Finance Cloud Market Expected to Reach $90.11 Billion By 2030

According to a recent report published by Allied Market Research, titled, “Finance Cloud Market By Component, Enterprise Size, Deployment Model, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global finance cloud market size was valued at $23.67 billion in 2020, and is projected to reach $90.11 billion by 2030, growing at a CAGR of 12.4% from 2021 to 2030. 

Rapid increase in need for customer management, generation of massive volume of critical data on cloud, rise in compliance & legal issues, and surge in awareness toward cloud-based security solutions drive the growth of the global finance cloud market. Finance cloud comprises both hardware and software through which the services are delivered. The demand for finance cloud is growing exponentially due to several benefits such as access to broader network, business agility, rapid elasticity, and cost cutting. 

Furthermore, the global finance cloud market is in its developing phase, and exhibits high growth potential, due to as rapid adoption of cloud in SMEs, rise in need for operational efficiency & transparency in financial sector, and surge in demand for cloud among financial companies. The hybrid cloud segment is growing in the market as it combines a private cloud with one or more public cloud services. In addition, it enables communication between each distinct service and provides greater flexibility for enterprises to manage business operations.

Region wise, North America dominated the market in 2020, and is expected to maintain this finance cloud market trends during the forecast period. This is attributed to the fact that banks are switching toward cloud technology, due to increase in pressure evolving from regulators, customers, shareholders, and competitors. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, as several financial companies are adopting & heavily investing in finance cloud market share to boost business efficiency, minimize data security risks, and lower infrastructure & maintenance cost.  

COVID-19 Impact Analysis

The demand for finance cloud has increased considerably during the COVID-19 pandemic. This is attributed to implementation of stringent lockdown, which has disrupted the operations in financial sectors, resulting in a massive change in business models, trends, and preferences among banks & financial companies. Companies engaging into financial products & services are focused on expanding & securing their businesses via cloud implementation, which is expected to boost the market growth. Thus, these factors promoted the growth of the finance cloud market during the pandemic situation.   

Key Findings of The Study

• By component, the solutions segment led the finance cloud industry, in terms of revenue in 2020. 
• On the basis of deployment, the hybrid cloud segment is expected to exhibit the fastest finance cloud market growth rate during the forecast period.
• Region wise, North America generated the highest revenue in 2020.  

The key players operating in the finance cloud market analysis include Amazon Web Services, Inc., Acumatica, Inc., ARYAKA NETWORKS,INC., Cisco Systems, Inc., International Business Machines Corporation, Microsoft, Oracle, SAP SE, Unit4, and Sage Group Plc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.