Aug 13, 2020 (Heraldkeepers) -- Financial Cloud Market Research Report Information, By Component (Solutions and Services), Cloud Type (Public Cloud and Private Cloud), Organization Size, Sub-industry (banking and financial services, and insurance) -- Global Forecast till 2023
The study on the global financial cloud market 2020 by Market Research Future has been conducted keeping the current proceeding within the financial cloud industry. The report further considers the impact of the novel COVID-19 pandemic on the financial cloud market. It offers a clear review of the projected market fluctuations during the forecast period (2018-2023) at a pace of 22.7% CAGR while anticipating a valuation of USD 46.03 billion from USD 16.55 billion in the same period.
The prominent players in the financial cloud market are Google LLC (US), Microsoft Corporation (US), Oracle Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), SAP SE (Germany), Capgemini (France), Infosys (India), Fiserv, Inc. (US), FIS (US), and Temenos Headquarters SA (Switzerland).
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Financial Cloud Growth Boosters
Financial cloud software allows businesses to achieve revenue and wealth management while maintaining customer relations. It creates an enhanced customer experience that reflects the business is becoming more agile while eliminating miscommunication and manual errors.
MRFR identifies in its study that along with a surge in the revenue, cloud service pushes many leads generated along with improved pricing. The banking, financial and insurance companies are opting for digital applications to swiftly address the customers' queries and concerns by keeping in mind the long-term benefits as well as achieving a competitive advantage. In the case of point, Ess Kay Fincorp chose a cloud-based lending platform to digitize its whole lending business for diminishing its loan approval time by 33%.
Operational efficiency is one more factor in driving the growth of the finance cloud market. A few years back, Roha Housing Finance wanted to issue loans within two hours instead of three days. After adopting cost-efficient cloud-based technology, it was able to offer end-to-end loan processing within seven days, which was 50% faster than the housing finance industry benchmark. Such instances probed the market for the financial cloud to rise at a substantial level and thus set the future to score toweringly with a host of opportunities.
Further, MRFR finds that the financial industry is mostly prone to cyber threats due to the sensitivity of the data. It continues to develop in frequency, as the data generation volume grows. On this approach, Equifax incurred losses of about USD 1.35 billion from a devastating 2017 breach that affected more than half of the American customers as well as millions of the consumers in the United Kingdom. Here, the necessitate of adopting financial cloud came into action, which labelled to be highly successful. This instance also made the market of financial cloud more and more positive by the time, which resulted fruitful in the present time when the whole world is affected by COVID 19, and several industries went down. But the financial industry has less effect on it due to the firm base created for years.
The global Covid-19 Analysis on Financial Cloud Market study has incorporated various segments that are component, cloud type, organization size, and sub-industry.
Depending on the component segment, the market includes solutions and services. Among these, the solutions segment is further segmented into wealth management, customer management, security, financial forecasting and analytics, and others. The service segment has included professional and managed services.
Depending on cloud type segment, the market has included public cloud and private cloud.
Depending on organization size segment, the market has included large enterprises and small and medium-sized enterprises.
Depending on the sub-industry segment, the market has included banking and financial services and insurance.
Regionally, the global financial cloud market has been studied among the key regions such as Europe, North America, Middle East & Africa, Asia-Pacific and the rest of the world.
The financial institutions all over the Asia-Pacific region are embracing digital transformations. This is allowing financial cloud technology to be more cost-efficient. Like in September 2018, the HKMA announced seven initiatives to support a "New Era of Smart Banking", which urged for cloud demand among the Hong Kong BFSIs. In July 2019, it announced that it had concluded a consultation on its intended approach to open application programming interface (API) for the Hong Kong banking sector. In India, through Fintech initiatives, like Jan Aadhaar, Dhan Yojana, and the Unified Payments Interface (UPI), the Government of India is working toward digitizing payment systems and escalating financial inclusion.