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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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