Finance Cloud Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Application; By Deployment Model; By Organization Size; By End User; By Region; Segment Forecast, 2024 - 2032
The global finance cloud market size is expected to reach USD 144.49 billion by 2032, according to a new study by Polaris Market Research. The report “Finance Cloud Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Application; By Deployment Model; By Organization Size; By End User; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The technological transition is transforming various disciplines in global space. It changed the way the traditional banking sector works with innovative solutions, making initiatives like net banking and the establishment of a unified payment interface (UPI). The evolution of story systems like the cloud is gearing adoption in the market due to its storage capacity and accessibility over the internet. In November 2023, the State Bank of India announced the choice of moving UPI to a public cloud network due to the scalability of transactions.
Companies and other organizations are showing enormous interest in adopting the latest storage technology, the cloud, to customize their business operations. The cloud has transformed the way companies collect, manage, and organize data and ensure speedy reporting for effective business outcomes. For instance, in 2024, the Commonwealth of the Southern Mariana Public School System announced the adoption of a cloud-based financial management system.
Furthermore, data breaches are becoming huge concerns among governments and private companies. Most of the countries are showing preferences for cloud storage to promote data security. For instance, in December 2023, the Reserve Bank of India announced its plan to promote data security in the financial space with the establishment of a cloud facility.
Major players are stepping forward with new strategies and product services to cater to changing consumer needs. For instance, in 2023, Kyndryl introduced banking and financial services for Google cloud users. The increasing challenges in financial technology and rising consumer needs are driving new strategies in the market. For instance, in November 2023, Infosys and AWS entered a strategic collaboration aiming to assist the cloud transformation journey of financial institutions.
Finance Cloud Market Report Highlights
- Services segment is anticipated to witness the highest growth in the coming years due to its cost effectiveness.
- Wealth management segment accounted for the largest market share owing to the rising demand for wealth management services.
- Public cloud segment is projected to experience a larger revenue share due to its scalability and ongoing need for real-time reporting.
- APAC is projected to register the fastest growth during the study period, attributable to the rising digitization initiatives by countries.
- The global players include Acumatica, Alibaba, AtemisCloud, AWS, Cisco, DXC Technology, Google, HPE, Huawei, IBM, Microsoft, Nutanix & Oracle.
Polaris Market Research has segmented the finance cloud market report based on offering, application, deployment model, organization size, end user and region:
Finance Cloud, Offering Outlook (Revenue - USD Billion, 2019 - 2032)
- Financial forecasting
- Financial Reporting & Analysis
- Security
- Governance, Risk & Compliance
- Other solutions
- Professional Services
- Support & Maintenance
- Deployment & Integration
- Consulting
- Managed Services
- Managed Cloud Infrastructure Services
- Managed Network Services
- Managed Security Services
- Other Managed Services
Finance Cloud, Application Outlook (Revenue - USD Billion, 2019 - 2032)
- Revenue management
- Wealth management
- Customer management
- Account management
- Other applications
Finance Cloud, Deployment Model Outlook (Revenue - USD Billion, 2019 - 2032)
- Public Cloud
- Private Cloud
- Hybrid Cloud
Finance Cloud, Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)
Finance Cloud, End User Outlook (Revenue - USD Billion, 2019 - 2032)
- Banks
- Financial service providers
- Insurance companies
Finance Cloud, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- U.S.
- Canada
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Argentina
- Brazil
- Mexico
- UAE
- Saudi Arabia
- Israel
- South Africa