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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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Finance cloud is an integrated platform that allows users to automate, streamline, simplify, and evaluate various financial operations using core information technology (IT) and flexible software as a service (SaaS) solution. It is usually offered on a subscription basis and helps eliminate large, upfront capital expenditures for systems software, computer hardware, and accounting application software licenses. Nowadays, it is gaining adoption in large finance organizations worldwide as the finance cloud delivers a higher return on investment (ROI), multi-dimensional financial analysis, and mobile access to enterprise collaboration.
Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Finance companies are currently focusing on digitally transforming their financial services operations with contemporary cloud and IT modernization standards for better data mining, automation, and security. This represents one of the key factors promoting the adoption of the finance cloud to create a single customer database for automating billing, revenue management, and other core financial processes. Besides this, an on-premises system is a laborious process that results in massive miscommunication and waste of time as well as resources. As a result, businesses are shifting workloads from on-premises hardware to cloud financial management as it provides access to the data from anywhere in real-time. Moreover, the escalating need for cloud solutions for financial services, such as core banking, customer experience, point of sale (POS), and digital payments, amid the coronavirus disease (COVID-19) pandemic is influencing the market positively. Apart from this, due to the growing instances of data breaches, service providers are providing multilayered security, such as identity management, network security, and threat detection and response. This helps protect sensitive data, including customer Personal Identifiable Information (PII), records, transaction data, and payment card information,
IMARC Group provides an analysis of the key trends in each sub-segment of the global finance cloud market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, deployment model, enterprise size and application.
Breakup by Type:
Breakup by Deployment Model:
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Breakup by Enterprise Size:
Breakup by Application:
Breakup by Region:
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The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, Deployment Model, Enterprise Size, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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 global finance cloud market was valued at US$ 27.13 Billion in 2021.
We expect the global finance cloud market to exhibit a CAGR of 21.70% during 2022-2027.
The growing adoption of finance cloud solutions across large finance organizations, to deliver a higher return on investment, multi-dimensional financial analysis, and mobile access to enterprise collaboration, is currently driving the global finance cloud market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing shift towards digitalizing financial service operations for core banking and digital payments to combat the risk of the coronavirus infection upon human interaction across brick-and-mortar financial institutions. This is positively influencing the global finance cloud market.
Based on the type, the global finance cloud market can be categorized into solution and service. Currently, solution exhibits a clear dominance in the market.
Based on the deployment model, the global finance cloud market has been segmented into public cloud, private cloud, and hybrid cloud. Among these, public cloud represents the largest market share.
Based on the application, the global finance cloud market can be bifurcated into wealth management, revenue management, account management, customer relationship management, asset management, and others. Currently, wealth management accounts for the majority of the global market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global finance cloud market include 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., etc.
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