Market Overview The finance cloud market was valued at USD 15.13 billion in 2018 and is estimated to reach USD 47.21 billion by 2024 at a compound annual growth rate of 21.3% during the forecast period (2019-2024

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market Overview
The finance cloud market was valued at USD 15.13 billion in 2018 and is estimated to reach USD 47.21 billion by 2024 at a compound annual growth rate of 21.3% during the forecast period (2019-2024). Along with an increase in the revenue, cloud elevates the number of leads generated along with better pricing.

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- 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%.
- 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.

Scope of the Report
Companies (big and small) are exploring the cloud and its advantages. Financial cloud software allows enterprises to achieve revenue and wealth management, while maintaining customer relations. It creates a better customer experience. The business becomes more agile, while eliminating miscommunication and manual errors.

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 the Credit Suisse Wealth Report 2018, the global wealth increased by 14 USD trillion last year.
- The same report indicates that 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.
- Some of the companies across the emerging economies have collaborated to leverage over their cloud business segment, thereby, integrating the wealth management system. For instance, Informatica Intelligent Cloud Services integrates the Salesforce Financial Services Cloud with core back-end systems, such as asset management, portfolio management, risk and trust operations, to ensure that wealth managers can help their clients to make better, data-driven investment decisions.

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.
- According to the Asia Cloud Computing Association, the financial service institutions have begun expanding digital platforms to front-facing departments to create a better customer experience, improve sales processes and for account management. Cloud services are making a compelling business case for them, especially with the ever-increasing need for and use of data.

Competitive Landscape
The market for finance cloud is dominated by well-known players, like Oracle, Microsoft, and IBM Corporation. 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. Some of the major players in the market are Oracle Corporation, SapSe, Microsoft Corporation, Salesforce.Com Inc., IBM Corporation, SAP SE, among others.

- June 2019 - Oracle Corporation and Microsoft Corporation announced a cloud interoperability partnership for enabling the customers to migrate and run mission-critical enterprise workloads across Microsoft Azure and Oracle Cloud. By enabling the customers to run one part of a workload within Azure and another part of the same workload within the Oracle Cloud, the partnership offers a highly optimized and best-of-both-clouds experience.
- May 2019 - IBM and HDFC ERGO General Insurance Company, India's third-largest non-life insurance provider in the private sector, had a collaboration to co-create new Artificial Intelligence(AI)-based solutions on IBM Cloud, that will redefine customer experience in India. IBM Garage to co-create AI-based high-end automation solutions on IBM Cloud for this project.
- November 2018 - Nucleus's software cloud lending solution FinnOne Neo Cloud is a multi-channel end-to-end offering that helps digitize the loan lifecycle. It signed up with 25 companies in the financial sector to avail this solution.
- 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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