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The Finance Cloud Market in 2019: Insights & Projections to 2024 -- BFSI Companies are Opting for Digital Applications to Quickly Address Customer Queries & Concerns

/EIN News/ -- Dublin, June 14, 2019 (GLOBE NEWSWIRE) -- The "Finance Cloud Market - Growth, Trends, and Forecast (2019-2024)" report has been added to's offering.

The global finance cloud market was valued at USD 15.12 billion in 2018 and is expected to reach a value of USD 54.93 billion by 2024 at a CAGR of 23.79% over the forecast period of 2019-2024. Along with an increase in revenue, using cloud elevates the number of leads generated along with better pricing.

Key Highlights

  • The banking services and financial and insurance companies are opting for digital applications to quickly address customer queries and concerns, keeping in mind the long-term benefits and achieving a competitive advantage. For instance, Ess Kay Fincorp chose a cloud-based lending platform to digitize their entire lending business, thereby decreasing their loan approval time by 33%.
  • Operational efficiency is another factor which is driving the growth of finance cloud market. Roha Housing Finance wanted to issue loans under two hours instead of three days. After adopting agility and cost efficiency of cloud-based technology to offer a customer-first' approach, it was able to offer end-to-end loan processing in 7 days, which is 50% faster than the housing finance industry benchmark.
  • The financial industry is most prone to cyber threats because of the sensitivity of the data. It continues to grow in frequency as the data generation volume grows. Equifax has incurred losses so far of over USD 1.35 billion from a devastating 2017 breach which affected more than half of all Americans and millions of UK consumers.

Key Market Trends

Wealth Management Industry to Dominate the Market

  • As global wealth is increasing, there is a rise in wealth management professionals. As per Credit Suissue Wealth Report 2018, global wealth increased by 14 USD trillion last year.
  • The same report indicates that global wealth is projected to rise by nearly 26% over the next five years, reaching USD 399 trillion by 2023. Wealth will primarily be driven by growth in the middle segment, but the number of millionaires will also grow markedly over the next five years to reach a new all-time high of 55 million.
  • The proportion of global adults with wealth below USD 10,000 has decreased since 2000.
  • According to most indicators, wealth inequality has not yet fallen significantly but has stabilized. This calls for an increased need for wealth management by BFSI sector.

Asia-Pacific to Witness the Highest Growth

  • Financial Institutions across Asia-Pacific are embracing digital transformations. This is allowing them to be more cost efficient.
  • In September 2017, the HKMA announced seven initiatives to support a New Era of Smart Banking, which bode well for cloud demand among Hong Kong BFSIs. In July 2018, 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 Dhan Yojana, Aadhaar, and the Unified Payments Interface (UPI), the Government of India is working towards digitising payment systems and increasing financial inclusion.
  • The New Zealand government maintains a Cloud First policy, through which it seeks to be open to the benefit from emergent technologies and act as a leader in cloud adoption.

Competitive Landscape

The market for finance cloud is dominated with well-known players like Oracle, Microsoft and Amazon spanning the market and occupying the major share. The offering by these companies helps the financial sector to face challenges like payment processing, core banking and CRM.

Recent Developments

  • May 2019 - In a bid to add more customers in the growing Indian market, Amazon Web Services (AWS) announced the third availability zone in its Mumbai Cloud Region.
  • November 2018 - Nucleus's software cloud lending solution FinnOne Neo Cloud is a multi-channel end-to-end offering that helps digitise the loan lifecycle. It signed up 25 companies in the financial sector for them to avail this solution.
  • September 2018 - Salesforce unveiled updates to its Financial Services Cloud that unifies the various silos within financial services companies and provide one holistic view of the customer.It was rolled out to bridge various integration points.

Key Topics Covered

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study



4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Need for Improved Customer Relationship Management
4.3.2 Demand for Operational Efficiency in Financial Sector
4.4 Market Restraints
4.4.1 Rise of Cloud-based Cyber Threats
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis

5.1 By Solution and Service
5.1.1 Financial Forecasting
5.1.2 Financial Reporting and Analysis
5.1.3 Risk and Compliance
5.1.4 Managed Service
5.2 By Application
5.2.1 Wealth Management System
5.2.2 Revenue Management
5.2.3 Customer Management
5.3 By Deployment Mode
5.3.1 Public Cloud
5.3.2 Private Cloud
5.3.3 Hybrid Cloud
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa

6.1 Company Profiles
6.1.1 Amazon Web Services
6.1.2 Beeks Financial Cloud
6.1.3 Capgemini SE
6.1.4 Computer Sciences Corporation
6.1.5 Google Inc.
6.1.6 Huawei Technologies Co. Ltd.
6.1.7 IBM Corporation
6.1.8 Microsoft Corporation
6.1.9 Oracle Corporation
6.1.10 Inc.
6.1.11 SAP SE



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Related Topics: Cloud Computing and Storage


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