Reports And Data

The global finance cloud market size was significantly robust in 2020 and is expected to register a steady revenue CAGR during the forecast period

NEW YORK, NY, UNITED STATES, May 31, 2023/EINPresswire.com/ -- The size of the global finance cloud market was significantly strong in 2020 and is projected to experience a steady growth rate in terms of revenue during the forecast period. Key drivers of this growth include the increasing adoption of cloud-based services across various industries and the growing demand for improved operational efficiency and transparency in processes. Additionally, factors such as enhanced security, reduced infrastructure costs, improved compliance, and efficient data management are expected to contribute to the demand for finance cloud solutions and support the growth of the market.

The term "cloud" refers to servers, software, and databases that are accessible over the internet. These cloud servers are located in data centers around the world. Financial cloud services offer a wide range of financial functions, including budgeting, invoicing, expense tracking, purchase request approval, payment management, and more.

As businesses expand, their finance teams gain access to various software tools for managing the company's finances. However, these tools are often separate systems that are not interconnected. This lack of integration leads to misunderstandings among teams, wasted time and resources, and a manual-intensive process prone to errors. On the other hand, finance cloud solutions are known for providing a higher return on investment (ROI), real-time and multi-dimensional financial analysis, and a range of additional benefits such as mobile accessibility and collaborative features, all aimed at improving efficiency and delivering greater value to clients.

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Segments Covered in the Report

The global finance cloud market is projected to witness significant revenue growth from 2018 to 2028, according to the outlook. The revenue is measured in USD billion. The key segments contributing to this growth include solutions such as financial reporting and analysis, financial forecasting, governance, risk, and compliance, security, and others.

In terms of services, professional services and managed services are expected to play a crucial role in driving market revenue during the forecast period.

When considering the deployment mode, the market is categorized into public cloud, private cloud, and hybrid cloud. These deployment modes are anticipated to impact the revenue growth of the finance cloud market.

In terms of applications, the outlook highlights key segments such as wealth management system, revenue management, account management, customer management, and others. These applications are expected to contribute to the revenue generation of the finance cloud market.

Overall, the outlook indicates positive growth prospects for the global finance cloud market, with various solution segments, services, deployment modes, and application areas driving revenue growth during the forecast period.

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Strategic development:

In November 2021, Samsung Securities utilized Oracle's ORCL Cloud Infrastructure platform to migrate its Derivative Analytics Business to the cloud. This move allows Samsung Securities to leverage high-performance computing resources for real-time simulations and analytics, leading to innovative and cost-effective operations.

In July 2021, SAP SE announced its plan to onboard two finance and data management products onto IBM Cloud for Financial Services. The collaboration between IBM and SAP aims to accelerate the adoption of IBM Cloud in the financial services market. The partnership will focus on helping businesses in the industry meet stringent compliance, security, and resiliency standards while facilitating their business transformation and fostering innovation.

In November 2021, Goldman Sachs and Amazon Web Services, Inc. introduced Goldman Sachs Financial Cloud for Data, a suite of cloud-based data and analytics solutions tailored for financial institutions. This groundbreaking collaboration will revolutionize how customers discover, organize, and analyze data in the cloud, enabling them to gain rapid insights and make well-informed investment decisions.

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Competitive Landscape

Oracle Corporation
IBM Corporation
Microsoft Corporation
SAP SE
Sage Intacct Inc.
Workday
Unit4
Goldman Sachs
Acumatica Inc.
Huawei Technologies Co. Ltd.
Capgemini
Amazon Web Services
Infosys
Fiserv Inc.
Salesforce Inc.
Beeks Financial Cloud Group Plc
Google
Temenos Headquarters SA
SS&C Technologies Inc.
FIS Inc.

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