Finance Cloud Market Size, Share, and COVID Impact Analysis, By Type (Solutions and Services), By Deployment (Public cloud, Private cloud, and Hybrid cloud), By Enterprise Type (SMEs and Large Enterprise), By Application (Revenue Management, Wealth Management System, Account Management, Customer Management, and Others), and Regional Forecast, 2024-2032

Finance cloud allows consumer brands and businesses to provide financial services to the customers in their ecosystem without any additional technology. The finance cloud is focused on a wealth management system allowing the customers to attach with them efficiently.

Cloud help firms fight against fraud and money laundering through AI/ML models. It accurately detects fraud patterns by combining transactional and behavioral data and simultaneously avoid costly false positives. Also, it uses different finance management tools to prepare budgets, account for all expenses, send out invoices, approve purchase requests, and handle payments.

Moreover, some financial institutions are now embracing cloud computing to become more efficient and effective at serving their customers' needs. Public clouds allow banks and other financial services firms to deploy applications quickly without worrying about hardware maintenance or software upgrades. For instance,

• According to the Publicis Sapient survey, 38% of the banks are focusing on shifting their cloud investment from back-office applications and core banking systems to customer-facing applications. Additionally, most banks are undergoing transformation programs to understand the importance of the cloud, over which 80% of the bank will depend on cloud migration to a significant/moderate extent.

Impact of COVID-19 on Finance Cloud Market:

The COVID-19 pandemic had a positive impact on the finance cloud market. It had an intense impact on people's payment habits. The increasing usage of digital financial services has revolved crisis into opportunity, allowing people and small companies to join the financial system.

The pandemic highlighted the need for new technologies, such as cloud-based collaboration tools, and investment by the banks had accelerated the pace of technology adoption. Moreover, contactless digital payments for P2P transfers indicated the rise of the finance cloud during the COVID-19 crisis.

Key Insights

The report will cover the following key insights:

• Micro Macro Economic Indicators


• Drivers, Restraints, Trends, and Opportunities


• Business Strategies Adopted by the Players


• Impact of COVID-19 on Finance Cloud Market


• Consolidated SWOT Analysis of Key Players

Analysis by Application

The finance cloud is used for various applications such as revenue management, wealth management system, account management, and customer management. Integrating the finance cloud in such an application minimizes human errors, time spent on manual tasks, and operational costs and thus, increases business opportunities.

Wealth management is projected to have a major share in the market due to increasing demand for cloud technology from wealth and investment organizations to manage the growing demand for the client base. Shifting generational wealth and regulatory requirements are fuel the market growth of this segment. The increasing growth of wealth management is growing across the globe. For instance,

According to the Global Wealth Report 2022 by Credit Suisse, global wealth totalled USD 463.6 trillion in the fiscal year 2021. A total rise of USD 41.4 trillion or 9.8% resulted in significant rises in household wealth globally.

Thus, the factors mentioned above creates growth opportunity for the market.

Regional Analysis

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Regionally, the finance cloud market is fragmented into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

North America dominates the market due to increased growth attributed to wealth management services, growing adoption of finance cloud computing, and rapid digitization. Major banks in North America are focusing on deploying to the public cloud from the private cloud by using software-as-a-service and infrastructure-as-a-service. For instance,

• According to the KPMG Connected Enterprise for wealth management report, the U.S. posted 205 wealth management M&A deals in 2020. The U.S. industry remains to attract investors and business owners by offering steady income streams driven by trusted, long-standing client relationships.

The distribution of the streaming analytics market by region of origin is as follows:

• North America – 42%


• Asia Pacific – 29%


• Europe – 14%


• Middle East and Africa – 10%


• South America – 5%

Key Players Covered

The key players in the market include Oracle Corporation, Amazon Web Services, Inc., ARYAKA NETWORKS, INC., Sage Group plc, Acumatica, Inc, Unit4, IBM, and others.

Segmentation

Key Industry Developments

• March 2023:  Bank of Africa U.K. partnered with Oracle by migrating its core banking systems to Oracle Cloud Infrastructure (OCI). This platform will enable the Bank of Africa to adopt and measure critical services efficiently and provide stronger performance, security controls, and cost efficiencies.


• October 2022: BDO USA announced a partnership with Unit4 by integrating Unit4's solutions in financial planning and analysis (FP&A), enterprise resource planning (ERP), and human capital management (HCM). This partnership will provide clients of government, non-profit, education, and professional services with specialized guidance in finance optimization, systems integration, digital transformation, compliance, and business consulting to enhance people-based processes.