Financial Cloud Industry Segmentation, Market Players, Trends 2023
Globally, the Financial Cloud Industry is expected to grow from USD XX.X million in 2018 to USD XX.X million by 2023, at a CAGR of 16.4% during the forecast period, 2018–2013. The financial cloud solutions enable enterprises to reach their existing as well as potential customers with right advertisement, in the right way, and at the right time, enabling enterprises to build a strong relationship with their customers. Increasing digitalization across the globe and growing number of financial institutions that demand advanced IT solutions to gain genuine competitive advantage rather building and maintaining an expensive IT infrastructure are the key driving factors for the growth of the market. However, high initial cost and lack of expertise, particularly among small and medium-sized enterprises (SMEs) in developing economies, are expected to hinder growth of the global Financial Cloud Industry.
Financial cloud is a complete cloud-based banking solution that enables all kinds of financial institutions to efficiently manage their customer’s accounts and wealth. It offers its clinets complete 360-degree visibility into their financial products and customers’ profiles, enabling them to correctly strategize on their dynamic offerings depending on what their customers want, and when. The key objective of financial cloud is to create a seamless experience, which could promote more personal client engagements and help personal bankers to work smarter and faster.
Financial cloud solutions and services have a wide adoption across the globe particularly, in the banking sector. According to the latest market trends, banking and financial services segment is expected to be the larger contributor than insurance segment latter is expected to grow with a higher CAGR during the forecast period due to the increasing number of insurance businesses across the world.
The prominent players in Financial Cloud Industry are Salesforce.com, inc. (US), Oracle Corporation (US), Google LLC (US), IBM Corporation (US), Microsoft Corporation (US), Huawei Technologies Co., Ltd. (China), SAP SE (Germany), Amazon Web Services, Inc. (US), Capgemini (France), Beeks Financial Cloud Group plc (UK), Infosys (India), FIS (US), Fiserv, Inc. (US), SS&C Technologies, Inc. (US), and Temenos Headquarters SA (Switzerland).
The global Financial Cloud Industry is segmented based on component, cloud type, organization size, sub-industry, and region/country.
By component, the market is segmented into solutions and services. 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.
By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and the rest of the world. North America is further segmented into the US, Canada, and Mexico; Europe into the UK, Germany, France, and the rest of Europe; Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific.
The global market for Financial Cloud Industry is estimated to grow rapidly during the forecast period from 2018 to 2023. The geographical analysis of global Financial Cloud Industry is studied for North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is presumed to have the largest market share in the global Financial Cloud Industry. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the presence of large number of financial institutions and wealth management firms and a high degree of digitalization in the region. Asia-Pacific is anticipated to be the fastest growing region in the global Financial Cloud Industry over the forecast period. Rapidly increasing number of banking and insurance businesses and rising demand for advanced banking solutions in the region are the key driving factors for the growth of Financial Cloud Industry in the region.
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The Financial Cloud Industry has presence of many IT giants from all parts of the world, which is intensifing the competition in the market. These vendors are adopting various organic and inorganic growth strategies to lead in the Financial Cloud Industry. The strategies, such as new product launch/product enhancement and partnership are the major strategies adopted by the prominent vendors in the market to meet new use case requirements and quickly acquire new customers.
Financial Cloud Solution Providers
Banks and Wealth Management Firms
Cloud service providers
IT Professional Service Providers
IT Managed Service Providers
Distributors and Value Added Resellers (VARs)
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