Finance Cloud Market Size

Statistics for the 2023 & 2024 Finance Cloud market size, created by Mordor Intelligence™ Industry Reports. Finance Cloud size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Finance Cloud Industry

Single User License
Team License
Corporate License
Book before:
Finance Cloud Market Summary
share button
Study Period 2019 - 2029
Market Size (2024) USD 26.93 Billion
Market Size (2029) USD 80.30 Billion
CAGR (2024 - 2029) 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

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

OFF

Team License

OFF

Corporate License

OFF
Book before:

Finance Cloud Market Analysis

The Finance Cloud Market size is estimated at USD 26.93 billion in 2024, and is expected to reach USD 80.30 billion by 2029, growing at a CAGR of 20.05% during the forecast period (2024-2029).

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 Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)