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Finance Cloud Market - Growth, Trends, and Forecast (2019 - 2024)

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.

Market Snapshot

finance cloud summary
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

23.79%

Key Players:

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Market Overview

The global finance cloud market was valued at USD 15.12 billion in 2018, and is expected to reach a value of USD 54.93 billion by 2024, registering a CAGR of 23.79% over the forecast period of 2019–2024. Along with an increase in the revenue, cloud elevates the number of leads generated along with better pricing.  

  • The banking services and financial and insurance companies are opting for digital applications to quickly address the customers’ queries and concerns by keeping in mind the long-term benefits as well as achieving a competitive advantage. For instance, Ess Kay Fincorp chose a cloud-based lending platform to digitize its entire lending business for decreasing 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 agility and cost efficiency of cloud-based technology to offer a ‘customer-first’ approach, it was able to offer end-to-end loan processing in seven days, which is 50% faster than the housing finance industry benchmark.
  • The financial industry is most prone to cyber threats because of the sensitivity of the data. It continues to grow in frequency, as the data generation volume grows. Equifax has incurred losses so far of about USD 1.35 billion from a devastating 2017 breach that affected more than half of the American customers as well as millions of the consumers in the United Kingdom.

Scope of the Report

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. 

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

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Key Market Trends

Wealth Management Industry to Dominate the Market

  • As global wealth is increasing, there is a rise in wealth management professionals. As per Credit Suissue Wealth Report 2018, the global wealth increased by 14 USD trillion last year.
  • The same report indicates that the global wealth is projected to increase by about 26% over the next five years, reaching USD 399 trillion by 2023. Wealth will primarily be driven by growth in the middle segment, but the number of millionaires will also increase markedly over the next five years to reach a new all-time high of 55 million.
  • The proportion of global adults with wealth below USD 10,000 decreased since 2000.
  • According to most indicators, wealth inequality has not yet fallen significantly and has stabilized. This calls for an increased need for wealth management by the BFSI sector. 
Wealth Distribution

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Asia-Pacific to Witness the Highest Growth

  • the financial institutions across the Asia-Pacific region are embracing digital transformations. This is allowing them to be more cost efficient. 
  • In September 2017, the HKMA announced seven initiatives to support a “New Era of Smart Banking”, which bode well for cloud demand among the Hong Kong BFSIs. In July 2018, it announced that it had concluded a consultation on its intended approach to open application programming interface (API) for the Hong Kong banking sector.
  • In India, through fintech initiatives, like Jan Dhan Yojana, Aadhaar, and the Unified Payments Interface (UPI), the Government of India is working toward digitizing payment systems and increasing financial inclusion.
  • The New Zealand Government maintains a 'Cloud First' policy through which it seeks to be open to the benefit from the emergent technologies and act as a leader in cloud adoption.
Finance Cloud map

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Competitive Landscape

The market for finance cloud is dominated by the well-known players, like Oracle, Microsoft, and Amazon. These players occupy the major share. The offerings by these companies help the financial sector to face challenges, like payment processing, core banking, and CRM.  

  • September 2018 - Sage launched Sage Intacct Budgeting and Planning, through which the company eliminates the need for users to rely on spreadsheet and emails for planning, giving them back time to focus on their businesses. The new addition was as a result of its newly acquired subsidiary, Budgeta (acquired in 2017 by Sage).

  • September 2018 - Salesforce unveiled updates to its Financial Services Cloud that unifies the various silos within the financial services companies and provides a holistic view of the customers. It was rolled out to bridge various integration points.

Major Players

  1. Oracle Corporation
  2. SAP SA
  3. Microsoft Corporation
  4. Sage Intacct Inc.
  5. Unit4

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Need for Improved Customer Relationship Management

      2. 4.3.2 Demand for Operational Efficiency in Financial Sector

    4. 4.4 Market Restraints

      1. 4.4.1 Rise of Cloud-based Cyber Threats

    5. 4.5 Industry Attractiveness - Porter's Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Solution and Service

      1. 5.1.1 Financial Forecasting

      2. 5.1.2 Financial Reporting and Analysis

      3. 5.1.3 Risk and Compliance

      4. 5.1.4 Managed Service

    2. 5.2 By Deployment

      1. 5.2.1 Public Cloud

      2. 5.2.2 Private Cloud

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 Latin America

      5. 5.3.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Oracle Corporation(and Netsuite)

      2. 6.1.2 IBM Corporation

      3. 6.1.3 Microsoft Corporation

      4. 6.1.4 Salesforce.com Inc.

      5. 6.1.5 SAP SE

      6. 6.1.6 Sage Intacct Inc.

      7. 6.1.7 Workday, Inc.

      8. 6.1.8 Unit4(and FinancialForce)

      9. 6.1.9 Acumatica Inc.

      10. 6.1.10 Huawei Technologies Co. Ltd

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

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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