As per MRFR Analysis, the Financial Cloud Market was valued at USD 39.6 billion in 2021 and is projected to grow from USD 44.11 billion in 2022 to USD 93.92 billion by 2032, with a CAGR of 4.72% during the forecast period (2024-2032). The growth is driven by increased demand for cloud services among financial businesses and the need for operational efficiency and transparency. The public cloud segment is expected to dominate and grow faster due to its cost-effectiveness and scalability. North America leads the market, followed by Europe and Asia-Pacific, which is anticipated to grow at the fastest rate.
Key trends driving the Financial Cloud Market include the following:
Key players include Salesforce.com Inc., Oracle Corporation, Google LLC, IBM Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., and Amazon Web Services Inc.
Increased demand for cloud services among financial businesses and the growing need for operational efficiency and transparency in business operations are the key market drivers enhancing market growth.
Figure 1: Financial Cloud Market Size, 2023-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The majority of organizations traditionally devote time and energy to making decisions and delivering company information. Successful organizations are always looking for new systems to better serve their customers and boost their profit margins. Currently, cloud solutions are strategic platforms that give financial companies a strong foundation and informational backbone. Many financial institutions handle back-office tasks and essential business activities like payments and credit risk monitoring utilizing a hybrid mix of public and private clouds. To increase productivity and assure better information integration, businesses are implementing cloud solutions.
Due to rising competition and swift changes in the business environment, financial organizations also need to quickly access all pertinent information in order to take the necessary business action. Therefore, cloud solutions improve operational efficiency and transparency, which is considerably driving the market growth.
The market for cloud computing services has great potential to grow in emerging economies like India, China, Brazil, and Africa. For instance, the monitoring and analytics software provider ITRS Group Ltd. forecasted that by 2022, 86% of the Asia-Pacific financial services sector would have used the public cloud. Since these nations are developing and have limited financial resources, they require cost-effective solutions, which increases demand for cloud technology and lowers IT costs. The quest for a competitive edge among financial firms in developing nations is functioning as a possible growth opportunity for the finance cloud market.
The Financial Cloud market segmentation, based on component, includes solutions, and services. The services segment held the majority share in 2021 respect to the Financial Cloud market revenue. This is primarily owing to the Organizations willing to upgrade their infrastructure are using the expertise of professional cloud service providers specializing in the deployment of cloud-based structures for secure and smooth cloud adoption across the globe.
April 2022:: Credit Cloud by Reorg is a self-service data and analytics platform that professionals in the restructuring and leveraged finance markets can use to easily connect, manage, and visualize the data necessary for their workflows. Reorg is the top provider of credit intelligence, data, and analytics.
The Financial Cloud market segmentation, based on type, includes public cloud, and private cloud. The public cloud segment was dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The public cloud reduces expenditure because businesses only pay for the resources they use, cutting down on wasteful expenditure on idle resources. Businesses also have the freedom to simply scale up or down according to demand for the cloud. Based on deployment, the market is segmented into public cloud service, private cloud service, and hybrid cloud service. Hence, rising applications of public cloud segment for the Financial Cloud positively impact the market growth.
January 2021: IBM completed the acquisition of Taos, a supreme cloud professional, and managed services provider. Through this acquisition, Taos would add the in-depth expertise, public cloud alliances, and creative solutions required to propel the adoption and growth of IBM’s hybrid cloud platform throughout the Americas and IBM is committed to assisting customers to guide their open hybrid cloud expeditions with those providers.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Financial Cloud market data has been bifurcated by organization size into Sub-industry (banking and financial services and insurance). The banking and financial services segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The growth of the banking and financial service segment can be attributed to the rising demand for digitalization, better customer support, and enhanced security for sensitive data.
April 2022: In order to speed up business value and innovation in the cloud throughout the financial services industry, Infosys announced the launch of Infosys Cobalt Financial Services Cloud. A secure, vertical cloud platform called Infosys Cobalt Financial Services Cloud allows companies to swiftly construct cloud-native business platforms, increase corporate agility and growth, stimulate innovation, and offer a customised client experience. Businesses all across the world have embraced it for better business process transformation and quick innovation. This initiative has further broadened the growth opportunity for the Financial Cloud industry.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Financial Cloud market accounted for USD 16.5924 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the isolated infrastructure has been moved to the cloud as a result of a robust economy and higher internet penetration rates. Additionally, improved agility and security, lower capital expenditure, and reduced IT administration complexity are some of the key drivers of the expansion of the North American finance cloud industry.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Financial Cloud market accounts for the second-largest market share due to the strong economy and increased internet penetration rates. Further, the Germany Financial Cloud market held the largest market share, and the UK Financial Cloud market was the fastest growing market in the European region
The Asia-Pacific Financial Cloud Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the increase in cloud application deployment to address the rising demand for customer management, growing client needs, and increased digitalization in the region are attributed to the market growth. For instance, the Indian government is aiming to Digital Payment systems and broaden financial inclusion, through fintech projects including Aadhaar, Jan Dhan Yojana, and the Unified Payments Interface (UPI).
