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The increasing need to enhance customer strategy is fueling lucrative growth in the market. Cloud solutions enable financial institutions to gather and analyze vast amounts of customer data, leading to more personalized services & targeted marketing. For instance, in April 2023, Google Cloud entered into a strategic partnership with JM Financial, a financial services company, to bolster its retail digital customer portfolio and enhance its customer experience strategy. Leveraging Google Cloud's robust data and analytics capabilities, the newly developed platform, BlinkX, will gain the ability to gain deeper insights into its customer base. As financial firms recognize the value of data-driven strategies in customer engagement, they are increasingly investing in finance cloud solutions to gain a competitive edge, propelling the market demand.
Finance cloud industry size reached USD 29.1 billion in 2023 and will record over 21% CAGR from 2024 to 2032 driven by the rise in enhanced financial planning and analysis (FP&A) capabilities.
The large enterprises segment recorded over 67% share of the finance cloud industry in 2023 owing to growing need for scalability and innovation.
North America held over 36% share of the finance cloud industry share in 2023 driven by the rising adoption of cloud technology by financial institutions to modernize their operations, enhance customer experiences, and support innovative fintech solutions.
Acumatica Inc., Amazon Web Services Inc. (Amazon.com Inc.), Aryaka Networks Inc., Google LLC (Alphabet Inc.), International Business Machines Corporation, Microsoft Corporation, and Oracle Corporation are some of the key finance cloud industry players.