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. 

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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. 

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