into small & medium, and large enterprises. The SME segment is expected to grow at the highest CAGR during the forecast period.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. However, the North American region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2018-2028. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the presence of a large number of financial institutions and wealth management firms and a high degree of digitalization in the region.
The major players of the global finance cloud market Oracle Corporation, Google, Inc., IBM Corporation, Microsoft Corporation, Computer Sciences Corporation, Amazon Web Services, SAP SE, and Salesforce.Com, Inc. Moreover, the market comprises several other prominent players in the Finance Cloud Market that are Huawei Technologies Co., Ltd, and Capgemini. The finance cloud market consists of well established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Finance Cloud market
Type Overview, 2018-2028 (USD Million)
- Financial Forecasting
- Financial Reporting and Analysis
- Governance, Risk, and Compliance
- Professional Services
- Managed Services
Enterprise Size Overview, 2018-2028 (USD Million)
- Small and Medium-Sized Enterprises
- Large Enterprises
Deployment Model Overview, 2018-2028 (USD Million)
- Public Cloud
- Private Cloud
- Hybrid Cloud
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America