Finance Cloud Market Analysis

Finance Cloud Market Analysis

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Based on the enterprise size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a market share of over 67% in 2023. Large enterprises in the market are driven by scalability and innovation. Scalability allows them to flexibly adjust computing resources to meet evolving demands, reducing the need for extensive on-premises infrastructure & optimizing costs.
 

Simultaneously, innovation is critical for staying competitive in the dynamic financial landscape. Cloud technology empowers these enterprises to swiftly deploy cutting-edge financial products & services, respond to market changes, and harness emerging technologies such as artificial intelligence & blockchain, enhancing their ability to serve customers and gain a strategic edge in the industry.
 

Based on application, the finance cloud market is segmented into wealth management, revenue management, account management, customer relationship management, asset management and others. The wealth management segment held a market share of 25% in 2023. Partnerships between wealth management solution companies and cloud service providers are driving the wealth management segment growth. Wealth management firms leverage cloud technology's scalability & security to enhance client services, streamline operations, and optimize data analytics.
 

For instance, in June 2023, TD Wealth partnered with Salesforce Financial Services Cloud to enhance and automate client account openings along with onboarding for their advisors. Salesforce FSC offers a unified, predictive intelligence console that equips teams with valuable insights and recommendations including next-best actions & alerts for significant life events, enhancing the efficiency and effectiveness of client interactions.

The North America finance cloud market held a business share of over 36% in 2023. Digital transformation in the North America financial services sector is a primary factor driving the market. Financial institutions are embracing cloud technology to modernize their operations, enhance customer experiences, and support innovative fintech solutions. Cloud platforms enable agile responses to market shifts and regulatory changes. The need for secure, scalable, and cost-effective solutions, coupled with the growing demand for online banking & financial services, is accelerating the adoption of finance cloud solutions in North America.