Finance Cloud Global Market Report 2024

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 expansion observed in the historical period can be ascribed to challenges posed by legacy systems, the pursuit of cost efficiency, scalability demands, concerns regarding data security, and the prevailing trends of globalization.

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 anticipated growth in the forecast period is driven by factors such as regulatory changes, improved user experience, the escalating threat of cybersecurity, the increasing importance of data analytics and business intelligence, and the demand for mobile access and flexibility. Noteworthy trends expected in the forecast period encompass the integration of innovative technologies, advancements in technology, the promotion of collaborative work environments, the adoption of hybrid cloud solutions, and the development of interconnected ecosystems.

The finance cloud market is anticipated to experience significant growth driven by the ongoing digital transformation in the financial sector. Digital transformation involves leveraging digital technologies to revolutionize business operations, strategies, and customer experiences. This continuous innovation aims to bring personalized, user-friendly services and solutions to the market, enhancing overall customer satisfaction. Organizations utilize finance cloud solutions in their digital transformation initiatives to modernize IT infrastructure, improve customer experiences, harness data-driven insights, automate processes, manage risk, and ensure compliance. A survey conducted by Boston Consulting Group in November 2022 revealed that 60% of enterprises across 13 countries plan to increase their investments in digital transformation by 2023, underscoring the continued importance of this trend in the global economy. Consequently, the finance cloud market is poised for growth in response to the rising wave of digital transformation.

Major players in the finance cloud market are placing a strong emphasis on technological innovations, including the development of financial services cloud solutions, to enable enterprises to accelerate business value and innovation in the cloud. Financial services cloud platforms cater specifically to the needs of the financial services industry, aiding small and medium-sized enterprises in rapidly adopting and developing cloud solutions. In April 2022, Infosys Technologies Private Limited launched the cobalt financial services cloud, featuring built-in security and regulatory compliance, financial services-specific assets and use cases, and the ability to deliver cloud-native business platforms and low-code apps swiftly. This offering includes services, assets, and frameworks designed to expedite enterprise cloud adoption, supporting financial services firms in unlocking the transformative potential of cloud technology for accelerated business value and innovation.

In March 2023, Epicor Software Corporation, a leading US-based software company, completed the acquisition of DSPanel for an undisclosed amount. This strategic move enhances Epicor's suite of advanced financial management solutions, providing global manufacturers, distributors, and retailers with streamlined and simplified capabilities in budgeting, planning, forecasting, scenario modeling, and financial reporting. DSPanel AB, based in Sweden, is recognized for its finance cloud solutions, and this acquisition strengthens Epicor's position in delivering comprehensive financial management tools to businesses worldwide.

Major companies operating in the finance cloud market are 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.

North America was the largest region in the finance cloud market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the finance cloud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the finance cloud market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud finance involves employing cloud-based solutions for streamlined financial operations and management. The main objective is to harness the capabilities of cloud computing to enhance financial processes, automate billing, achieve real-time insights into financial performance, and lower costs. Additionally, it facilitates immediate and accurate reporting while enabling real-time data analysis.

Finance cloud offerings primarily consist of solutions, services, cloud infrastructure services, managed network services, managed security services, and other related components. In the finance cloud market, solutions pertain to specialized software and applications tailored to address financial challenges. These solutions can be implemented through various modes, such as public cloud, private cloud, and hybrid cloud, catering to organizations of diverse sizes, including large enterprises and small to medium-sized enterprises (SMEs). They find application across various functions, including revenue management, wealth management, customer management, account management, and others. These offerings are utilized by a range of end-users, including banks, financial service providers, and insurance companies.

The finance cloud market research report is one of a series of new reports that provides finance cloud market statistics, including finance cloud industry global market size, regional shares, competitors with a finance cloud market share, detailed finance cloud market segments, market trends and opportunities, and any further data you may need to thrive in the finance cloud industry. This finance cloud market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The finance cloud market includes revenues earned by entities by providing services such as cloud accounting, financial management, payment processing, risk management, compliance and security, and financial reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.