Finance Cloud Market Report 2024: Market Size, CAGR, Lucrative Segments, and Top Regions

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Overview and Scope
Cloud finance refers to the use of cloud-based solutions for financial operations and management. The primary purpose of cloud finance is to leverage cloud computing capabilities to optimize financial processes, automate billing, gain real-time insights into financial performance, and reduce costs, as well as enable instant and accurate reporting, real-time data analysis.

Sizing and Forecast
The finance cloud market size has grown rapidly in recent years. It will grow from $61.29 billion in 2023 to $72.12 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to legacy system challenges, cost efficiency, scalability requirements, data security concerns, globalization trends.

The finance cloud market size is expected to see rapid growth in the next few years. It will grow to $137.16 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to regulatory changes, enhanced user experience, rising cybersecurity threats, data analytics and business intelligence, mobile access and flexibility. Major trends in the forecast period include innovative technologies integration, technology advancements, collaborative work environments, hybrid cloud adoption, interconnected ecosystems.

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Segmentation & Regional Insights
The finance cloud market covered in this report is segmented –

1) By Offering: Solutions, Services, Cloud Infrastructure Services, Managed Network Services, Managed Security Services, Other Managed Services
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Revenue Management, Wealth Management, Customer Management, Account Management, Other Management
5) By End User: Banks, Financial Service Providers, Insurance Companies

North America was the largest region in the finance cloud market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the finance cloud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising digital transformation is expected to propel the growth of the finance cloud market going forward. Digital transformation refers to the process of leveraging digital technologies to fundamentally change or improve business operations, strategies, and customer experiences. Digital transformation continuously innovate and bring new services, and solutions to market for personalized, user-friendly interactions that enhance customer satisfaction. The finance cloud is utilized in digital transformation to enable organizations to modernize IT infrastructure, enhance customer experiences, leverage data-driven insights, automate processes, manage risk, and ensure compliance. For instance, in November 2022, according to the Mind the Tech Gap survey conducted among approximately 2,700 executives in 13 countries by Boston Consulting Group (BCG), a US-based management consulting firm, up to 60% of enterprises intend to boost their investments in digital transformation by 2023, despite a declining global economy. Therefore, the rising digital transformation is driving the growth of the process orchestration market.

Key Industry Players
Major companies operating in the finance cloud market are Microsoft Corporation, International Business Machine Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Fiserv Inc., Intuit Inc., Fidelity Information Services Global, Dassault Systèmes SE, Wolters Kluwer NV, Broadridge Financial Solutions Inc., SS&C Technologies Holdings Inc., Workday Inc., Morgan Stanley Capital International Inc., SAGE Group plc, FactSet Research Systems Inc., ACI Worldwide Inc., TIBCO Software Inc., Alteryx Inc., Temenos Group AG, Ellucian Company L.P., BlackLine Inc., Q2 Holdings Inc., Bottomline Technologies Inc., nCino Inc.

The finance cloud market report table of contents includes:

1. Executive Summary
2. Finance Cloud Market Characteristics
3. Finance Cloud Market Trends And Strategies
4. Finance Cloud Market – Macro Economic Scenario
5. Global Finance Cloud Market Size and Growth
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32. Global Finance Cloud Market Competitive Benchmarking
33. Global Finance Cloud Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Finance Cloud Market
35. Finance Cloud Market Future Outlook and Potential Analysis
36. Appendix

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