Finance Cloud Market - By Type (Solution, Services), By Deployment Model (Private, Public, Hybrid), By Enterprise size (SMEs, Large Enterprises), By Application (Wealth Management, Revenue Management), & Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

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Finance Cloud Market - By Type (Solution, Services), By Deployment Model (Private, Public, Hybrid), By Enterprise size (SMEs, Large Enterprises), By Application (Wealth Management, Revenue Management), & Forecast, 2024 – 2032

Finance Cloud Market Size

Finance Cloud Market was valued at USD 29.1 billion in 2023 and is projected to register a CAGR of over 21% between 2024 and 2032. Enhanced Financial Planning and Analysis (FP&A) capabilities in the market are accelerating its growth.

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These solutions offer advanced forecasting, scenario modeling & data analytics, empowering companies to make informed financial decisions. The accessibility, scalability, and collaborative features of cloud platforms make FP&A processes more efficient. As businesses recognize the competitive advantages of agile FP&A, they increasingly migrate to cloud-based solutions, boosting demand for finance cloud services and driving market expansion.

Finance Cloud Market Report Attributes
Report Attribute Details
Base Year 2023
Finance Cloud Market Size in 2023 USD 29.1 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 21%
2032 Value Projection USD 158.1 Billion
Historical Data for 2018 – 2023
No. of Pages 220
Tables, Charts & Figures 349
Segments covered Type, Deployment Model, Enterprise size, Application
Growth Drivers
  • Managing customer data and financials
  • Increased demand for fraud detection and prevention
  • Rising need to enhance business intelligence and strategic planning
  • Enhanced financial planning and analysis
Pitfalls & Challenges
  • Data privacy and security concerns
  • Integration with the existing legacy systems can be complex

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Cloud-based solutions for fraud detection are driving the market progress. Cloud-based solutions leverage vast computing resources and advanced analytics to detect fraudulent activities in real-time, enhancing security & reducing financial losses for businesses. As the threat of fraud evolves, companies are turning to cloud-based fraud detection tools for their scalability and agility. The growing demand for robust fraud prevention solutions fuels the market, prompting organizations to invest in cloud infrastructure and services to bolster their security efforts.

Data privacy and security concerns pose significant obstacles to the finance cloud market expansion. Financial institutions deal with sensitive customer data, and regulatory requirements are stringent. The fear of data breaches, unauthorized access, or non-compliance with data protection regulations can deter adoption. Establishing robust security measures, encryption, and ensuring compliance with regulations such as GDPR or HIPAA is essential. Providers must continually demonstrate their commitment to data security to address these concerns and foster trust among financial institutions.

COVID-19 Impact

The COVID-19 pandemic had positive impacts on the finance cloud market. It accelerated the adoption of cloud technology among financial institutions as they sought remote work solutions and digital transformation. Cloud services also enabled seamless remote access to financial systems, ensuring business continuity. Moreover, the crisis highlighted the scalability and agility of cloud solutions, making them a preferred choice for handling the surge in online banking & financial transactions.

Finance Cloud Market Trends

There's a big push right now for businesses to focus on their customer strategy, and that's creating a lot of opportunities for companies that can help with that. Cloud-based solutions are making it easier for financial institutions to collect and analyze huge amounts of customer data. This means they can offer more personalized services and target their marketing campaigns more effectively. For example, in April 2023, Google Cloud teamed up with JM Financial, a financial services company, to help them improve their digital customer experience and overall customer strategy. Google Cloud's data and analytics tools will be used to create a new platform called BlinkX. This platform will give JM Financial a better understanding of their customers. As more and more financial institutions realize how important data-driven strategies are for keeping customers happy, they're putting more money into cloud-based solutions for finance. This is driving up demand in the market and making it a very lucrative area for companies to focus on.

Finance Cloud Market Analysis

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Based on the enterprise size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a market share of over 67% in 2023. Large enterprises in the market are driven by scalability and innovation. Scalability allows them to flexibly adjust computing resources to meet evolving demands, reducing the need for extensive on-premises infrastructure & optimizing costs.

