Finance Cloud Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
With the soaring need for effective customer management, the global market for finance cloud is expected to progress at a significant pace over the coming years. The growing popularity of cloud is leading to the increasing deployment of applications via the cloud platform, which in turn is stoking the growth of the global market. On the flip side, the growing concerns about conformity with regulations and lack of protection of intellectual property rights are inhibiting the growth of the market. Besides this, the high threat of cybercrimes and inconvenience in disaster recovery are keeping the market from realizing its full potential.
The high deployment cost of finance cloud makes it affordable only for large enterprises. However, as small and medium enterprises focus towards raising their games, the adoption of these models is estimated to gain traction in the near future. Moreover, market players are aiming at developing finance cloud models for SMEs, owing to the increasing pool of startups across the globe. Apart from this, key companies operating in the market are banking on technological advancements and product innovation to rise to the fore.
On the basis of services, the global finance cloud market can be segmented into professional services and managed services. The professional services segment will account for a substantial share in the market during the forecast period. Organizations worldwide are focusing towards offering specialized services to attain greater customer experience with better and faster operational efficiency and support.
Cloud finance refers to an accounting software that caters to the needs of small, medium, and large scale businesses. Cloud finance increases data accuracy, enables sharing of workflows, and streamlines approval procedures, thereby enhancing the overall efficiency of the business enterprise.
Usage of finance cloud enables users to gain access to software applications remotely through the Internet or other networks. With the installation of finance cloud software, one is free from the necessity of installing and maintaining software on desktops, and is ensured that the data is safe. It is also possible to acquire visibility in the organization, apart from getting real-time reporting through finance cloud.
The finance cloud market report analyzes key market factors such as drivers and restraints, growth opportunities, and trends. The report also conveys information about market size, value chain analysis, market projections, supply and demand dynamics, and technological developments, among others. The major market players are analyzed wherein their share, business strategies, and product portfolios are discussed.
High levels of flexibility, accuracy, improved collaboration, easier global delivery, lower total cost of ownership, and multitasking capacity offered by finance cloud are some of the key factors driving the growth of the global finance cloud market.
Unlike traditional finance systems, finance cloud does not require high maintenance as the cloud provider furnishes the backups, the system gets updated automatically, and no further installations are necessary. With finance cloud, there is no need of additional servers, patches, databases, failover, and upgrades. Furthermore, the installation of finance cloud ensures that there is no need of new hardware, expensive equipment, and licenses when a company grows, cutting down unnecessary costs and raising the demand for finance cloud. The aforementioned myriad of advantages offered by finance cloud are sure to boost the growth of the finance cloud market.
On the other hand, high initial installation charges, coupled with inadequate skilled personnel, are some of the major challenges faced by the market for finance cloud.
The customer management segment is likely to enhance market growth in terms of application. The professional services segment is also slated to witness immense growth in the finance cloud market, accounting for a major share during the forecast period.
Based on geography, the global finance cloud market can be segmented into Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. North America is projected to register impressive growth in the global market for finance cloud. Factors such as significant reduction in CapEx spending, expansive Internet penetration, booming IT sector, and growth of a stable economy are responsible for North America’s prominence.
Asia Pacific is slated to manifest increased demand for finance cloud over the forecast period due to the high rate of adoption of finance cloud by large as well as small businesses. Moreover, growing inclination of several end users towards innovation and infrastructural development will boost the Asia Pacific market.
The major companies operating in the finance cloud market include Amazon, International Business Machines (IBM), Computer Sciences Corporation (CSC), Salesforce.com, Oracle, Capgemini, and Google. The leading companies have been continuously working on penetrating newer markets and providing impeccable customer service in order to gain more profit. Therefore, the competition between the market players is likely to intensify over the coming years.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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