According to a recent report published by Allied Market Research, titled, “Finance Cloud Market Share 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 a broader network, business agility, rapid elasticity, and cost-cutting.
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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 trend during the forecast period. This is attributed to the fact that banks are switching toward cloud technology, due to an increase in pressure 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 the finance cloud market share to boost business efficiency, minimize data security risks, and lower infrastructure & maintenance costs.
COVID-19 Impact Analysis
The demand for finance cloud has increased considerably during the COVID-19 pandemic. This is attributed to the implementation of a 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 in 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.
Key Findings of The Study
- By component, the solutions segment led the finance cloud industry in terms of revenue in 2020.
- Based on 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.
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