Simultaneously, innovation is critical for staying competitive in the dynamic financial landscape. Cloud technology empowers these enterprises to swiftly deploy cutting-edge financial products & services, respond to market changes, and harness emerging technologies such as artificial intelligence & blockchain, enhancing their ability to serve customers and gain a strategic edge in the industry.

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Based on application, the finance cloud market is segmented into wealth management, revenue management, account management, customer relationship management, asset management and others. The wealth management segment held a market share of 25% in 2023. Partnerships between wealth management solution companies and cloud service providers are driving the wealth management segment growth. Wealth management firms leverage cloud technology's scalability & security to enhance client services, streamline operations, and optimize data analytics.

For instance, in June 2023, TD Wealth partnered with Salesforce Financial Services Cloud to enhance and automate client account openings along with onboarding for their advisors. Salesforce FSC offers a unified, predictive intelligence console that equips teams with valuable insights and recommendations including next-best actions & alerts for significant life events, enhancing the efficiency and effectiveness of client interactions.

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The North America finance cloud market held a business share of over 36% in 2023. Digital transformation in the North America financial services sector is a primary factor driving the market. Financial institutions are embracing cloud technology to modernize their operations, enhance customer experiences, and support innovative fintech solutions. Cloud platforms enable agile responses to market shifts and regulatory changes. The need for secure, scalable, and cost-effective solutions, coupled with the growing demand for online banking & financial services, is accelerating the adoption of finance cloud solutions in North America.

Finance Cloud Market Share

Some of the major players operating in the finance cloud industry are

  • Acumatica Inc.
  • Amazon Web Services Inc. (Amazon.com Inc.)
  • Aryaka Networks Inc.
  • Google LLC (Alphabet Inc.)
  • International Business Machines Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Rapidscale Inc. (Cox Communications Inc.)
  • Salesforce Inc.
  • Sage Group plc
  • Unit4
  • Wipro

Finance Cloud Industry News

  • In June 2023, Wipro launched the Wipro Industry Innovation Experience for Financial Services, which is a suite of banking and financial solutions on the Microsoft Cloud platform. This collaboration integrates Microsoft Cloud capabilities with Wipro FullStride Cloud and taps into the profound financial services knowledge of both Wipro & Capco, enhancing the offerings in the financial sector.
  • In June 2023, Weavr launched the Embedded Finance Cloud, a white-label iteration of its in-house embedded finance technology stack. Weavr Embedded Finance Cloud is intended for deployment by product and innovation teams within these organizations. Its purpose is to facilitate the efficient and cost-effective creation of embeddable financial products.

The finance cloud market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments

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By Type, 2018 – 2032

  • Solution
    • Financial Forecasting
    • Financial Reporting and Analysis
    • Security
    • Governance, Risk, and Compliance
    • Others 
  • Services
    • Professional Services
    • Managed Services

By Deployment Model, 2018 – 2032

  • Public
  • Private
  • Hybrid

By Enterprise Size, 2018 – 2032

  • SMEs
  • Large enterprises

By Application, 2018 – 2032

  • Wealth Management
  • Account Management
  • Customer Relationship Management
  • Revenue Management
  • Asset Management
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • UAE
    • Saudia Arabia

Frequently Asked Questions (FAQ)

What is the finance cloud market worth?

Finance cloud industry size reached USD 29.1 billion in 2023 and will record over 21% CAGR from 2024 to 2032 driven by the rise in enhanced financial planning and analysis (FP&A) capabilities.

How are large enterprises influencing the finance cloud industry growth?

The large enterprises segment recorded over 67% share of the finance cloud industry in 2023 owing to growing need for scalability and innovation.

What factors are driving finance cloud market expansion in North America?

North America held over 36% share of the finance cloud industry share in 2023 driven by the rising adoption of cloud technology by financial institutions to modernize their operations, enhance customer experiences, and support innovative fintech solutions.

Which are the major finance cloud companies?

Acumatica Inc., Amazon Web Services Inc. (Amazon.com Inc.), Aryaka Networks Inc., Google LLC (Alphabet Inc.), International Business Machines Corporation, Microsoft Corporation, and Oracle Corporation are some of the key finance cloud industry players.

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