Finance Cloud Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Finance Cloud Market Report is segmented by solution and service (financial forecasting, financial reporting and analysis, risk and compliance, and managed service), deployment (public cloud and private cloud), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The market size and forecasts are provided in terms of value (in USD) for all the above segments.

Finance Cloud Market Size

Finance Cloud Market Summary
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Study Period 2018-2028
Market Size (2023) USD 22.43 Billion
Market Size (2028) USD 66.89 Billion
CAGR (2023 - 2028) 20.05 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Finance Cloud Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Finance Cloud Market Analysis

The Finance Cloud Market size is estimated at USD 22.43 billion in 2023, and is expected to reach USD 66.89 billion by 2028, growing at a CAGR of 20.05% during the forecast period (2023-2028).

Along with increased revenue, the cloud increases the number of leads generated and offers better pricing.

  • Banking services and financial and insurance companies are opting for digital applications to quickly address customers' ongoing queries, along with keeping into consideration the long-term benefits and achieving a competitive advantage. For instance, Ess Kay Fincorp chose a cloud-based lending platform to digitize its entire lending business and decrease its loan approval time by 33%.
  • Operational efficiency is another factor driving the growth of the finance cloud market. Roha Housing Finance wanted to issue loans within two hours instead of three days. After adopting the agility and cost efficiency of cloud-based technology to offer a "customer-first" approach, it was able to provide end-to-end loan processing in seven days, which is 50% faster than the benchmark for the housing finance industry.
  • In developing nations and areas like India, China, Brazil, and Africa, the market for financial cloud computing services has a lot of room to expand. For instance, the ITRS Group Ltd., a monitoring and analytics software provider, predicted that 86% of the Asia Pacific financial services industry would use the public cloud this year. By utilizing cloud-based applications, businesses can significantly reduce the cost of purchasing, maintaining, and upgrading IT systems and equipment.
  • However, problems with data security and protection and expensive investment and maintenance expenses limit the expansion of the finance cloud industry. Data loss routinely puts cloud storage's security in jeopardy. Information can be affected entirely by a computer virus, hacking, or a broken system instead of being stolen and shared.
  • The COVID-19 epidemic had a favorablly impacted on the financial cloud market. Due to an upsurge of COVID-19 cases worldwide, the economy slowed down. However, the banking, insurance, and financial services industries continued to function despite the pandemic. During the epidemic, financial institutions were forced to rapidly adopt remote working, which prompted investment in a cloud-based infrastructure. Deutsche Bank and Google Cloud signed a 10-year strategic cloud collaboration agreement during COVID-19. The alliance is anticipated to boost resilience, quicken the creation of new skills, and cut costs.

Finance Cloud Market Trends

Wealth Management sector to Dominate the Market

  • As global wealth increases, there is a rise in wealth management professionals. As per the Credit Suisse Wealth Report of the current year, wealth grew at a strong pace last year, and by year's end, global wealth at prevailing exchange rates totaled USD 463.6 trillion, a gain of 9.8%.
  • In fact, according to RBC Wealth Management, North America accounted for the most significant concentration of these people last year with 7.9 million HNWIs living there. The number of HNWIs reported in the Asia Pacific region was 7.2 million last year. The individuals with a fortune of over USD 1 million are the highest Networth Individuals.
  • The same report indicates that global wealth is projected to increase by about 26% over the next five years, reaching USD 399 trillion by the following year. Growth in the middle class will be the main driver of wealth, but over the next five years, there will be a sharp rise in the number of millionaires, who will reach a new all-time high of 55 million.
  • In fact, there's a lot of demand for wealthy individuals with HNWIs. And the competition is even more fiercethan ever in terms of their business. Consequently, businesses must continue to innovate and gain a bigger share for the growing market by staying on top of cutting edge technologies such as Finance Cloud.
  • The growing use of AI is one of the market's emerging trends. Wealth management is one of the first sectors in the financial services sector to utilize AI-based technology in a substantial way. The production of huge financial datasets by AI computation makes the use of cloud networks necessary for AI applications. As a result, the Financial Cloud Market will also emerge over the research period as a result of the growing use of AI in the finance sector.
Finance Cloud Market: Wealth of the World's Ultra Wealthy Individuals in 2017 and 2022, by Region, in Billion USD

Asia-Pacific to Witness the Highest Growth

  • Financial institutions across the Asia-Pacific region are embracing digital transformations. This allows them to be more cost-efficient. For instance, in India, through fintech initiatives like the The Indian Government is working towards digitisation of payment systems and increasing financial inclusion, i.e. Jan Dhan Yojana, Aadhaar & UPI Unified Payments Interface.
  • In April last year, in an effort to keep up with a financial sector that is increasingly being shaped by data, artificial intelligence, and Big Tech, China's central bank announced that it was accelerating infrastructure development for its own financial technology. This includes updating its data centers and the network connecting all central bank offices and branches, as well as establishing a "central bank cloud" last year.
  • Small Finance Banks (SFBs) in India have reached a nascent stage of evolution due to the constantly changing BFSI sector. These financial institutions want to create a workable business plan that will meet the demands of the underprivileged groups in society. Many of these modern banks employ the cloud and AI/ML to make quicker and more informed decisions for their customers, along with quick risk assessments.
  • With the help of public sector initiatives, small and medium-sized businesses, and digital innovation in the banking, financial services, and insurance (BFSI) industries, technology giant Oracle Corp. is experiencing substantial development in its cloud business in India (SMBs). Banks can lessen their dependency on data center infrastructure, pay only for what they use, and maximize value by aligning capacity with business demand with Oracle Cloud. Oracle says that banks that use their cloud can cut costs by up to 50% compared to banks that use other cloud providers.
Finance Cloud Market - Growth Rate by Region

