Finance Cloud Market

Finance Cloud Market

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Swarup Sahu

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Finance Cloud Market Outlook 2031

The global finance cloud market size was valued at USD 14.47 Billion in 2022 and is expected to surpass USD 94.41 Billion by 2031, expanding at a CAGR of 23.17% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing demand from banking and insurance companies for digital applications, growing requirements for operational efficiency, and rising cyber threats to the financial sector.

Finance cloud is employed to manage an organization’s financial planning on cloud computing. It manages operations to run the financial infrastructure more efficiently and scale business needs as per change. It arms business operations and finance teams with an ecosystem of connected tools to manage accounts, create financial reports, process payments, handle payroll, and manage budgets. For instance,

  • In June 2023, Wipro a multinational corporation that provides consultant, information technology, and business process services declared the launch of an innovative suite of banking and financial services solutions built using Microsoft Cloud. This partnership is expected to put forward Microsoft Cloud functionalities with Wipro FullStride Cloud and strengthen Capco’s and Wipro’s deep financial expertise.

Finance Cloud Market Outlook

Clients accelerate their growth with these new solutions as the finance cloud enables businesses with the affordability of financial and operational tools and benefits such as cost-effectiveness, lower maintenance charges, a subscription-based pricing model, and access to data from anywhere and anytime.

The research report finds that the COVID-19 pandemic boosted the finance cloud market. The economy slowed down, due to the increased cases of COVID-19. However, various organizations such as financial services, banking, and insurance sectors continued operating during this crucial time. Financial services adopt remote working which in turn increases the investments in cloud-based infrastructure.

Financial system implementations and accounting in the cloud environment are not that much different than those in an on-premises environment. Moreover, the cloud environment offers flexibility to carefully plan out project timings, responsibilities, data migration, and accounting structure. It keeps internal operations running effortlessly in the post-pandemic scenario. For instance,

  • In May 2021, Google Cloud introduced a data share solution for financial services. This solution enables the sharing of market data with ease and enhanced security across the major markets including investment banks, assets managers, hedge funds, and market data issuers similar to providers and exchangers. 

Impact of Artificial Intelligence on the Finance Cloud Market

Integrating new technology turns out to be a threat, amplifying the burden on all organizations that provide AI-based services. Organizations in the market are working towards combating the risk of fraud. Financial services take the help of artificial intelligence to combat fraud effectively. It helps them to understand the customer and their behavior by optimizing the customer experience and collecting data.

It assists payment providers in automating aspects of cybersecurity by analyzing and continuously monitoring network traffic. Furthermore, it enhances the client-first approach (chatbots) with a personalized and flexible digital banking experience that is anticipated to meet client needs securely.

The advent of the finance cloud has enabled businesses with the affordability of financial as well as operational tools and benefits such as cost-effectiveness and lower maintenance charges.

Finance Cloud Market Dynamics

Major Drivers

Increasing demand for the deployment of applications through the cloud, and growing requirements for customer management, operational efficiency, and business agility are anticipated to drive the market during the forecast period. Furthermore, the rising growth of the industries offering cloud services and the need for cost-effective solutions is expected to boost the market in the coming years.

Existing Restraints

Increasing concerns over regulatory compliances and complexities involving the protection of intellectual property rights (IPR) are major factors anticipated to hinder the market expansion during the forecast period. Additionally, concerns over data privacy, service provider reliability, and disaster recovery are expected to impede market growth.


Emerging Opportunities

Increasing adoption of the finance cloud computing technology by large corporations and emerging technologies with cloud solutions are projected to offer significant opportunities for the market players. For instance,

  • In November 2021, Amazon Web Services, Inc., announced a long-term partnership with Nasdaq, Inc. to develop a next-generation technology cloud-based infrastructure for key markets across the globe. This technology is open to other market players and infrastructure operators to relocate their trading platforms to the cloud. 

