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Market Size, Opportunities, and Growth Strategies in the Finance Cloud Industry
Finance Cloud Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the finance cloud market are concentrating on technological innovations and advancements, such as financial services cloud, to help enterprises accelerate business value and innovation in the cloud. Financial services cloud typically refers to a cloud-based platform or solution designed specifically for the financial services industry, and this is designed to help small and medium-sized financial services enterprises accelerate cloud adoption and development. For instance, in April 2022, Infosys Technologies Private Limited, an India-based global consulting and IT services company, launched cobalt financial services cloud, which offers security and regulatory compliance built into the platform, financial services-specific assets and use cases, the capability to rapidly deliver cloud-native business platforms, and low-code apps for use by business and citizen developers, among others. It benefits services, assets, and frameworks to accelerate enterprise cloud adoption and the development of cloud-native platforms and applications. Additionally, these features are aimed at helping financial services firms unleash the power of cloud-driven transformation and accelerate business value and innovation in the cloud.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Finance Cloud Market 2024 Key Insights:
• The finance cloud market size is expected to grow to $137.16 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%.
• Impact Of Digital Transformation On The Growth Of The Finance Cloud Market
• Cobalt Financial Services Cloud Acts As A Breakthrough In Finance Technology
• North America was the largest region in the finance cloud market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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