Financial Cloud Market Overview, Top Manufacturers, Industry Growth Analysis and Forecast to 2027
Globally, the financial cloud market is expected to have significant growth over the forecast period. The growth of the market can be attributed to the increasing digitalization across the globe and growing number of financial institutions that demand advanced IT solutions to gain genuine competitive advantage instead of only building and maintaining an expensive IT infrastructure. The financial cloud solutions enable enterprises to reach their existing as well as potential customers with right advertisement, in the right way, and at the right time, enabling enterprises to build a strong relationship with their customers. Due to these factors, the financial cloud market is expected to grow with significant rate in the upcoming years. However, high initial cost and lack of expertise, particularly among small and medium-sized enterprises (SMEs) in developing economies, are expected to hinder growth of the global financial cloud market. The study on the Financial Cloud Market 2020 by Market Research Future has been conducted keeping the current proceeding within the financial cloud industry.
COVID -19 Impact
The report further considers the impact of the novel COVID-19 pandemic on the financial cloud market. It offers a clear review of the projected market fluctuations during the forecast period (2020-2027) at a pace of 22.7% CAGR while anticipating a valuation of USD 46.03 billion from USD 16.55 billion in the same period.
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Operational efficiency is one more factor in driving the growth of the finance cloud market. A few years back, Roha Housing Finance wanted to issue loans within two hours instead of three days. After adopting cost-efficient cloud-based technology, it was able to offer end-to-end loan processing within seven days, which was 50% faster than the housing finance industry benchmark. Such instances probed the market for the financial cloud to rise at a substantial level and thus set the future to score toweringly with a host of opportunities.
Further, MRFR finds that the financial industry is mostly prone to cyber threats due to the sensitivity of the data. It continues to develop in frequency, as the data generation volume grows. On this approach, Equifax incurred losses of about USD 1.35 billion from a devastating 2017 breach that affected more than half of the American customers as well as millions of the consumers in the United Kingdom. Here, the necessitate of adopting financial cloud came into action, which labelled to be highly successful. This instance also made the market of financial cloud more and more positive by the time, which resulted fruitful in the present time when the whole world is affected by COVID 19, and several industries went down. But the financial industry has less effect on it due to the firm base created for years.
The global financial cloud market study has incorporated various segments that are component, cloud type, organization size, and sub-industry.
Depending on the component segment, the market includes solutions and services. Among these, the solutions segment is further segmented into wealth management, customer management, security, financial forecasting and analytics, and others. The service segment has included professional and managed services.
Depending on cloud type segment, the market has included public cloud and private cloud.
Depending on organization size segment, the market has included large enterprises and small and medium-sized enterprises.
Depending on the sub-industry segment, the market has included banking and financial services and insurance.
The global market for global financial cloud is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the market is studied for North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is presumed to have the largest market share in the global financial cloud market. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the presence of large number of financial institutions and wealth management firms and a high degree of digitalization in the region. Asia-Pacific is anticipated to be the fastest growing region in the global financial cloud market over the forecast period. Rapidly increasing number of banking and insurance businesses and rising demand for advanced banking solutions in the region are the key driving factors for the growth of financial cloud market in the region.
The prominent players in the financial cloud market are Google LLC (US), Microsoft Corporation (US), Oracle Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), SAP SE (Germany), Capgemini (France), Infosys (India), Fiserv, Inc. (US), FIS (US), and Temenos Headquarters SA (Switzerland).
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
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