Scope of Finance Cloud Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Attributes Details
Report Title Finance Cloud Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year 2022
Historic Data 2016–2021
Forecast Period 2023–2031
Segmentation Type (Solution [Governance, Risk & Compliances, Security, Financial Reporting & Analysis, and Financial Forecasting] and Service [Managed Services and Professional Services]), Application (Financial Forecasting, Financial Reporting and Analysis, Risk and Compliance, Managed Services, Revenue Management, Wealth Management, Account Management, Customer Relationship Management, and Others), Deployment (Public Cloud, Private Cloud, and Hybrid Cloud), and End-user (Insurance and Banking & Financial Services)
Regional Scope Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
Key Players Covered in the Report CloudSigma Holding AG; Microsoft; Alphabet Inc.; IBM Corporation; Red Hat; Hewlett Packard Enterprise Development LP; SAP; Kamatera; VMware; Salesforce; Verizon; ServiceNow; Oracle; Alibaba Cloud; DigitalOcean Holdings. Inc.; Cisco Systems; Workday. Inc; Adobe; and Logicworks.
 

Finance Cloud Market Segment Insights

Type Segment Analysis

Based on type, the market is bifurcated into solution and service. The solution segment is further fragmented into governance, risk & compliances, security, financial reporting & analysis, and financial forecasting.

The service segment is further bifurcated into managed services and professional services. The service segment is projected to account for a large market share, due to reduced IT costs, scalability, business continuity, collaboration efficiency, and flexibility of services in accordance with work practices.


Finance cloud service provide businesses with faster implementation, anywhere access to applications and content, and higher utilization of infrastructure investments which is expected to drive market expansion in the coming years.

The solution segment is anticipated to account for a considerable market share during the forecast period, as companies are integrating cloud solutions to improve efficiency and ensure significant information integration.

Financial companies need access to all important information at a rapid pace to take needed business action, due to the augmented competition and quick changes in a business environment.


Cloud solutions enhance transparency and efficiency in business operations. In terms of security financial cloud platforms run entirely in a secure cloud environment. The software works seamlessly in sync which allows organizations to build their own solutions which integrate efficiently. 

Application Segment Analysis

On the basis of application, the finance cloud market is segmented into financial forecasting, financial reporting and analysis, risk and compliance, managed services, revenue management, wealth management, account management, customer relationship management, and others.

Customer relationship management segment is expected to expand at a significant pace in the coming years, due to its increasing demand from the banking and financial sector for integrated tools to manage customer query resolution, satisfaction, and feedback.

Customer relationship management with AI improves customer experience and feedback and is expected to develop a strong bond with several company’s customers.  


The managed services and account management segment are projected to grow at a steady CAGR during the forecast period, owing to the increasing adoption of financial cloud management tools and their integration into business operations for improving efficiency. Several enterprises obtain various benefits by using cloud-based management software solutions, including financial accountability, effective operations, accurate tracking, and simple reporting.

Finance Cloud Market Application

Deployment Segment Analysis

In terms of deployment, the finance cloud market is segregated into public cloud, private cloud, and hybrid cloud. The public cloud segment is projected to exhibit a high CAGR during the forecast period, owing to the increasing demand for public cloud infrastructure from translational and global organizations. 

Public cloud offers several benefits such as high elasticity, scalability, and low-cost subscription-based price tier. It minimizes the cost as organizations pay for the resources they use, which cuts down extra costs on idle resources. Furthermore, as per the demand for the cloud, organizations have the freedom to simply scale up or down.

The private cloud segment is expected to hold a substantial CAGR in the coming years. Private Cloud offers various tools and services to manage cloud applications, including monitoring, data storage, and security with minimal expenditure.

Organizations avail many benefits using the private cloud without compromising control security and customization. Moreover, it provides different advantages and freedom to customize hardware and software without compromising regulatory compliance and standards and great security and access control.

End-user Segment Analysis

Based on end-user, the finance cloud market is bifurcated into insurance and banking & financial services. The insurance segment is expected to hold a large market share during the forecast period, due to the rising demand for cloud services from the insurance sector. Organizations straighten their digital experience and operational processes with the help of the finance cloud.

The banking & financial services segment is anticipated to account for a substantial market share in the coming years, owing to increasing security concerns, reduced customer acquisition costs, and the need for disaster recovery. Financial institutions and banks are collaborating for cloud adoption with finance cloud providers. For instance,

  • In August 2020, Standard Chartered and Microsoft Corp. partnered to speed up the latter’s digital transformation with the cloud-first strategy. JP Morgan is turning its retail operations to Thought Machine’s cloud-based core banking system among other industry pioneers.

