New York, US, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Financial Cloud Market information by Cloud Type, by Components, by Organization Size and Region – forecast to 2028” market size to reach USD 52 billion, growing at a compound annual growth rate of 24% by 2028.
The financial cloud market is witnessing rapid revenue growth. Growing developments and implementation of cloud platforms designed to serve thousands of banking servers for development and IT support teams drive the market growth. Besides, investments in mobile applications have transferred to the new cloud platform, making it easier and faster to develop new products and services for customers.
Dominant Key Players on Financial Cloud Market Covered are:
Oracle Corporation (US)
Google LLC (US)
Microsoft Corporation (US)
IBM Corporation (US)
Huawei Technologies Co. Ltd. (China)
Amazon Web Services Inc. (US)
SAP SE (Germany)
Beeks Financial Cloud Group plc (UK)
SS&C Technologies Inc. (US)
Fiserv Inc. (US)
Temenos Headquarters SA (Switzerland)
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Market USP Exclusively Encompassed:
Cloud platforms are continuing to develop in several directions, and cloud services are being developed to accelerate the bank's IT and business processes. Some important growth propellers include growing demand among enterprises to establish a strong relationship with customers. Financial cloud platforms have empowered SMEs by making them globally competitive, providing industry-specific solutions and services on cloud that can help our clients scale.
Cloud providers focus on banking & financial services and insurance sectors. While cloud adoption has seen a spurring rise over the last few years, banking firms are looking to deliver business results at an accelerated pace without getting constrained by infrastructure. Resultantly, financial cloud has become a natural choice as it provides greater resilience, agility, and ability to scale while keeping business benefits at the core.
Financial cloud providers are working on reforming their business processes and bringing the necessary focus on simplification and transformation. They strive to offer a line of business solutions and industry-specific cloud solutions, providing verticalized applications and business services that are ready-to-use for your specific industry. Cloud-based solutions and collaboration through mobility can seamlessly integrate providers and client interactions.
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Segmentation of Market Covered in the Research:
The market is segmented into components, cloud types, organization size, end-use industries, and regions. The component segment is sub-segmented into solutions (wealth management, customer management, analytics security, financial forecasting, others) and services (managed, professional, and other services). The cloud type segment is bifurcated into public cloud and private cloud.
The organization size segment is bifurcated into small-sized enterprises, medium-sized enterprises, and large enterprises. The end-user industry segment is bifurcated into banking & financial services, insurance, and others. By regions, the market is sub-bifurcated into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
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North America dominates the global financial cloud market, witnessing vast R&D investments. Besides, large technological advances and rapid adoption of advanced financial solutions in the banking sector drive market growth. Also, the early adoption of advanced technologies and easy availability of skilled professionals boost the market revenues. The large presence of financial cloud providers and state-of-the-art development centers propels the region's market shares.
With the faster adoption of fintech technologies needing financial cloud platforms, the US and Canada account for major markets in the region, providing better opportunities for enterprises to grow exponentially. The North American financial cloud market is estimated to retain its dominance throughout the anticipated period.
COVID-19 Impact on the Global Financial Cloud Market
The COVID-19 outbreak impacted the financial cloud market positively. The pandemic created a need among institutions to run their businesses with efficient, low-cost, and agile information technology solutions. Tech platforms also started to shape their services to serve the needs of the institutions. Resultantly, the financial cloud market geared up phenomenally.
During the pandemic, small and medium-sized businesses (SMBs) observed their online transaction volumes. The Coronavirus pandemic also fostered digitization and automation across the banking sectors globally. Besides, the great digital shift that emerged during the pandemic pushed financial cloud market revenues.
Many banks digitized their business processes, including product management, sales & marketing, and others. Solution providers are seen making substantial investments to foster R&D activities to develop and improve banking services. The financial cloud market is expected to witness a constant uptick over the next few years.
The financial cloud market would witness various strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technologies integration. Major industry players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Dec.03, 2021, Amazon Web Services and Goldman Sachs announced a partnership to develop a cloud-based solution. The new technology can help financial services firms to gain insight into data analytics for informed investment decisions. The launch of Goldman Sachs financial cloud for data is a new suite of cloud-based data and analytics solutions for financial institutions.
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