Finance Cloud Market to be Worth $101.71 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Sept. 1, 2022 /PRNewswire/ -- The global finance cloud market size is anticipated to reach USD 101.71 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.3% from 2022 to 2030. Financial organizations are modernizing their processes and embracing different aspects of digital transformation owing to the convenience offered by cloud solutions. Financial institutions using the cloud model benefit from improved disaster recovery, fault tolerance, and data protection.
Key Industry Insights & Findings from the report:
Finance Cloud Market Growth & Trends
The volume of data breaches has surged in recent years, forcing financial companies to step up their security measures. According to the Financial Services Sector Exposure Report 2018-2021 by Constella Intelligence, a global threat intelligence organization, there were 6,472 breaches and data leaks found between 2018 and 2021, with more than 3.3 million records stolen from 20 organizations of Fortune 500.
The COVID-19 pandemic had a positive effect on the market for finance cloud. The financial sector has significantly altered its existing business strategy, improving its business performance and modernizing the old product lines with more cost-effective strategies. To maintain effective internal operations in the event of a pandemic, banks and other financial institutions have embraced the cloud much more widely. As a result, there has been a significant increase in demand for financial cloud during this period.
The market is anticipated to benefit from strategies adopted such as frequent launches, developments, and innovations by market players in the finance cloud industry. For instance, in May 2021, Google Cloud officially confirmed the data share solution for financial services. The data share solution is created to enable sharing of market data with enhanced security and ease across the capital markets, including data consumers like asset managers, investment banks, and hedge funds, as well as market data issuers like exchanges and other providers.
Finance Cloud Market Segmentation
Grand View Research has segmented the global finance cloud market based on solution, service, deployment, enterprise, application, end-use, and region:
Finance Cloud Market - Solution Outlook (Revenue, USD Million, 2017 - 2030)
Finance Cloud Market - Service Outlook (Revenue, USD Million, 2017 - 2030)
Finance Cloud Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)
Finance Cloud Market - Enterprise Outlook (Revenue, USD Million, 2017 - 2030)
Finance Cloud Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
Finance Cloud Market - End-Use Outlook (Revenue, USD Million, 2017 - 2030)
Finance Cloud Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in Finance Cloud Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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