Regional Analysis

On the basis of regions, the finance cloud market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to represent a major market share during the forecast period, due to the increasing demand for wealth management services, growing adoption of finance cloud computing, and rapid digitization. Moreover, minimum capital expenditure (CapEx), enhanced agility and security, and reduced IT administration complexity are some key factors that are expected to fuel the market in the region.

Asia Pacific is expected to exhibit a rapid growth rate in the coming years, owing to the rapid growth of the banking and insurance sector in developing countries across the region. The increasing demand for customer management, increased digitalization, and growing client needs are expected to boost the market in the coming years.


The Government of India aims to digitalize the payment process and broaden financial inclusion through fintech projects including Jan Dhan Yojana, Adhar, and United Payments systems (UPI). This development propelling India's digital economy, which in turn expected to boost the market growth in the coming years. This development propelling India's digital economy, which in turn expected to boost the market growth in the coming years.

Finance Cloud Market Region

Segments

The global finance cloud market has been segmented on the basis of

Type

  • Solution
    • Governance, Risk & Compliances
    • Security
    • Financial Reporting & Analysis
    • Financial Forecasting
  • Service
    • Managed Services
    • Professional Services

Application

  • Financial Forecasting
  • Financial Reporting and Analysis
  • Risk and Compliance
  • Managed Services
  • Revenue Management
  • Wealth Management
  • Account Management
  • Customer Relationship Management
  • Others

Deployment

End-user

  • Insurance
  • Banking & Financial Services

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • CloudSigma Holding AG
  • Microsoft
  • Alphabet Inc.
  • IBM Corporation
  • Red Hat
  • SAP
  • Hewlett Packard Enterprise Development LP
  • SAP
  • Kamatera
  • VMware
  • Salesforce
  • Verizon
  • ServiceNow
  • Oracle
  • Alibaba Cloud
  • DigitalOcean Holdings. Inc.
  • Cisco Systems
  • Workday. Inc
  • Adobe
  • Logicworks.

Competitive Landscape

Key players competing in the finance cloud market share include CloudSigma Holding AG; Microsoft; Alphabet Inc.; IBM Corporation; Red Hat; Hewlett Packard Enterprise Development LP; SAP; Kamatera; VMware; Salesforce; Verizon; ServiceNow; Oracle; Alibaba Cloud; DigitalOcean Holdings. Inc.; Cisco Systems; Workday. Inc; Adobe; and Logicworks.

Some of the players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares due to the increasing competitiveness. For instance,

