Chicago, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The Finance Cloud Market size is expected to grow to USD 268.1 million by 2028 from USD 135.6 billion in 2023 at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period, according to a new report by MarketsandMarkets™.
As customers become more sophisticated and services more commoditized and disintermediated, they will increasingly act as competitors to financial services players, increase data flow and insights, workplace innovation, and growing demand for virtually unlimited storage and big data drive the global Finance Cloud market during the forecast period.
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Finance Cloud Market Dynamics:
Drivers:
- Rising adoption of cloud computing services due to growing remote workforce count
- Compliance with stringent industry regulations
- Personalized customer experience
- Need for disaster recovery and contingency plans
Restraints:
- Protection of Intellectual Property Rights (IPR)
- Rise in new regulations and financial standards
- Lack of technical knowledge and expertise
Opportunities:
- Increasing government initiatives
- Evolution of AI and ML
- Deployment of applications via cloud
List of Key Players in Finance Cloud Market:
- AWS (US),
- Microsoft (US)
- Google (US)
- IBM (US)
- Salesforce (US)
- Tencent (China)
- Oracle (US)
- Alibaba (China)
- Workday (US)
- SAP (Germany)
- HPE (US)
- VMware (US)
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The solutions segment will hold a larger market share in 2023 based on the offering. These solutions address specific financial needs and functions, such as accounting, financial planning and analysis, risk management, or payment processing. They are typically offered as software-as-a-service (SaaS) or platform-as-a-service (PaaS) models, where users access the software over the Internet and pay subscription fees. These services can also include infrastructure-as-a-service (IaaS), which provides data storage and backup solutions, disaster recovery services, compliance and security services, and more.
Based on application, the account management segment will record the second-highest CAGR in the Finance Cloud market during the forecast period. The finance cloud provides tools for managing financial accounts and portfolios through cloud-based technologies; this involves overseeing, monitoring, and optimizing financial reports, with the ability to access real-time data and securely manage transactions. Cloud-based account management systems offer automation, account tracking, and reporting features, which streamline financial operations and increase accuracy. With its scalability and accessibility, the cloud facilitates efficient communication and collaboration with clients, making it easier for financial institutions to provide customized account management services. Ultimately, account management in the finance cloud leads to improved financial transparency, operational efficiency, and client satisfaction, ensuring that financial accounts are effectively managed in today’s dynamic economic landscape.
The large enterprises segment to hold a larger market share in 2023 based on organization size. Companies with more than 1,000 employees are considered large enterprises. These companies increasingly turn to finance cloud solutions to improve their financial operations and increase efficiency. There are many benefits to using cloud technology for finance, including cost savings. Companies can save on expensive investments in on-premises infrastructure and maintenance using cloud-based finance systems. Cloud solutions also offer scalability, allowing large organizations to quickly adapt to changing business needs.; this is particularly important for companies that experience fluctuations in financial data volumes. Security and compliance are also critical concerns for businesses, and finance cloud providers invest heavily in strong security measures and regulatory compliance.
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