Finance Cloud Market to Garner $90.11 Bn, Globally, by 2030 at 12.4% CAGR: Allied Market Research
Increase in need for operational efficiency & transparency in business processes and rise in demand for cloud among financial companies drive the growth of the global finance cloud market
PORTLAND, Ore., Aug. 12, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Finance Cloud Market by Component (Solution [Financial Forecasting, Financial Reporting & Analysis, Security, Governance, Risk & Compliance, and Others] and Service), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), and Application (Revenue Management, Business Intelligence, Asset Management, Customer Relationship Management, Enterprise Resource Planning, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global finance cloud industry was pegged at $23.67 billion in 2020, and is expected to reach $90.11 billion by 2030, growing at a CAGR of 12.4% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Increase in need for operational efficiency & transparency in business processes and rise in demand for cloud among financial companies drive the growth of the global finance cloud market. However, concerns regarding data security & protection and high investment & maintenance costs hinder the market. On the contrary, rise in demand for cloud solutions among small & medium-sized enterprises is expected to open new opportunities for the market players in the future.
Covid-19 Scenario:
- The Covid-19 pandemic encouraged banks and financial institutions to adopt cloud in their responses to several challenges including rise in demand for resources, access to accurate data, and need for essential information.
- Moreover, the adoption of cloud services and solutions increased during the pandemic to keep internal operations running smoothly for post-pandemic scenarios.
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The Service Segment to Showcase the highest CAGR Through 2030
By component, the service segment is expected to register the highest CAGR of 16.1% during the forecast period, as cloud services process and improve effectiveness to meet customer demands. However, the solution segment held the largest share in 2020, accounting for around four-fifths of the global finance cloud market, owing to implementation of cloud solutions with excellent technology capabilities.
The Public Segment held the Largest Share
By deployment model, the public segment dominated the market in terms of revenue, accounting for nearly half of the global finance cloud market, due to need to reduce infrastructure investment and expenses. However, the hybrid segment is expected to manifest the highest CAGR of 15.8% during the forecast period, as it combines private cloud with public cloud and enables communication between each distinct service.
North America held the Largest Share
By region, the market across North America held lion's share in 2020, accounting for nearly three-fifths of the global finance cloud market, due to increase in adoption of cloud services from banks with rise in pressure from customers, competitors, and shareholders. However, the market across Asia-Pacific is expected to portray the highest CAGR of 17.5% during the forecast period, owing to surge in adoption and investment to boost business efficiency, minimize data security risks, and lower infrastructure & maintenance costs.
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Major Market Players
- Amazon Web Services, Inc.
- ARYAKA NETWORKS, INC.
- Acumatica, Inc.
- Cisco Systems, Inc.
- Microsoft
- International Business Machines Corporation
- Oracle
- Unit4
- SAP SE
- Sage Group plc
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