  • In April 2021, SAP SE announced to enter into a partnership with Dediq GmbH to form a strategic partnership for financial services industries and is likely to expand SAP’s financial services portfolio jointly. This partnership is expected to provide the FSI unit with the funding, development expertise, and technology.
  • In January 2022, Avaloq partnered with RBC Wealth Management. This partnership is anticipated to help RBC Wealth Management modernize the wealth management platform with cutting-edge solutions and move to a cloud-based SaaS model. Finance Cloud Market Key Players
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Finance Cloud Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Finance Cloud Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Finance Cloud Market - Supply Chain
  4.5. Global Finance Cloud Market Forecast
     4.5.1. Finance Cloud Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Finance Cloud Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Finance Cloud Market Absolute $ Opportunity
5. Global Finance Cloud Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Finance Cloud Market Size and Volume Forecast by Types
     5.3.1. Solution
     5.3.2. Service
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Finance Cloud Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Finance Cloud Market Size and Volume Forecast by Applications
     6.3.1. Financial Forecasting
     6.3.2. Financial Reporting and Analysis
     6.3.3. Risk and Compliance
     6.3.4. Managed Services
     6.3.5. Revenue Management
     6.3.6. Wealth Management
     6.3.7. Account Management
     6.3.8. Customer Management
     6.3.9. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Finance Cloud Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Finance Cloud Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Finance Cloud Demand Share Forecast, 2019-2026
8. North America Finance Cloud Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Finance Cloud Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Finance Cloud Market Size and Volume Forecast by Types
     8.4.1. Solution
     8.4.2. Service
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Finance Cloud Market Size and Volume Forecast by Applications
     8.7.1. Financial Forecasting
     8.7.2. Financial Reporting and Analysis
     8.7.3. Risk and Compliance
     8.7.4. Managed Services
     8.7.5. Revenue Management
     8.7.6. Wealth Management
     8.7.7. Account Management
     8.7.8. Customer Management
     8.7.9. Others
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Finance Cloud Demand Share Forecast, 2019-2026
9. Latin America Finance Cloud Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Finance Cloud Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Finance Cloud Market Size and Volume Forecast by Types
     9.4.1. Solution
     9.4.2. Service
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Finance Cloud Market Size and Volume Forecast by Applications
     9.7.1. Financial Forecasting
     9.7.2. Financial Reporting and Analysis
     9.7.3. Risk and Compliance
     9.7.4. Managed Services
     9.7.5. Revenue Management
     9.7.6. Wealth Management
     9.7.7. Account Management
     9.7.8. Customer Management
     9.7.9. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Finance Cloud Demand Share Forecast, 2019-2026
10. Europe Finance Cloud Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Finance Cloud Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Finance Cloud Market Size and Volume Forecast by Types
     10.4.1. Solution
     10.4.2. Service
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Finance Cloud Market Size and Volume Forecast by Applications
     10.7.1. Financial Forecasting
     10.7.2. Financial Reporting and Analysis
     10.7.3. Risk and Compliance
     10.7.4. Managed Services
     10.7.5. Revenue Management
     10.7.6. Wealth Management
     10.7.7. Account Management
     10.7.8. Customer Management
     10.7.9. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Finance Cloud Demand Share Forecast, 2019-2026
11. Asia Pacific Finance Cloud Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Finance Cloud Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Finance Cloud Market Size and Volume Forecast by Types
     11.4.1. Solution
     11.4.2. Service
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Finance Cloud Market Size and Volume Forecast by Applications
     11.7.1. Financial Forecasting
     11.7.2. Financial Reporting and Analysis
     11.7.3. Risk and Compliance
     11.7.4. Managed Services
     11.7.5. Revenue Management
     11.7.6. Wealth Management
     11.7.7. Account Management
     11.7.8. Customer Management
     11.7.9. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Finance Cloud Demand Share Forecast, 2019-2026
12. Middle East & Africa Finance Cloud Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Finance Cloud Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Finance Cloud Market Size and Volume Forecast by Types
     12.4.1. Solution
     12.4.2. Service
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Finance Cloud Market Size and Volume Forecast by Applications
     12.7.1. Financial Forecasting
     12.7.2. Financial Reporting and Analysis
     12.7.3. Risk and Compliance
     12.7.4. Managed Services
     12.7.5. Revenue Management
     12.7.6. Wealth Management
     12.7.7. Account Management
     12.7.8. Customer Management
     12.7.9. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Finance Cloud Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Finance Cloud Market: Market Share Analysis
  13.2. Finance Cloud Distributors and Customers
  13.3. Finance Cloud Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Microsoft
     13.4.2. Alphabet Inc.
     13.4.3. IBM Corporation
     13.4.4. Red Hat
     13.4.5. SAP
     13.4.6. Kamatera
     13.4.7. VMware
     13.4.8. Oracle
     13.4.9. Salesforce
     13.4.10. Cisco Systems
     13.4.11. Verizon

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FAQ Section

Some frequently asked questions about this report!

The global finance cloud market size was valued at USD 14.47 Billion in 2022.

Finance cloud is employed to manage an organization’s financial planning on cloud computing.

Increasing demand for the deployment of applications via the cloud and growing requirements for customer management, operational efficiency, and business agility are anticipated to drive the market during the forecast period.

Increasing adoption of the finance cloud computing technology by large corporations and emerging technologies with cloud solutions are projected to offer significant opportunities for the market players.

Key players competing in the finance cloud market share include CloudSigma Holding AG; Microsoft; Alphabet Inc.; IBM Corporation; Red Hat; Hewlett Packard Enterprise Development LP; SAP; Kamatera; VMware; Salesforce; Verizon; ServiceNow; Oracle; Alibaba Cloud; DigitalOcean Holdings. Inc.; Cisco Systems; Workday. Inc; Adobe; and Logicworks.