Finance Cloud Market to surpass $158 bn by 2032, Says Global Market Insights Inc.
Major finance cloud market participants include Salesforce Inc., Oracle Corporation, Google LLC, Microsoft Corporation, Acumatica Inc., Aryaka Networks Inc., International Business Machines Corporation, Rapidscale Inc., Sage Group plc, Unit4, Amazon Web Services Inc., and Wipro, among other
Selbyville, Delaware, April 29, 2024 (GLOBE NEWSWIRE) —
The finance cloud market size will exceed USD 158 billion by 2032, as reported in a research study by Global Market Insights Inc.
The ongoing digital transformation in the finance industry, in line with escalating strategic partnerships and collaborations, will accelerate industry expansion over 2024–2032. As financial institutions embrace cloud technology to modernize operations and enhance customer experiences, collaborations between cloud service providers, fintech firms, and traditional financial institutions facilitate the development of innovative cloud solutions tailored to sector-specific needs. This collaborative approach fosters agility, scalability, and cost-efficiency, driving increased adoption of cloud-based solutions and expanding the overall market size.
For instance, in April 2022, Infosys introduced the Infosys Cobalt Financial Services Cloud, an industry-specific cloud platform designed to expedite business value and innovation within the financial services sector. This development suggests a growing demand for industry-specific cloud platforms to drive innovation, enhance operational efficiency, and meet regulatory requirements. Furthermore, it indicates increased competition and innovation within the market as more companies develop specialized cloud offerings, ultimately expanding opportunities and driving industry growth.
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The finance cloud market from asset management segment will observe substantial growth by 2032, owing to its crucial role in optimizing investment strategies and enhancing operational efficiency. Cloud-based asset management solutions offer real-time data analytics, portfolio management, and risk assessment capabilities, empowering financial firms to make informed decisions and maximize returns. As asset managers increasingly embrace digital transformation to streamline workflows and improve client outcomes, the demand for cloud-based asset management solutions will soar, solidifying its dominance in the finance cloud industry.
The solution segment will encounter a marked upturn by 2032, attributed to the diverse array of cloud-based financial services it encompasses. These solutions, including core banking, financial planning, risk management, and customer relationship management, cater to the multifaceted needs of financial institutions. With increasing demand for scalable, cost-effective, and technologically advanced financial software, the solution segment will experience substantial growth. Moreover, ongoing digital transformation initiatives in the financial sector worldwide further reinforce the dominance of cloud-based solutions in driving market growth.
Asia Pacific finance cloud market will record a noteworthy CAGR during 2024 and 2032, propelled by rapid digital transformation across industries and increasing adoption of cloud-based financial solutions. Factors such as expanding economies, rising investments in technology infrastructure, and a burgeoning fintech ecosystem drive the region’s dominance. Additionally, favorable government initiatives promoting cloud adoption further bolster market growth. With its vast market potential and dynamic business landscape, Asia Pacific will emerge as a key contributor to the market global expansion.
Major players in the finance cloud market include Salesforce Inc., Oracle Corporation, Google LLC, Microsoft Corporation, Acumatica Inc., Aryaka Networks Inc., International Business Machines Corporation, Rapidscale Inc., Sage Group plc, Unit4, Amazon Web Services Inc., and Wipro, among others.
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These companies are broadening their market share through strategic initiatives, including mergers and acquisitions, partnerships, and product innovations. By leveraging their expertise and resources, they enhance their service offerings, improve customer experiences, and strengthen their market presence. Additionally, investments in research and development enable them to stay ahead of emerging trends and technologies, positioning them as leaders in the rapidly evolving finance cloud market outlook. Through proactive strategies and agile adaptation, they continue to assert their dominance and drive growth in the market.
For instance, in December 2023, the RBI introduced a community cloud for India’s financial sector to safeguard data and ensure scalability and continuity. Additionally, a fintech repository initiative was proposed to enhance sector efficiency.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Finance cloud market 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032
2.3 Regional trends
2.4 Type trends
2.5 Enterprise size trends
2.6 Deployment model trends
2.7 Application trends
Chapter 3 Finance Cloud Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier Landscape
3.3 Profit margin analysis
3.4 Technology innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 The increasing use of mobile-based applications
3.8.1.2 The growing recognition of DevOps among entrepreneurs
3.8.1.3 The growth of digitalization in developing economies
3.8.1.4 The penetration of microservices architecture, customer-oriented business, and digital transformation
3.8.1.5 The growing adoption of cloud computing
3.8.2 Industry pitfalls & challenges
3.8.2.1 Security and compliance issues
3.8.2.2 Complexity and management concerns
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.3.1 Amazon Web Services, Inc.
4.3.2 Microsoft
4.3.3 IBM Corporation
4.3.4 Salesforce, Inc.
4.3.5 Oracle Corporation
4.3.6 Google LLC (Alphabet Inc.)
4.3.7 Acumatica Inc.
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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