MarketInsightsReports has published a report titled global Finance Cloud market research report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances, and different methodologies implemented by the primary current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.
The report also takes into account the impact of the novel COVID-19 pandemic on the Finance Cloud market and offers a clear assessment of the projected market fluctuations during the forecast period.
The global finance cloud market is expected to register a CAGR of 22.3% over the forecast period of 2021 to 2026. Along with an increase in the revenue, cloud elevates the number of leads generated along with better pricing.
– The banking services and financial and insurance companies are opting for digital applications to quickly address the customers queries and concerns by keeping in mind the long-term benefits as well as achieving a competitive advantage. For instance, Ess Kay Fincorp chose a cloud-based lending platform to digitize its entire lending business for decreasing its loan approval time by 33%.
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– Operational efficiency is another factor driving the growth of the finance cloud market. Roha Housing Finance wanted to issue loans within 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 seven 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 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.
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, the global wealth increased by 14 USD trillion last year.
– The same report indicates that the global wealth is projected to increase by about 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 increase 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 decreased since 2000.
– According to most indicators, wealth inequality has not yet fallen significantly and has stabilized. This calls for an increased need for wealth management by the BFSI sector.
Asia-Pacific to Witness the Highest Growth
– the financial institutions across the Asia-Pacific region 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 the 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 toward digitizing 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 the emergent technologies and act as a leader in cloud adoption.
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The market for finance cloud is dominated by the well-known players, like Oracle Corp.(NYSE: ORCL), Microsoft Corp.(NASDAQ: MSFT), and Amazon.com, Inc. (NASDAQ: AMZN). These players occupy the major share. The offerings by these companies help the financial sector to face challenges, like payment processing, core banking, and CRM.
September 2018 – Sage launched Sage Intacct Budgeting and Planning, through which the company eliminates the need for users to rely on spreadsheet and emails for planning, giving them back time to focus on their businesses. The new addition was as a result of its newly acquired subsidiary, Budgeta (acquired in 2017 by Sage).
September 2018 – Salesforce unveiled updates to its Financial Services Cloud that unifies the various silos within the financial services companies and provides a holistic view of the customers. It was rolled out to bridge various integration points.
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Key Points of the Finance Cloud market report
– Comprehensive evaluation of all opportunities and risks in the market.
– Finance Cloud market ongoing developments and significant occasions.
– Detailed study of business techniques for development of the market-driving players.
– Conclusive study about the improvement plot of market for approaching years.
– Top to bottom appreciation of market-express drivers, targets and major littler scale markets.
– Favorable impression inside imperative mechanical and publicize latest examples striking the market.
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