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 market for finance cloud.
Albany, NY -- (SBWIRE) -- 03/02/2017 -- 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.
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The 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.
Global Finance Cloud Market: Drivers and Restraints
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 market for finance cloud.
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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 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.
Global Finance Cloud Market: Regional Outlook
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.
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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.
Companies Mentioned in the Report
The major companies operating in the market for finance cloud 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.
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