Financial Cloud Market Research Report – Global Forecast till 2030

Financial Cloud Market Research Report Information, By Component (Solutions and Services), Cloud Type (Public Cloud and Private Cloud), Organization Size, Sub-industry (banking and financial services, and insurance) — Global Forecast till 2030

ID: MRFR/ICT/6023-HCR | February 2023 | Region: Global | 100 Pages         

Financial Cloud Market

The Financial Cloud Market was valued It is projected that the market will further expand and reach around USD 94.3 Billion by the end CAGR of 11.40% of the forecast period 2022-2030.
Market Size
CAGR
Dominating Region
Forecast Period
$94.3 Billion
11.40%
North America
2022-2030
Segmentation
By Component
By Cloud Type
By Organization Size
  • Solutions and Services
  • Public Cloud and Private Cloud
  • Sub-industry (banking and financial services
  • and insurance)
Companies Profiled
Key Players
Salesforce.com inc. (US)
Oracle Corporation (US)
Google LLC (US)
IBM Corporation (US)
Microsoft Corporation (US)
Huawei Technologies Co.Ltd. (China)
SAP SE (Germany)
Amazon Web Services Inc. (US)
Capgemini (France)
Beeks Financial Cloud Group plc (UK)
Market Driving Forces
Drivers
Increasing digitalization across the globe and growing number of financial institutions that demand advanced IT solutions to gain genuine competitive advantage rather building and maintaining an expensive IT infrastructure are the key driving factors for the growth of the market.
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Financial Cloud Market Overview


In the year 2018, the Financial Cloud Market size was valued at USD 16.55 Billion in the year 2018. It is projected that the market will further expand and reach around USD 94.3 Billion by the end of the forecast period 2022-2030. The market is projected to grow at a CAGR of 11.40% as per MRFR Analysis. Some important growing factors such as growing demand among enterprises to establish a strong relationship with customers. With the help of customization and advanced IT solutions, it will help manage the financial data of customers.


Especially in the banking and financial sector, the financial clouds are essential to managing the data of customers. The main purpose of the financial cloud is to provide an enhanced experience to the customers to enhance the engagement between clients. The growing Financial Cloud Market Trends will boost the market in the upcoming period.


Also, the North American region will hold the largest market share during the forecast period. It comprises several beneficial factors that are required for the Financial Cloud Industry to bloom such as well infrastructure, advanced technologies, investments, and many more.


Even several government organizations in various countries are also adopting financial cloud services. They are using this facility for conducting important government tasks such as passports, ID issuance, citizen records, and many more. Thus, the private organizations will have increasing demand and escalate the Financial Cloud Business at a substantial rate during the forecast period.


COVID-19 Analysis


The increase in the COVID-19 cases resulted in huge havoc and affected almost all industries. The hospitals and other healthcare sectors focused upon the development of healthcare facilities. To keep up with the data of customers and enhance work efficiency, the demand of the financial cloud market soared up among the various sectors. As a result, even after the drastic impact of the pandemic, the industries began to stand back.


Market Dynamics


Market Drivers


The Financial Cloud Market trends will propel in the upcoming years of the forecast period. It is because of the efficient operational facility and demand for better solutions among the financial institutions. These factors are the major drivers of the market that will increase the value and promote its growth. Also, several key players are coming up with advanced solutions that are fuelling the Financial Cloud Business.


Restraints


The huge adoption of financial clouds will lead to huge growth. But the high costs and low availability of experts for use and maintenance especially among the SMEs will act as a restraining factor. It will take some time for several enterprises to manage and complex data. Along with that, rapid updates of new software will create confusion that will also lead to slower Financial Cloud Market Growth.


Opportunities


The Financial cloud is predicted to have a great future for providing several opportunities for the customers. It helps to manage the wealth and accounts with hassle-free solutions. The demand for IT solutions in the banking sector, healthcare facilities, educational sectors, etc. will also increase work efficiency and save huge time. Hence, the Financial Cloud Industry will further flourish due to its increased network, cost-effectiveness, business agility, and many others.


Challenges


A crucial factor that will pose a huge challenge for the Global Financial Cloud industry is the low awareness of advanced solutions among several geographical areas. Also, several industries don't have reliable systems that can handle the highly advanced system. Even after installation, the lack of knowledge and skilled professionals can be challenging for the market to grow.


Cumulative Analysis


With rapid demand for effective solutions to manage the financial data among several providers and investments by the key players are fuelling the market growth. The Compound Annual Growth Rate (CAGR) of the Financial Cloud Market share is estimated to reach 24% according to MRFR analysis. The market value will also expand and touch up to USD 52 Billion during the forecast period 2022-2030.


Value Chain Analysis


There are various factors that will lead to huge Financial Cloud Market Profits during the forecast period. As it is mentioned above, the demand of the market will increase by the passing year then, the value will increase simultaneously.  Also, the advanced technologies and several supporting factors such as investments by key players will touch new heights.


