Finance Cloud Market

Finance Cloud Market

Finance Cloud Market Forecasts to 2028 - Global Analysis By Component (Solution), By Deployment Model (Public, Hybrid and Private), By Enterprise Size (Large Enterprises and Small & Medium Enterprise), By Service, By Application, By End User and By Geography

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4.4 (19 reviews)
Published: 2023 ID: SMRC22463

This report covers the impact of COVID-19 on this global market

Years Covered


Estimated Year Value (2022)

US $30.98 BN

Projected Year Value (2028)

US $69.44 BN

CAGR (2022 - 2028)


Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Highest Growing Market

Asia Pacific

According to Stratistics MRC, the Global Finance Cloud Market is accounted for $30.98 billion in 2022 and is expected to reach $69.44 billion by 2028 growing at a CAGR of 14.4% during the forecast period. A network where software is run and may be accessed by multiple servers or devices in one go is known as the cloud. It is a cutting-edge software package with lots of robust solutions for handling the business' finances. Additionally, it employs a variety of financial management tools to create budgets, issue invoices, track all expenditures, approve purchase requests, and manage payments. Moreover, the cloud-based financial software enables businesses to monitor sales, purchases, assets, and expenses in real-time.

According to RBC Wealth Management with 7.9 million HNWIs living there, North America had the most significant concentration of such people last year. In the previous year, 7.2 million HNWIs were recorded in the Asia-Pacific. High-net-worth individuals (HNWIs) are those whose wealth exceeds USD 1 million.

Market Dynamics:


SMEs & cloud services driving the market growth

The worldwide finance cloud market is primarily driven by rising financial firm demand for cloud services as well as increased operational efficiency and transparency in business processes. Additionally, small and medium-sized businesses continue to experience an increase in demand for cloud solutions because of the many functional advantages they provide, including the elimination of the need for recurring updates, cost savings, and increased company flexibility. Moreover, the expansion of the global market is therefore significantly influenced by these factors.


Increased Maintenance & Investment Costs

A cloud system typically has a significant acquisition and implementation cost. Absurdly high prices are demanded for their products by international software vendors, including IBM Corp., SAP, Oracle, and Microsoft. These software vendors also impose significant fees for the maintenance and support services they offer. The overall annual cost of maintaining and updating the cloud system is made up of internal costs (user training, IT salaries, and project management), external costs (IT vendors and contractors), and yearly maintenance and support fees paid to cloud providers.


Growth in emerging countries

Conversely, expanding markets like India, Singapore, Australia, China, and South Korea present significant prospects for finance cloud companies to grow and develop their product offerings. Additionally, these nations are in the process of developing and lack financial resources; as a result, they require cost-effective solutions that would provide lucrative opportunities for market expansion. Moreover, banks, financial institutions, and other financing companies are rapidly transitioning to digitalized corporate operations; as a result, acceptance and implementation of the cloud have vastly expanded, which is projected to provide new avenues for the market in the coming years.


Data security concerns

However, issues with data security, protection, and expensive investment and maintenance expenses limit the expansion of the finance cloud industry. Data loss frequently places cloud storage's security in jeopardy. Information can be substantially impacted by a computer virus, hacking, or a corrupt system, as opposed to being stolen and shared. Moreover, the other factors constraining the growth of the finance cloud market in the forecast period are the rise in concerns over regulatory compliance and the protection of intellectual property rights (IPR).

Covid-19 Impact:

The COVID-19 pandemic has a positive impact on the market for financial cloud services. The economy slowed down as a result of an increase in COVID-19 cases across the globe. Nevertheless, throughout the pandemic, the banking, insurance, and financial services sectors remained operational. Financial institutions had to quickly adopt remote working due to the epidemic, which led to the purchase of cloud-based infrastructure. A 10-year strategic cloud partnership contract was announced by Deutsche Bank and Google Cloud during COVID-19. The collaboration is expected to reduce expenses, increase cost-effectiveness, and accelerate the development of new expertise.

The solution segment is expected to be the largest during the forecast period

Because a user can establish a single client database and initiate automating billing, revenue management, and other crucial financial procedures using a cloud financing system, the solution segment is anticipated to acquire the largest revenue share in the finance cloud market in 2021 and is projected to dominate the same during the forecast period. Therefore, it is considered the most robust method for conducting profitable, reliable operations and retaining clients.

The private cloud segment is expected to have the highest CAGR during the forecast period

As private clouds offer users tools and services for managing cloud applications, including data storage, monitoring, and security, with no outlay, the private cloud segment is anticipated to grow at the highest CAGR during the projected period. Additionally, organisations can benefit from a variety of cloud computing features without giving up control, security, or customization by utilising the private cloud. Moreover, the ability to enforce regulatory requirements and compliance, as well as more access and security control, are the benefits of private cloud computing.

Region with largest share:

Since the region's isolated infrastructure has been relocated to the cloud as a result of a booming economy and higher internet penetration rates, North America dominated the market in 2021 and is anticipated to dominate the market during the forecast period. However, the growth of the North American finance cloud market is largely attributed to increased security and agility, decreased capital expenditure (CapEx), and improved IT administration.

Region with highest CAGR:

Due to increased cloud application deployment to manage the rising demand for consumer management, expanding client needs, and growing digitalization in the area, the market is predicted to grow at the highest pace in Asia Pacific over the forecast period. For instance, the Indian government is focusing on fintech initiatives like Aadhaar, Jan Dhan Yojana, and the Unified Payments Interface (UPI) to modernise payment processes and boost financial inclusion.

