Finance Cloud Market worth $268.1 billion by 2028, growing at a CAGR of 14.6%: Report by MarketsandMarkets™

Chicago, Oct. 16, 2023 (GLOBE NEWSWIRE) — The Finance Cloud Market size is expected to grow to USD 268.1 million by 2028 from USD 135.6 billion in 2023 at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period, according to a new report by MarketsandMarkets™.

As customers become more sophisticated and services more commoditized and disintermediated, they will increasingly act as competitors to financial services players, increase data flow and insights, workplace innovation, and growing demand for virtually unlimited storage and big data drive the global Finance Cloud market during the forecast period.

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Finance Cloud Market Dynamics:

Drivers:

  • Rising adoption of cloud computing services due to growing remote workforce count
  • Compliance with stringent industry regulations
  • Personalized customer experience
  • Need for disaster recovery and contingency plans

Restraints:

  • Protection of Intellectual Property Rights (IPR)
  • Rise in new regulations and financial standards
  • Lack of technical knowledge and expertise

Opportunities:

  • Increasing government initiatives
  • Evolution of AI and ML
  • Deployment of applications via cloud

List of Key Players in Finance Cloud Market:

  • AWS (US),
  • Microsoft (US)
  • Google (US)
  • IBM (US)
  • Salesforce (US)
  • Tencent (China)
  • Oracle (US)
  • Alibaba (China)
  • Workday (US)
  • SAP (Germany)
  • HPE (US)
  • VMware (US)

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The solutions segment will hold a larger market share in 2023 based on the offering. These solutions address specific financial needs and functions, such as accounting, financial planning and analysis, risk management, or payment processing. They are typically offered as software-as-a-service (SaaS) or platform-as-a-service (PaaS) models, where users access the software over the Internet and pay subscription fees. These services can also include infrastructure-as-a-service (IaaS), which provides data storage and backup solutions, disaster recovery services, compliance and security services, and more.

Based on application, the account management segment will record the second-highest CAGR in the Finance Cloud market during the forecast period. The finance cloud provides tools for managing financial accounts and portfolios through cloud-based technologies; this involves overseeing, monitoring, and optimizing financial reports, with the ability to access real-time data and securely manage transactions. Cloud-based account management systems offer automation, account tracking, and reporting features, which streamline financial operations and increase accuracy. With its scalability and accessibility, the cloud facilitates efficient communication and collaboration with clients, making it easier for financial institutions to provide customized account management services. Ultimately, account management in the finance cloud leads to improved financial transparency, operational efficiency, and client satisfaction, ensuring that financial accounts are effectively managed in today’s dynamic economic landscape.

The large enterprises segment to hold a larger market share in 2023 based on organization size. Companies with more than 1,000 employees are considered large enterprises. These companies increasingly turn to finance cloud solutions to improve their financial operations and increase efficiency. There are many benefits to using cloud technology for finance, including cost savings. Companies can save on expensive investments in on-premises infrastructure and maintenance using cloud-based finance systems. Cloud solutions also offer scalability, allowing large organizations to quickly adapt to changing business needs.; this is particularly important for companies that experience fluctuations in financial data volumes. Security and compliance are also critical concerns for businesses, and finance cloud providers invest heavily in strong security measures and regulatory compliance.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com

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