Fintech Cloud Market to Reach $196.2 Bn, Globally, by 2031 at 16.4% CAGR: Allied Market Research

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Nov 02, 2022, 08:30 ET

PORTLAND, Ore., Nov. 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Fintech Cloud Market by Component (Solution, Service), by Service Type (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), by Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud), by Application (Asset Management, Customer Relationship Management (CRM), Enterprise Resource Management (ERM), Supply Chain Management (SCM), Others), by Organization Size (Large Enterprise, Small and Medium-sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global fintech cloud industry was estimated at $44.4 billion in 2021, and is anticipated to hit $196.2 billion by 2031, registering a CAGR of 16.4% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth-

Growing implementation of cloud in the fintech industry and the very potential of cloud infrastructure to help financial companies with greater efficiency drives the growth of the global fintech cloud market. However, increasing security concerns among consumers about the security of their personal data in the context of high-profile data breaches and cyber security threats restrain the growth to some extent. However, the ability of geo-redundant cloud data centers to help businesses preserve operational continuity in the event of calamities is anticipated to create lucrative opportunities for the key players in the industry.

Covid-19 scenario-

During the pandemic, IT enterprises were highly adopting managed data center services to perk up security, evade network downtime, and attain operational efficiency, which in turn impacted the global fintech cloud market positively.
Also, the growing need to avoid high network downtime costs had fueled the demand for cloud-managed services in fintech cloud industry across the globe.

The large enterprise segment to maintain the lion's share-

By organization size, the large enterprise segment contributed to nearly two-thirds of the global fintech cloud market share in 2021, and is expected to lead the trail by 2031. Rise in focus on digitalization of financial processes has transformed traditional banking systems, due to which various banks are offering fintech cloud to cater to all-inclusive business needs. The small and medium-sized enterprises segment, however, is expected to exhibit the fastest CAGR of 18.8% from 2022 to 2031. Businesses have now become more focused toward non-banking financial institutions compared to banks, owing to quick factoring service sanctions and easier application processes for SMEs, which in turn has driven the segment growth.

The solution segment to dominate by 2031-

Based on component, the solution segment generated around two-thirds of the global fintech cloud market revenue in 2021, and is expected to lead the trail by 2031. This is because cloud computing solutions have been enabling businesses to access a cost-effective solution for data storage and sharing options, with added benefits of secure storage, interoperability, scalability, and 24/7 uptime. The service segment, simultaneously, would manifest the fastest CAGR of 19.2% from 2022 to 2031. The fact that market players are actively introducing fintech cloud services with enhanced deployment, integration, support, and maintenance capabilities fuels the segment's growth.

The public cloud segment to retain its dominance-

By deployment mode, the public cloud segment garnered nearly half of the global fintech cloud market share in 2021, and is expected to retain its dominance by 2031, due to the fact that public cloud services cover a large number of functions, from the basics of storage, processing, and networking power through artificial intelligence and natural language processing (NLP) as well as standard office applications. The private cloud segment, on the other hand, is expected to exhibit the fastest CAGR of 20.7% from 2022 to 2031. This is attributed to the fact that private clouds provide greater security and privacy by utilizing both business firewalls and internal hosting to guarantee that operations and sensitive data are not accessible to third-party providers.

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North America grabbed the highest share-

Based on region, North America held the major share in 2021, generating nearly two-fifths of the global fintech cloud market. This is owing to the fact that new technologies in the region are helping fintech cloud companies to better serve customers by giving them access to web portals and applications to review and answer common questions related to their accounts. Asia-Pacific, on the other hand, would garner the fastest CAGR of 19.8% by 2031. This is due to the fact that many financial institutions in Asia-Pacific are adopting fintech cloud for boosting business efficiency, lower compliance risk exposure, and increasing bureaucratic efficiency

Key players in the industry-

Microsoft
Google LLC
Cisco Systems, Inc
IBM
Oracle
SAP SE
VMware, Inc.
Amazon.com, Inc.
Salesforce, Inc.
RACKSPACE TECHNOLOGY

The report analyzes these key players in the global fintech cloud market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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