Key players in the market

Some of the key players in Finance Cloud market include Amazon Web Services, Inc, Cisco Systems, Inc, Acumatica, Inc, International Business Machines Corporation, Microsoft, Aryaka Networks, Inc., Oracle, SAP SE, Unit4, Sage Group Plc., IBM Corporation, Inc., Workday, Inc. and Huawei Technologies Co. Ltd.

Key Developments:

In April 2022, Infosys, a global leader in next-generation digital services and consulting, announced the launch of Infosys Cobalt Financial Services Cloud, an industry cloud platform for enterprises to accelerate business value and innovation in the cloud across the financial services industry.

In April 2022, Credit Cloud by Reorg is a self-service data and analytics platform that professionals in the restructuring and leveraged finance markets can use to easily connect, manage, and visualize the data necessary for their workflows. Reorg is the top global provider of credit intelligence, data, and analytics.

In January 2022, Avaloq, a provider of business process as a service (BPaaS) and software as a service (SaaS), will expand its long-standing partnership with RBC Wealth Management, a division of the Royal Bank of Canada, throughout Asia. This will help RBC Wealth Management move to a cloud-based SaaS model and modernize the wealth management platform with cutting-edge solutions.

Components Covered:
• Solution
• Service

Deployment Models Covered:
• Public
• Hybrid
• Private

Enterprise Sizes Covered:
• Large Enterprises
• Small & Medium Enterprise

Applications Covered:
• Business Intelligence
• Customer Relationship Management
• Revenue Management
• Enterprise Resource Planning
• Asset Management
• Wealth Management
• Account Management

End Users Covered:
• Banking & Financial Services
• Insurance

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances


Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Finance Cloud Market, By Component
5.1 Introduction
5.2 Solution
5.2.1 Financial Reporting & Analysis
5.2.2 Governance, Risk & Compliance
5.2.3 Financial Forecasting
5.2.4 Security
5.3 Service
5.3.1 Managed Services
5.3.2 Professional Services

6 Global Finance Cloud Market, By Deployment Model
6.1 Introduction
6.2 Public
6.3 Hybrid
6.4 Private

7 Global Finance Cloud Market, By Enterprise Size
7.1 Introduction
7.2 Large Enterprises
7.3 Small & Medium Enterprise

8 Global Finance Cloud Market, By Application
8.1 Introduction
8.2 Business Intelligence
8.3 Customer Relationship Management
8.4 Revenue Management
8.5 Enterprise Resource Planning
8.6 Asset Management
8.7 Wealth Management
8.8 Account Management

9 Global Finance Cloud Market, By End User
9.1 Introduction
9.2 Banking & Financial Services
9.3 Insurance

10 Global Finance Cloud Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Amazon Web Services, Inc
12.2 Cisco Systems, Inc
12.3 Acumatica, Inc
12.4 International Business Machines Corporation
12.5 Microsoft
12.6 Aryaka Networks, Inc.
12.7 Oracle
12.8 SAP SE
12.9 Unit4
12.10 Sage Group Plc.
12.11 IBM Corporation
12.12 Inc.
12.13 Workday, Inc.
12.14 Huawei Technologies Co. Ltd

List of Tables
1 Global Finance Cloud Market Outlook, By Region (2020-2028) ($MN)
2 Global Finance Cloud Market Outlook, By Component (2020-2028) ($MN)
3 Global Finance Cloud Market Outlook, By Solution (2020-2028) ($MN)
4 Global Finance Cloud Market Outlook, By Financial Reporting & Analysis (2020-2028) ($MN)
5 Global Finance Cloud Market Outlook, By Governance, Risk & Compliance (2020-2028) ($MN)
6 Global Finance Cloud Market Outlook, By Financial Forecasting (2020-2028) ($MN)
7 Global Finance Cloud Market Outlook, By Security (2020-2028) ($MN)
8 Global Finance Cloud Market Outlook, By Service (2020-2028) ($MN)
9 Global Finance Cloud Market Outlook, By Managed Services (2020-2028) ($MN)
10 Global Finance Cloud Market Outlook, By Professional Services (2020-2028) ($MN)
11 Global Finance Cloud Market Outlook, By Deployment Model (2020-2028) ($MN)
12 Global Finance Cloud Market Outlook, By Public (2020-2028) ($MN)
13 Global Finance Cloud Market Outlook, By Hybrid (2020-2028) ($MN)
14 Global Finance Cloud Market Outlook, By Private (2020-2028) ($MN)
15 Global Finance Cloud Market Outlook, By Enterprise Size (2020-2028) ($MN)
16 Global Finance Cloud Market Outlook, By Large Enterprises (2020-2028) ($MN)
17 Global Finance Cloud Market Outlook, By Small & Medium Enterprise (2020-2028) ($MN)
18 Global Finance Cloud Market Outlook, By Application (2020-2028) ($MN)
19 Global Finance Cloud Market Outlook, By Business Intelligence (2020-2028) ($MN)
20 Global Finance Cloud Market Outlook, By Customer Relationship Management (2020-2028) ($MN)
21 Global Finance Cloud Market Outlook, By Revenue Management (2020-2028) ($MN)
22 Global Finance Cloud Market Outlook, By Enterprise Resource Planning (2020-2028) ($MN)
23 Global Finance Cloud Market Outlook, By Asset Management (2020-2028) ($MN)
24 Global Finance Cloud Market Outlook, By Wealth Management (2020-2028) ($MN)
25 Global Finance Cloud Market Outlook, By Account Management (2020-2028) ($MN)
26 Global Finance Cloud Market Outlook, By End User (2020-2028) ($MN)
27 Global Finance Cloud Market Outlook, By Banking & Financial Services (2020-2028) ($MN)
28 Global Finance Cloud Market Outlook, By Insurance (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at

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