According to the latest report by IMARC Group, titled “Finance Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global finance cloud market reached a value of US$ 27.13 Billion in 2021. Finance cloud refers to an integrated online platform designed to manage an organization’s financial planning through cloud services. It allows users to automate, simplify, streamline, and evaluate various financial operations through information technology (IT) and software-as-a-service (SaaS) solutions. Finance cloud is widely used for business intelligence, resource planning, and managing wealth, assets, accounts, revenue, and customer relationships. It allows enterprises to build solutions, enhance revenue, and achieve greater customer satisfaction. Finance cloud is a cost-effective solution that helps organizations keep real-time track of assets, expenses, purchases, and sales while improving usability, enabling growth, supporting business transformation, and increasing collaboration.
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:
The significant growth in the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Finance cloud is widely used due to its lower costs, higher flexibility, better data management, operational enhancement, and risk mitigation. In addition, the rising utilization of the platform to accelerate digital transformation for making operations more resilient and scalable to meet rising demand is acting as another growth-inducing factor. Furthermore, the widespread adoption of finance cloud solutions to automate manual business procedures, increase information accuracy, and provide holistic, proactive, and goal-based advice to clients, is providing a considerable boost to the market growth. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) to develop predictive modeling and enhance customer interaction through chatbots, surveillance, idea via unstructured data, and customized product offerings are positively influencing the market growth. Moreover, the rising incidences of data breached has fuelled the need for finance cloud to provide robust security features, such as data encryption, two-factor authentication, and zero-trust verification, which, in turn, is providing an impetus to the market growth. Other factors, including rising initiatives to promote digitalization and adoption of cloud services for financial inclusion, rising demand for customer relationship management (CRM), and the increasing requirement for operational efficiency and transparency among organizations, are anticipated to drive market growth. On account of the aforementioned factors, the market value is expected to reach US$ 91.67 Billion by 2027, exhibiting a CAGR of 21.70% during 2022-2027.
- On the basis of the type, the market has been divided into solution (financial forecasting, financial reporting and analysis, security, governance, risk, and compliance, and others) and service (professional and managed services).
- Based on the deployment model, the market has been classified into public, private, and hybrid cloud.
- On the basis of the enterprise size, the market has been bifurcated into large and small and medium-sized enterprises.
- Based on the application, the market has been divided into wealth, revenue, account, customer relationship, asset, and other management.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.?
- The competitive landscape of the industry has also been examined, with some 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, Rapidscale Inc. (Cox Business Services LLC) and Salesforce.com Inc.
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