New York, United States, April 29, 2024 (GLOBE NEWSWIRE) -- The global finance cloud market is experiencing robust expansion as a result of the increasing adoption of cloud-based solutions by financial institutions. The imperative propels these trends to boost operational efficiency, guarantee data security, and elevate client experience. Finance cloud providers consistently engage in innovation to cater to the growing need for digital banking services, wealth management solutions, and regulatory compliance. The primary objective of these service providers is to offer platforms capable of accommodating diverse financial requirements in a scalable, secure, and configurable manner.
Cost Optimization and Efficiency Drives the Global Market
The long-term sustainability of financial institutions is increasingly reliant on the optimization of costs and the enhancement of efficiency. The conventional information technology (IT) infrastructure necessitates substantial investments in hardware, data centers, and upkeep. Cloud computing facilitates the transfer of financial responsibility from capital expenditures (CapEx) to operational expenditures (OpEx), significantly transforming the cost structure. Cloud services offer several advantages by minimizing the need for substantial upfront infrastructure investments.
Furthermore, the pay-as-you-go model enables enterprises to optimize the utilization of processing, storage, and networking resources. The implementation of this economically efficient pricing model enables financial institutions to flexibly allocate their resources in response to market demand and incur charges solely for the services they utilize.
Digital Transformation Acceleration Creates Tremendous Opportunities
The quick acceleration of digital transformation within the finance industry is expected to positively impact the growth of the finance cloud market. This presents a strong and enduring opportunity for market expansion. Financial institutions increasingly recognize the imperative to update and modernize their operational frameworks, procedural methodologies, and customer interactions. This transformation is contingent upon the flexible and scalable solutions cloud providers offer.
Moreover, contemporary consumer demands pertaining to bank accounts, transactions, and services have increasingly prioritized the accessibility and convenience offered by digital platforms. Cloud-based infrastructure is essential for financial companies to facilitate the provision of user-friendly mobile applications, online banking portals, and real-time transaction processing. Implementing and growing these services quickly is crucial for staying competitive.
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Regional Analysis
North America is the most significant global market shareholder and is anticipated to exhibit a CAGR of 17.6% during the forecast period. The global finance cloud market is significantly influenced by North America, with special emphasis on the United States. The rapid growth of finance cloud solutions can be attributed to the region's advanced financial infrastructure and widespread technological usage. Banks, financial institutions, and insurance organizations in North America extensively utilize cloud-based financial services to enhance operational efficiency and improve consumer experiences. Multiple factors contribute to the demand for products and services in North America. Key factors include things like cost-effectiveness, compliance with regulatory regulations, and the use of real-time data analytics.
Key Highlights
- The global finance cloud market size was valued at USD 22.81 billion in 2022. It is projected to reach USD 91.5 billion by 2031, registering a CAGR of 18.3% during the forecast period (2023-2031).
- Based on deployment, the global finance cloud market is segmented into public cloud, private cloud, and hybrid cloud. The public cloud segment is the highest contributor to the market and is expected to grow significantly over the forecast period.
- Based on the solution, the global finance cloud market is segmented into financial forecasting, customer relationship management (CRM), wealth management, payment processing, and others. The financial forecasting segment owns the highest market share and is expected to expand significantly over the forecast period.
- Based on the service model, the global finance cloud market is further segmented into software as a service and platform as a service. The Software as a Service segment dominates the global market and is expected to grow substantially over the forecast period.
- Based on organization size, the global finance cloud market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is the highest contributor to the market and is expected to grow substantially over the forecast period.
- Based on end-user, the global finance cloud market is further segmented into banking and financial services, insurance, and others. Banking and Financial Services segment dominates the global market and is expected to expand substantially over the forecast period.
- North America is the most significant global market shareholder and is anticipated to exhibit a CAGR of 17.6% during the forecast period.
Market News
- In September 2023, Amazon Web Services (AWS) announced that Bank of America has selected AWS as its preferred cloud provider for its core banking applications, including its online and mobile banking platforms and data analytics and machine learning platforms. AWS will help Bank of America to modernize its IT infrastructure, reduce costs, and enhance customer experience.
- In September 2023, Cisco announced that it completed the acquisition of Slack Technologies, a leading cloud-based platform for team collaboration and communication. The combination of Cisco and Slack will create a unified platform for seamless and secure collaboration across teams, applications, devices, and locations.
Global Finance Cloud Market: Segmentation
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Solution
- Financial Forecasting
- Customer Relationship Management (CRM)
- Wealth Management
- Payment Processing
- Others
By Service Model
- Software as a Service
- Platform as a Service
By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By End-User
- Banking and Financial Services
- Insurance
- Others
By Regions
- North America
- Asia-Pacific
- Europe
- The Middle East and Africa
- Latin America
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