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Financial Cloud market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Financial Cloud industry must advanced to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Financial Cloud industry to benefit clients and expand the market sector is to reduce operating costs. In recent years, Financial Cloud industry has provide with some of the most significant benefits. The Financial Cloud market major player such as Salesforce.com inc. (US), Oracle Corporation (US), Google LLC (US), IBM Corporation (US), Microsoft Corporation (US), Huawei Technologies Co.Ltd. (China), and others are working to expand the market demand by investing in research and development activities.
Amazon Web Services headquartered in Seattle, WA, is a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs to individuals, companies, and governments. in November 2021, Amazon Web Services, Inc., announced a multi-year partnership with Nasdaq, Inc. to build a next-generation cloud-based infrastructure for capital markets around the globe. Other market infrastructure operators and market players may also use this technology to relocate their trading platforms to the cloud. This collaboration with Nasdaq aims to build a market infrastructure that is truly cloud-based, more durable, scalable, and open to all markets.
Also, Microsoft Corporation is an American multinational technology corporation producing computer software, consumer electronics, personal computers, and related services. Headquartered at the Microsoft campus in Redmond, Washington, Microsoft's best-known software products are the Windows line of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. In August 2020, Microsoft Corp. and Standard Chartered entered into a partnership to accelerate the latter’s digital transformation with the cloud-first strategy. Among other industry pioneers, JP Morgan is switching its retail operations to Thought Machine’s cloud-based core banking system.
Salesforce.com inc. (US)
Huawei Technologies Co.Ltd. (China)
Oracle Corporation (US)
Microsoft Corporation (US)
Google LLC (US)
IBM Corporation (US)
SAP SE (Germany)
Amazon Web Services Inc. (US)
Capgemini (France)
Beeks Financial Cloud Group plc (UK)
January 2022:
Avaloq, a provider of business process as a service (BPaaS) and software as a service (SaaS), will expand its long-standing partnership with RBC Wealth Management, a division of the Royal Bank of Canada, throughout Asia. This will help RBC Wealth Management move to a cloud-based SaaS model and modernize the wealth management platform with cutting-edge solutions.
August 2022:
IBM formed a partnership with VMware, an American cloud computing. Together the companies aimed to support partners and customers to update mission-crucial workloads and expedite time to appreciate in hybrid cloud environments. Additionally, jointly companies are intending to help customers in regulated enterprises such as healthcare, financial services, and public sector oration the cost, intricacy, and hazard of modernizing and migrating mission-critical workloads in the cloud.
Solutions
Services
Public Cloud
Private Cloud
Banking and financial services
Insurance
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 39.60 billion |
| Market Size 2022 | USD 44.11 billion |
| Market Size 2032 | USD 93.92 billion |
| Compound Annual Growth Rate (CAGR) | 11.40% (2022-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Cloud Type, Organization Size, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Salesforce.com inc. (US), Oracle Corporation (US), Google LLC (US), IBM Corporation (US), Microsoft Corporation (US), Huawei Technologies Co.Ltd. (China), and others |
| Key Market Opportunities | Increased demand for cloud services among financial businesses |
| Key Market Dynamics | Growing need for operational efficiency and transparency in business operations |
Financial Cloud Market Highlights:
Frequently Asked Questions (FAQ) :
The Financial Cloud market size was valued at USD 39.60 Billion in 2021.
The market is projected to grow at a CAGR of 11.40% during the forecast period, 2022-2030.
North America had the largest share in the market
The key players in the market areSalesforce.com inc. (US), Oracle Corporation (US), Google LLC (US), IBM Corporation (US), Microsoft Corporation (US), Huawei Technologies Co.Ltd. (China), and others.
The service component dominated the market in 2021.
The public cloud type had the largest share in the market.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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