According to the latest report by IMARC Group, “Global Finance Cloud Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global finance cloud market reached a value of US$ 27.13 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 91.67 Billion by 2027 exhibiting a CAGR of 21.70% during 2022-2027.
The finance cloud is a combined platform that allows users to automate, streamline, simplify, and evaluate several financial operations using flexible software as a service (SaaS) solutions and core information technology (IT). Finance cloud is generally offered on a subscription basis and assists in removing large upfront capital expenditures for computer hardware, system software, accounting application software licenses, etc. This platform caters to a higher return on investment (ROI), mobile access to enterprise collaboration, multi-dimensional financial analysis, etc. As a result, the finance cloud finds widespread applications in the management of wealth, revenue, account, customer relationship, assets, etc.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Finance Cloud Market Trends and Drivers:
The focus of financial companies on digitally transforming their services and operations with contemporary cloud and IT modernization standards is primarily driving the finance cloud market. Besides this, the leading players are shifting workloads from on-premises hardware towards these platforms that provide access to the data from anywhere, further augmenting the market growth.
Apart from this, the escalating requirement of cloud solutions for core banking, digital payments, point of sale (POS), etc., on account of the sudden outbreak of the COVID-19 pandemic across countries, is also catalyzing the global market. Moreover, various service providers offer multilayered protection, such as threat detection and response, network security, identity management, etc., which act as significant growth-inducing factors.
Furthermore, the utilization of these solutions in protecting sensitive data, including customer records, personal identifiable information (PII), transaction data, payment card information, etc., is expected to bolster the finance cloud market in the coming years.
Global Finance Cloud Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Acumatica Inc., Amazon Web Services Inc. (Amazon.com Inc.), Aryaka Networks Inc., Capgemini SE, Cerillion, Cisco Systems Inc., Google LLC (Alphabet Inc.), International Business Machines Corporation, Microsoft Corporation, Oracle Corporation and Rapidscale Inc. (Cox Business Services LLC), Salesforce.com Inc.
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The report has segmented the market on the basis of region, type, deployment model, enterprise size and application.
Breakup by Type:
o Financial Forecasting
o Financial Reporting and Analysis
o Governance, Risk, and Compliance
o Professional Services
o Managed Services
Breakup by Deployment Model:
• Public Cloud
• Private Cloud
• Hybrid Cloud
Breakup by Enterprise Size:
• Large Enterprises
• Small and Medium-sized Enterprises
Breakup by Application:
• Wealth Management
• Revenue Management
• Account Management
• Customer Relationship Management
• Asset Management
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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