Cloud Based Financial Platform Market | Industry Analysis, Size, Share, Trends, Growth and Forecast 2024 – 2033 | Microsoft Corporation; Amazon Web Services (AWS); International Business Machines Corporation; Oracle Corporation; NetSuite Inc

Overview and Scope
A cloud-based financial platform refers to a software solution that enables businesses to manage their financial operations through a cloud-based infrastructure. This allows users to access the platform remotely via the Internet, providing flexibility, scalability, and real-time data access to organizations.

Sizing and Forecast
The cloud based financial platform market size has grown rapidly in recent years. It will grow from $153.99 billion in 2023 to $175.03 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to need for cost-effective solutions, globalization of businesses, concerns about data breaches, proliferation of mobile devices, and evolved regulatory requirements.

The cloud based financial platform market size is expected to see rapid growth in the next few years. It will grow to $297.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to rise of FinTech startups, adoption of blockchain technology in financial platforms, increasing demand for industry-specific financial platforms, heightened focus on data privacy, and accelerated digital transformation initiatives. Major trends in the forecast period include hybrid cloud deployments, API-driven integration, emphasis on user experience, data analytics and visualization, sustainability and ESG integration.

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Segmentation & Regional Insights
The cloud based financial platform market covered in this report is segmented –

1) By Type of Service: Software As A Service (SaaS), Platform As A Service (PaaS), Infrastructure As A Service (IaaS)
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Application: Accounting And Finance Management, Risk Management And Compliance, Payment Processing
5) By End-User: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Vertical: Banking And Financial Services, Retail And E-commerce, Healthcare, Manufacturing, Other Verticals

Europe was the largest region in the cloud based financial platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud based financial platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing concerns about data security are expected to propel the growth of the cloud based financial platform market going forward. Data security refers to the process of protecting digital information at every stage of its lifecycle to prevent corruption, theft, or unauthorized access. There is growing concern for data security due to several factors, including heightened connectivity, the growing complexity of IT systems, and sophisticated hacking techniques. Cloud-based financial platforms bolster data security through advanced encryption, authentication, and monitoring mechanisms. For instance, in March 2024, according to the Federal Bureau of Investigation (FBI), a US-based law enforcement agency, the FBI received 880,418 cybercrime complaints from the public in the year 2023, marking a 10% rise from the previous year’s figure. Additionally, in January 2023, according to Check Point Software Technologies Ltd., an Israel-based provider of cyber security solutions, global cyberattacks saw a 38% increase in 2022 compared to 2021. Therefore, growing concerns about data security are driving the growth of the cloud based financial platform market.

Key Industry Players
Major companies operating in the cloud based financial platform market report are Microsoft Corporation; Amazon Web Services (AWS); International Business Machines Corporation; Oracle Corporation; NetSuite Inc.; SAP SE; Salesforce Inc.; Fiserv Inc.; Intuit Inc.; Wipro Limited; ServiceNow Inc; Workday Inc.; Red Hat Inc.; Infor Inc.; Capgemini Technology Services India Limited; Zoho Corporation; Epicor Software Corporation; Xero Limited; UNIT4 Business Software Limited; Gusto Inc.; Expensify Inc.; Dext; ZipBooks Software Solutions Pvt. Ltd.; Acumatica Inc.; Kashoo Ltd.

The cloud based financial platform market report table of contents includes:

1. Executive Summary

2. Cloud Based Financial Platform Market Characteristics

3. Cloud Based Financial Platform Market Trends And Strategies

4. Cloud Based Financial Platform Market – Macro Economic Scenario

5. Global Cloud Based Financial Platform Market Size and Growth

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32. Global Cloud Based Financial Platform Market Competitive Benchmarking

33. Global Cloud Based Financial Platform Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Cloud Based Financial Platform Market

35. Cloud Based Financial Platform Market Future Outlook and Potential Analysis

36. Appendix