The global financial cloud market is expected to exhibit a strong CAGR of 22.7% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global financial cloud market is expected to rise to a valuation of USD 46.03 billion by 2023 according to the report, rising from a valuation of USD 16.55 billion in 2018.
The financial cloud market is mainly driven by the increasing use of big data algorithms and other advanced IT solutions in the BFSI sector. Financial cloud solutions combine the power of CRM and wealth management tools to enable enhanced, personalized interactions with customers that benefit their association with the BFSI entity. The increasing use of personalized methods to attract new viewers as well as to retain old customers is likely to be a major driver for the global financial cloud market over the forecast period. The increasing demand for advanced IT solutions in the BFSI sector, aided by the growing adoption of advanced IT infrastructure, is also likely to be a major driver for the global financial cloud market over the forecast period.
The increasing interest among middle-class consumers in various investment options is likely to drive the demand for personal banking in the coming years. This is likely to be a major driver for the global financial cloud market over the forecast period, as financial cloud solutions allow easy collation and management of personal banking data, making it easier to suggest investment options based on the user’s previous banking activity and preferences.
On the other hand, the high initial cost of setting up financial cloud systems and the lack of expertise in running the programs consistently are likely to be the key restraints against the global financial cloud market over the forecast period.
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The global financial cloud market is segmented based on component, cloud type, organization size, sub-industry, and region.
By component, the financial cloud market is segmented into solutions and services. The solutions segment is further segmented into customer management, wealth management, financial forecasting and analytics, security, and others. By service, the market is segmented into professional and managed services.
By cloud type, the market is segmented into public cloud and private cloud.
By organization size, the market is segmented into large enterprises, and small and medium-sized enterprises.
By sub-industry, the market is segmented into banking and financial services, and insurance. The increasing number of insurance agencies across the world is likely to drive the insurance sector of the financial cloud market at the highest rate over the forecast period. However, the banking and financial services sector is likely to retain a dominant share in the market over the forecast period due to the wider distribution of banking services than insurance services and their higher turnover.
Leading players in the global Financial Cloud Market include Temenos Headquarters SA, SS&C Technologies Inc., Finserv Inc., FIS, Infosys, Beeks Financial Cloud Group plc, Capgemini, Amazon Web Services Inc., SAP SE, Huawei Technologies Co. Ltd., Microsoft Corporation, IBM Corporation, Google LLC, Oracle Corporation, and Salesforce.com Inc.
Leading players in the global financial cloud market are likely to focus on product development as well as acquisitions in the coming years in order to target steady growth in the financial cloud and other fintech sectors.
North America is the leading regional market of financial cloud technology, whereas Asia Pacific is expected to exhibit growth at the fastest growth rate over the forecast period. North America houses a technologically well-developed BFSI industry, which is open to various technological solutions in order to make the lives of BFSI customers better. The increasing adoption of web and wireless infrastructure in the U.S. and Canada is also a major driver for the North America financial cloud market. The growing financial sector in Mexico is also likely to remain a key driver for the financial cloud market in North America over the forecast period.
LIST OF TABLES
Table 1 Global Financial Cloud Market, By Region, 2018-2023
Table 2 North America Financial Cloud Market, By Country, 2018-2023
Table 3 Europe Financial Cloud Market, By Country, 2018-2023
Table 4 Asia-Pacific Financial Cloud Market, By Country, 2018-2023
Table 5 Global Financial Cloud Market, By Component, By Region, 2018-2023
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LIST OF FIGURES
FIGURE 1 Global Financial Cloud Market: Segmentations
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Financial Cloud Market
FIGURE 4 Value Chain Of Global Financial Cloud Market
FIGURE 5 Share Of Global Financial Cloud Market By Country, 2017
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