The global finance cloud market reached a value of US$ 27.13 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 91.67 Billion by 2027 exhibiting a CAGR of 21.70% during 2022-2027.
The finance cloud represents an integrated platform that allows users to streamline, automate, simplify, and evaluate several financial operations using core information technology (IT) and flexible software as a service (SaaS) solutions. It is generally offered on a subscription basis and aids in eliminating large upfront capital expenditures for systems software, computer hardware, accounting application software licenses, etc. Furthermore, finance clouds cater to a higher return on investment (ROI), mobile access to enterprise collaboration, multi-dimensional financial analysis, etc. Consequently, they are gaining traction in large financial organizations across the globe.
Finance Cloud Market Trends and Drivers:
The growing product adoption to create a single customer database for revenue management, automated billing, and other core monetary processes is primarily driving the finance cloud market. Additionally, the shifting consumer preferences from on-premises hardware towards cloud financial management that provides access to the data from anywhere in real-time are further catalyzing the market growth.
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Besides this, the escalating utilization of cloud solutions for customer experience, core banking, point of sale (POS), digital payments, and other applications, owing to the sudden outbreak of the COVID-19 pandemic across countries, is acting as another significant growth-inducing factor.
Moreover, numerous service providers are offering multilayered security, including network security, threat detection and response, identity management, etc., for protecting sensitive data, such as customer records, personal identifiable information (PII), transaction data, and payment card information, which is anticipated to fuel the finance cloud market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Finance Cloud Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Acumatica Inc., Amazon Web Services Inc. (Amazon.com Inc.), Aryaka Networks Inc., Capgemini SE, Cerillion, Cisco Systems Inc., Google LLC (Alphabet Inc.), International Business Machines Corporation, Microsoft Corporation, Oracle Corporation and Rapidscale Inc. (Cox Business Services LLC), Salesforce.com Inc.
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The report has segmented the market on the basis of region, type, deployment model, enterprise size and application.
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Key highlights of the report:
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