Finance Cloud Industry Overview

The Finance Cloud market is competitive and consists of several major players. In order to gain a better foothold in the market, players are adopting strategies such as product innovation, partnerships and mergers and acquisitions

  • February 2023 - Thoma Bravo, a software investment firm, announced that it had completed its acquisition of Coupa Software, a provider of cloud based business spend management platform that unifies processes across the supply chain, procurement, and finance functions, for approximately $8.0 billion.
  • January 2022 - Avaloq, a provider of software as a service (SaaS) and business process as a service (BPaaS) and ), In Asia, they will continue to strengthen their longstanding partnership with RBC Wealth Management, an operation of the Royal Bank of Canada. It will also help RBC Wealth Management to move forward with a cloud based SaaS model and modernise the wealth management platform by implementing more sophisticated solutions.

Finance Cloud Market Leaders

  1. Oracle Corporation(and Netsuite)

  2. IBM Corporation

  3. Microsoft Corporation

  4. Salesforce.com Inc.

  5. SAP SE

*Disclaimer: Major Players sorted in no particular order

Finance Cloud Market Concentration

Finance Cloud Market News

  • April 2022 - In the financial services sector, it is important to accelerate business value and innovation in cloud computing. sector, Infosys, a global provider of next generation digital services and consulting, announced the launch of the Infosys Cobalt Financial Services Cloud, an industry cloud platform for enterprises. Infosys Financial Services Cloud Cobalt is a cloud platform allowing businesses to accelerate adoption of cloud, enabling them to rapidly build their business platforms that take advantage of cloudnative technologies.
  • April 2022 - For restructuring and leveraged finance experts, Credit Cloud by Reorg provides a selfservice data and analytical platform that enables easy connection, management and presentation of the information they need to perform their tasks. Reorg is the global provider of credit intelligence, data, and analytics.

Finance CloudMarket Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS

    1. 5.1 Introduction to Market Drivers and Restraints

    2. 5.2 Market Drivers

      1. 5.2.1 Need for Improved Customer Relationship Management

      2. 5.2.2 Demand for Operational Efficiency in Financial Sector

    3. 5.3 Market Restraints

      1. 5.3.1 Rise of Cloud-based Cyber Threats

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Solution and Service

      1. 6.1.1 Financial Forecasting

      2. 6.1.2 Financial Reporting and Analysis

      3. 6.1.3 Risk and Compliance

      4. 6.1.4 Managed Service

    2. 6.2 By Deployment

      1. 6.2.1 Public Cloud

      2. 6.2.2 Private Cloud

    3. 6.3 By Geography

      1. 6.3.1 North America

      2. 6.3.2 Europe

      3. 6.3.3 Asia Pacific

      4. 6.3.4 Latin America

      5. 6.3.5 Middle East & Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Oracle Corporation(and Netsuite)

      2. 7.1.2 IBM Corporation

      3. 7.1.3 Microsoft Corporation

      4. 7.1.4 Salesforce.com Inc.

      5. 7.1.5 SAP SE

      6. 7.1.6 Sage Intacct Inc.

      7. 7.1.7 Workday, Inc.

      8. 7.1.8 Unit4(and FinancialForce)

      9. 7.1.9 Acumatica Inc.

      10. 7.1.10 Huawei Technologies Co. Ltd

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

Finance Cloud Industry Segmentation

Companies (big and small) are exploring the cloud and its advantages. Financial cloud software allows enterprises to achieve revenue and wealth management while maintaining customer relations. It creates a better customer experience. The business becomes more agile while eliminating miscommunication and manual errors.

The Finance Cloud Market can be segmented by Solution and Service (Financial Forecasting, Financial Reporting and Analysis, Risk and Compliance, and Managed Service), Deployment (Public Cloud and Private Cloud), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

The market sizes and forecasts are provided in terms of value (in USD) for all the above segments.

By Solution and Service
Financial Forecasting
Financial Reporting and Analysis
Risk and Compliance
Managed Service
By Deployment
Public Cloud
Private Cloud
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Finance CloudMarket Research FAQs

The Finance Cloud Market size is expected to reach USD 22.43 billion in 2023 and grow at a CAGR of 20.05% to reach USD 66.89 billion by 2028.

In 2023, the Finance Cloud Market size is expected to reach USD 22.43 billion.

Oracle Corporation(and Netsuite), IBM Corporation, Microsoft Corporation, Salesforce.com Inc. and SAP SE are the major companies operating in the Finance Cloud Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).

In 2023, the North America accounts for the largest market share in Finance Cloud Market.

Finance CloudIndustry Report

Statistics for the 2023 Finance Cloud market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Finance Cloud analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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