FinOps leaders across multiple companies have come together to announce a new trade association focussed on promoting best practice in cloud financial management.

FinOps Foundation, the non-profit trade association, will focus on codifying and promoting cloud financial management best practices.

Brands joining the foundation include Spotify, Just Eat, Nationwide and Cloudability.

Announced at the Cloud Economic Summit in San Francisco, the mission of the FinOps Foundation is to empower distributed teams running in the cloud.

It was also announced that O'Reilly Media will be publishing the first book of its kind, dedicated to FinOps and cloud financial management best practices.

"Over the years, I've worked with the top cloud spenders in the world as they paved the way and created a model for good cloud financial management that others can now follow with FinOps," said J.R. Storment, cofounder of Cloudability and president of the FinOps Foundation.

"FinOps Foundation is a community where practitioners and executives alike on both sides of the aisle, being Finance and Tech, can collaborate on practical everyday challenges to plan for the future of their cloud journey."

Gartner, a research and advisory firm, has stated the five-year compound annual growth rate (in constant USD) for the public cloud services market through 2022 is forecast at 16.6%, hitting $360.2 billion by 2022.

The FinOps Foundation is an open membership with access to an independent online community including information on FinOps workshops and training.