Financial Cloud Market Projected to Hit USD 93.92 Billion at a 4.72% CAGR by 2030 – Report by Market Research Future (MRFR)

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Market Research Future Insights Reveal Steady Growth in the Financial Cloud Market

London, United Kingdom, April 29, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Financial Cloud Market: By Component, By Cloud Type, By Organization Size, and Region- Forecast Till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 4.72% to attain a valuation of around USD 93.92 Billion by the end of 2030.

The global financial cloud market is expected to witness steady growth in the coming years, according to the latest research from Market Research Future. The market is driven by the increasing adoption of cloud-based solutions by financial institutions, as well as the growing demand for enhanced security and compliance measures.

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Key Players in the Financial Cloud Market

Some of the key players in the financial cloud market include:

  • Amazon Web Services (AWS)
  • Microsoft Corporation
  • IBM Corporation
  • Google LLC
  • Oracle Corporation
  • SAP SE
  • Fujitsu Ltd.
  • Alibaba Cloud
  • Vmware
  • Rackspace Inc.

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Report Scope:

Report Metric Details
Market Size 2021 USD 39.60 billion
Market Size 2022 USD 44.11 billion
Market Size 2030 USD 93.92 billion
Compound Annual Growth Rate (CAGR) 11.40% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Key Market Dynamics Growing need for operational efficiency and transparency in business operations

Drivers of Financial Cloud Market Growth

One of the key drivers of growth in the financial cloud market is the increasing adoption of cloud-based solutions by financial institutions. Cloud-based solutions offer several benefits, including greater flexibility, scalability, and cost-effectiveness, which are essential for financial institutions seeking to remain competitive in today’s rapidly evolving marketplace.

In addition, financial institutions are increasingly turning to cloud-based solutions to address growing security and compliance concerns. Cloud-based solutions offer enhanced security and compliance measures, such as data encryption and strict access controls, which are essential for protecting sensitive financial data and ensuring regulatory compliance.

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Challenges Facing the Financial Cloud Market

Despite the many benefits of cloud-based solutions, there are also several challenges facing the financial cloud market. One of the key challenges is the complexity of integrating cloud-based solutions with existing legacy systems. Financial institutions often have complex IT infrastructures, which can make it difficult to seamlessly integrate new cloud-based solutions.

Another challenge facing the financial cloud market is the need for enhanced data protection and privacy measures. Financial institutions handle a significant amount of sensitive financial data, which is highly valuable to cybercriminals. As a result, financial institutions must take steps to ensure that their cloud-based solutions are secure and comply with applicable data protection and privacy regulations.

Market Segmentation and Regional Analysis

The financial cloud market can be segmented based on deployment mode, service type, and organization size. By deployment mode, the market can be segmented into public cloud, private cloud, and hybrid cloud. By service type, the market can be segmented into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). By organization size, the market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises.

Regionally, the financial cloud market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to dominate the market due to the high adoption of cloud-based solutions in the financial sector and the presence of several key market players in the region.

Industry Trends in the Financial Cloud Market

One of the key industry trends in the financial cloud market is the increasing adoption of hybrid cloud solutions. Hybrid cloud solutions offer the best of both public and private cloud solutions, allowing financial institutions to balance the benefits of cloud-based solutions with the security and compliance measures of private clouds.

Another key industry trend is the growing use of artificial intelligence (AI) and machine learning (ML) in financial cloud solutions. AI and ML are being used to improve fraud detection and prevention, automate compliance processes, and enhance customer experience.

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Recent Developments in the Financial Cloud Market

In recent years, there have been several notable developments in the financial cloud market. For example, in August 2021, IBM Corporation announced the launch of its new financial services-ready public cloud platform, which is designed to enable financial institutions to securely run their workloads in the cloud.

In addition, in July 2021, Alibaba Cloud announced a partnership with WeBank, a leading digital bank in China, to develop a financial cloud platform that will enable WeBank to provide innovative financial services to its customers.

Opportunities

Opportunities in the financial cloud market include the potential for further integration with emerging technologies such as the Internet of Things (IoT) and 5G networks. The combination of financial cloud services with IoT devices can enable the creation of smart financial systems that can automatically execute transactions based on data from connected devices. In addition, the deployment of 5G networks can lead to faster and more reliable financial cloud services, which can greatly enhance the user experience.

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Another opportunity in the financial cloud market is the potential for expansion into emerging markets. As more people gain access to the internet and mobile devices, there is a growing demand for digital financial services in these markets. Financial cloud providers can leverage their expertise in delivering cloud-based solutions to offer affordable and accessible financial services to underserved populations in these regions.

Overall, the financial cloud market is expected to continue its growth trajectory in the coming years, driven by advancements in technology and increasing demand for digital financial services. Key players in the market are expected to continue investing in research and development to stay ahead of the curve and provide innovative solutions to their clients.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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