Market Segmentations


The Financial Cloud Market Segments is divided into cloud type, sub-industry, organization size, and component. On the basis of organization, the market is divided into Medium-Sized Enterprises, Large Enterprises, and Small Sized Enterprises


On the basis of components outlooks, the Financial Cloud Industry is again segmented into services and solutions. The solution segment is divided into Wealth Management, Customer Management, Analytics Security and Financial Forecasting and Others


On the basis of cloud type insights, the Financial Cloud Business is classified into Public Cloud and Private Cloud.


Based on the sub-industry outlook, the Financial Cloud Market is bifurcated into Banking and Financial Services and Insurance.


Regional Analysis Insights


On the basis of geographical boundaries, the Financial Cloud Market Size is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. The North American region is estimated to dominate the Financial Cloud Market Sales. It will hold the largest share in the upcoming years of the forecast period. The developed countries such as the US and Canada are providing better opportunities for enterprises to grow exponentially. Also, the early adoption of new technologies and easy availability of skilled professionals will fuel the market growth.


Simultaneously, the Asia-Pacific region is evaluated to experience the fastest growth during the forecast period. Along with that, it will hold a significant Financial Cloud Market Share in the upcoming years. The huge increase in insurance and banking companies is also propelling the market growth at a certain rate. Thus, the market will flourish in the forecast years.


Competitive Landscape


The Financial Cloud Business is highly fragmented as it is largely dominated by several key players from across the world. These key players come up with new techniques to increase their revenue and brand portfolio. Such as new ventures, partnerships, market analysis, acquisitions, and many more.

Here are the important Financial Cloud Market Top Leaders-



  • Capegemini (France)

  • SAP SE (Germany)

  • Oracle Corporation (US)

  • Amazon Web Services (US)

  • Infosys (India)

  • IBM Corporation (US)

  • Fiserv Inc. (US)

  • Salesforce Inc. (US)

  • Huawei Technologies Co. Ltd (China)

  • Beeks Financial Cloud Group Plc (UK)

  • Google (US)

  • Temenos Headquarters SA (Switzerland)

  • Microsoft Corporation (US)

  • SS&C Technologies Inc. (US)

  • FIS Inc. (US)


Recent Developments



  • In the year 2018, Salesforce announced the update of its service called "Financial Services Cloud" which provides integrated solutions for financial services to its customers.

  • In 2018, Sage announced the launch of its new service called “Sage Intacct Budgeting and Planning.” This servicedoesn’t require the need to depend on emails and spreadsheets for planning and other processes. In this way, they can concentrate on their business.


Report Overview


The report overview of the Financial Cloud Market Analysis is listed below-



  • Market Overview

  • COVID-19 Analysis

  • Dynamics of the Market

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Development


Report Score and Segmentation



  • Study Period- 2021-2028

  • Base Year-2021

  • Forecast Period- 2021-2028

  • Historical Period-2019-2020


The score in the report is that the market will have an accelerating growth during the forecast period. This Financial Cloud industry Research Report is completed by gathering information from several primary and secondary sources. It highlights growth and other key factors such as opportunities, challenges, and many more. It also gives brief information about key players in the market.


Segmentation


By Organisation Insights



  • Medium-Sized Enterprises

  • Large Enterprises

  • Small Sized Enterprises


By Component Outlook



  • Solutions

  • Wealth Management

  • Customer Management

  • Analytics Security and Financial Forecasting

  • Others

  • Services

  • Managed Services

  • Professional Services


By Sub-Industry Outlook



  • Banking and Financial services

  • Insurance


By Cloud Type Insights



  • Public Cloud

  • Private Cloud


By Regional Outlook



  • Europe

  • The Middle East and Africa

  • Asia-Pacific

  • North America



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 94.3 billion
  CAGR   11.40%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Component, Cloud Type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Salesforce.com, inc. (US), Oracle Corporation (US), Google LLC (US), IBM Corporation (US), Microsoft Corporation (US), Huawei Technologies Co., Ltd. (China), SAP SE (Germany), Amazon Web Services, Inc. (US), Capgemini (France), Beeks Financial Cloud Group plc (UK), Infosys (India), FIS (US), Fiserv, Inc. (US), SS&C Technologies, Inc. (US), and Temenos Headquarters SA (Switzerland).
  Key Market Opportunities   The growth is attributed to the presence of large number of financial institutions and wealth management firms and a high degree of digitalization in the region.
  Key Market Drivers   Increasing digitalization across the globe and growing number of financial institutions that demand advanced IT solutions to gain genuine competitive advantage rather building and maintaining an expensive IT infrastructure are the key driving factors for the growth of the market.


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Frequently Asked Questions (FAQ) :

The market can thrive at 11.40% CAGR by 2030.

The financial cloud market can value at USD 94.3 Bn by 2030.

In 2018, the financial cloud valuation was USD 16.55 Bn.

Infosys (India), Fiserv, Inc. (US), and FIS (US) are some reputed names in the financial cloud Industry.

The North America financial cloud industry can attain a grand share of the global market.

Factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers drives the growth of the Finance Cloud market