Global Finance Cloud Market 2023-2030

Global Finance Cloud Market 2023-2030

Global Finance Cloud Market Size, Share & Trends Analysis Report by Deployment (Public Cloud & Private Cloud), and by Solution & Services (Financial Forecasting, Financial Reporting & Analysis, Security, Governance, Risk, & Compliance, Professional Services, and Managed Services) Forecast Period (2023-2030)

The global finance cloud market is anticipated to grow at a considerable CAGR of 22.0% during the forecast period. The increase in cloud application deployment to address the rising demand for customer management, growing client needs, and increased digitalization in the financial sector are driving the growth of the global finance cloud market. For instance, the Indian government is aiming to digitize payment systems and broaden financial inclusion, through fintech projects including Aadhaar, Jan Dhan Yojana, and the Unified Payments Interface (UPI).

The growing partnership among key players is further contributing to the market growth. For instance, in September 2023, Options Technology, the provider of cloud-enabled managed services to the global financial sector, announced a strategic partnership with valantic FSA, a premier provider of innovative financial software solutions. The partnership will leverage Options Technology’s robust Global Infrastructure, Colocation, and Market Data services alongside the firm’s Public and Integrated Cloud solutions to enhance valantic FSA's service offering and capabilities. Options Technology's comprehensive suite of services, combined with valantic FSA's expertise in financial software solutions, will enable both organizations to deliver greater value to clients with enhanced connectivity, scalability, and reduced latency alongside access to mission-critical systems with unparalleled performance. Problems regarding data security and protection and expensive investment and maintenance expenses limit the expansion of the finance cloud industry. Data loss routinely puts cloud storage's security in jeopardy. Information can be affected entirely by a computer virus, hacking, or a broken system instead of being stolen and shared.

Segmental Outlook

The global finance cloud market is segmented based on deployment and solution and services. Based on deployment, the market is segmented into public cloud and private cloud. Based solution & services, the market is segmented into financial forecasting, financial reporting & analysis, security, governance, risk, & compliance, professional services, and managed services.

Private Cloud Segment is Anticipated to Exhibit Fastest CAGR

The private cloud provides users with tools and services for managing cloud applications, including data storage, monitoring, and security, with minimal expenditure. Using the private cloud makes it possible for organizations to avail many benefits of cloud computing without sacrificing control security and customization. Advantages of private cloud include freedom to customize software and hardware, fully enforced regulatory standards and compliance, and greater access and security control. Such benefits offered by the private finance cloud are contributing towards its high adoption.

Regional Outlook

The global finance cloud market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America held considerable share in the global market. Improved agility and security, lower capital expenditure (CapEx), and reduced IT administration complexity are some of the key contributors to the high share of the regional market.

Asia-Pacific is Anticipated to Exhibit the Highest CAGR in the Global Finance Cloud Market

The Asia-Pacific is expected to be the fastest-growing region owing to ongoing digital transformation of the banking sector. The ongoing effort of financial institutions to keep up to date with data, artificial intelligence, and Big Tech is a key contributor to the growth of the regional market. For instance, in September 2023, Tata Consultancy Services (TCS) has expanded its partnership with the Standard Bank Group (SBG), to centralize and standardize its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform. SBG operates the custody network with USD 635 bio in assets under custody and administration in sub-Saharan Africa, standing at the forefront of capital market development in the continent. The bank sought to upgrade its existing platform and leverage next-generation technologies to further streamline its custody and settlement processes and build greater resilience in its operations by having all its critical business operations running in the cloud by 2026.

Market Players Outlook

The major companies serving the global finance cloud market include Oracle Corp., SAP SA, Microsoft Corp., Sage Intacct Inc., and Unit4 among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2023, FPT Smart Cloud, a provider of AI solutions and Cloud services from Vietnam, joined forces with Home Credit Indonesia, a tech-based financing company with 6-million customers served, in an official strategic partnership for AI development. This collaboration marks the beginning of a comprehensive alliance focused on the application of AI technology within the operations of Home Credit Indonesia, enabling the company to leverage FPT Smart Cloud's expertise in AI solutions to enhance its services in the financial industry.

In April 2023, Amazon Web Services (AWS), a global cloud computing service provider, expanded its presence in Korea's financial market as customers look for flexibility in an increasingly uncertain market. AWS offers cost-reduction programs such as the strategic business review (SBR) and well-architected review (WAR) to ensure efficient cloud operations.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global finance cloud market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.