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

by James · November 2, 2022

PORTLAND, Ore., 2 November 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 dollars in 2021, and is expected to hit 196.2 billion dollars by 2031, registering a CAGR of 16.4% from 2022 to 2031. The report offers an explicit analysis of changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth

Increasing implementation of cloud in the fintech industry and the very potential of cloud infrastructure to help financial companies with greater efficiency is driving the growth of the global fintech cloud market. However, growing security concerns among consumers about the security of their personal data in the context of high-profile data breaches and cyber security threats are limiting growth to some extent. However, the ability of geo-redundant cloud data centers to help businesses maintain business continuity in the event of disasters is expected to create lucrative opportunities for the key players in the industry.

Covid-19 scenario-

During the pandemic, IT companies adopted managed data center services to improve security, avoid network downtime and achieve operational efficiency, which in turn positively impacted the global fintech cloud market.
The growing need to avoid high network downtime costs had also driven the demand for cloud managed services in the fintech cloud industry worldwide.

The large corporate 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 way by 2031. Increase in focus on digitization of financial processes has transformed traditional banking systems, due to which different banks offer fintech cloud to meet all-encompassing business needs. However, the SME segment is expected to have the fastest CAGR of 18.8% from 2022 to 2031. Businesses have now become more focused on non-banking financial institutions compared to banks, due to fast sanctioning of factoring services and easier application processes for SMEs , which in turn has driven segment growth.

The solutions segment will dominate by 2031-

Based on component, the solutions segment generated around two-thirds of the global fintech cloud market revenue in 2021 and is expected to lead the way by 2031. This is because cloud computing solutions have enabled businesses to access a cost-effective solution for options for storage and sharing data, with added benefits of secure storage, interoperability, scalability and 24/7 uptime. At the same time, the services segment will 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 is driving the segment’s growth.

The public cloud segment to retain its dominance

By deployment mode, the public cloud segment achieved almost 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 network 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 show 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 using both enterprise firewalls and internal hosting to guarantee that operations and sensitive data are not available to third-party providers.

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North America took the highest share-

Based on region, North America had the main share in 2021, generating almost two-fifths of the global fintech cloud market. This is due to the fact that new technologies in the region are helping fintech cloud companies better serve customers by giving them access to online portals and applications to review and answer common questions related to their accounts. Asia-Pacificon the other hand, would achieve the fastest CAGR of 19.8% by 2031. This is due to the fact that many financial institutions in Asia-Pacific adopting fintech cloud to increase business efficiency, reduce compliance risk and increase 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 useful for assessing the operating segments, their business performance and product portfolio, and so on.

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