Yahoo Finance With 13% CAGR, Financial Cloud Market to Hit USD 89 Billion Mark by 2029 - Emerging Trends, Growth Forecast, Leading Companies, Top Regions, Industry Share and Forecast – Adroit Market Research
Due to new growth windows steeping up in Canada and the US, the North American region is expected to lead Financial Cloud Market in terms of sales performance and revenue generation.
Dallas, Texas, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Financial cloud has numerous benefits such as improved performance, operational resiliency, productivity, adherence to regulatory protocols, and enhanced business model innovation. Moreover, financial cloud helps enhance operational resilience, results into creation of innovative new products and services, and enhanced financial security. These factors have collectively influenced rapid adoption of financial cloud estimated to reach a market value of 89 Bn USD by 2029 with an annualized growth rate of 13% through the forecast period 2022-2029.
The global Financial Cloud market is evolving at a rapid pace owing to shifting consumer preferences, digitalization, emergence of new technologies, and changing regulatory requirements. Adoption of right technology is highly important for the financial services firms to stay agile and prepare for the future. Migrating to cloud has become an important strategy for firms that are looking to sustain the market competitiveness and service performance across a range of activities. A vast majority of financial companies are already using financial cloud and a large number of financial services companies are deploying cloud technology. Maximum companies have adopted hybrid cloud infrastructure while other are deploying single cloud and multi-cloud.
Financial Cloud Market Scope:
Metrics | Details |
Study Period | 2019-2029 |
Market Size in 2029 | USD 89 Bn |
Segment Covered | Type, Deployment, Application, Regions |
Type Covered | Service, Solution |
Deployment Covered | Private Cloud, Hybrid Cloud, Public Cloud |
Application Covered | Wealth Management System, Customer Management, Revenue Management, Account Management, Others |
Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
Key Players Profiled | Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, Salesforce.com, Huawei Technologies Co. Ltd., Amazon Web Services Inc., Capgemini, Infosys, Fiserv Inc., Temenos |
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Financial cloud strategy is largely being used for Data and IT security, fraud detection and prevention, faster work process, improved business performance, and for regulatory reporting. Among these, most of the financial service companies have adopted cloud for Data and IT security which is topmost priority for the firms.
Despite growth in adoption of financial firms to cloud leading to developed global financial clod market, many financial services companies still hesitate in cloud journeys. There are different barriers that are limiting the adoption of global financial cloud market. Complexities in legacy systems, lack of skilled workforce, regulatory uncertainties, fragmentation of compliance requirements, and regulatory hurdles remain the key challenges hampering the growth of global financial cloud market. However, hybrid infrastructure is a reality and companies are focusing on leveraging the modern infrastructure model to improve business productivity, make business resilient, efficient, and agile.
The global financial cloud market is classified into several key regions across the world. Among all, the financial service institutions in North America are transforming at a rapid pace in cloud and anticipated to continue to strengthen throughout 2022. Highest rate of cloud adoption is witnessed in North American financial service companies owing to factors such as growing digitalization, technology innovation, willingness to transform business architecture to suit current demands, presence of top financial service companies with skilled workforce.
The key players in global financial cloud market players are Sage Group, Unit4, SAP SE, Oracle, Microsoft, International Business Machines Corporation, Cisco Systems, ARYAKA NETWORKS, Acumatica, and Amazon Web Services among others. These companies provide financial service companies with controls and assure better risk management, data localization with security, transparency, and compliance. The companies are constantly engaged with regulatory authorities, respond to customer concerns & considerations, and try to address business solutions with transparency and building trust. This core values have made these firms top in the global financial cloud market.
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Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Financial Cloud Market by Type, 2022-2029 (USD Billion)
5. Financial Cloud Market by Deployment, 2022-2029 (USD Billion)
6. Financial Cloud Market by Application, 2022-2029 (USD Billion)
7. Financial Cloud Market by Region 2022-2029 (USD Billion)
8. Competitive Landscape
9. Company Profiles
10. Appendix
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Adroit Market Research is a global business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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