Product Code: RP-ID-10154390 |
Published Date: 21 Mar 2025 |
Region: Global |
Category: ICT & Telecom |
Report ID: 10154390
Market Overview:
Financial Application Market Segmentation by Offering {Software (Audit, Risk, and Compliance Management, BI & Analytics Application, Enterprise IT, and Others), and Service (Consulting Services, Integration Services, Training and Support Services, and Others)}; by Deployment (Cloud, and On-Premise); and by End Users (Small & Medium Businesses, Large Business, and Individual)-Global Demand Analysis & Opportunity Outlook 2031
Global Financial Application Market Highlights Over 2022 - 2031
The global financial application market generated the revenue figure of approximately USD 30 billion in the year 2021 and is expected to grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising need for advanced financial tools, increasing demand for low-cost products and easy availability of online transaction mode in most of the banks. Additionally, increasing technological awareness, increasing use of smartphones, and growing number of internet users are considered to be the factors contributing to the growth of the market. As sourced from the International Telecommunication Union approximately 63% of the world’s population that is 4.9 billion people, actively used internet in the year 2021. The growing use of the internet is anticipated to give a major boost to the global financial application market.
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A financial application is a special software program that aids in the management of money-related business deals. With the easy affordability of smartphones, along with low-cost internet, an increasing number of people have gained access to digital technology which in return is estimated to fuel the growth of the global financial application market. Even though the onset of covid-19 pandemic has affected almost every sector that contributes to the economy, the financial application market has flourished ever since the pandemic began. The complete shift to online mode of transactions whether shopping online or offline along with the easy availability of financial assistance from banks have contributed immensely to the market growth. The market is also anticipated to grow during the forecast period on the back of the easy use of apps that also offers maximum security in transactions. Furthermore, the app provides hassle-free assistance which is keenly attracting a huge number of customer base.
The global financial application market is bifurcated on the basis of offering, deployment, and end-users. The offering segment is divided into a software segment and a service segment, out of which the software segment held the largest market size in value in the year 2021 and is anticipated to continue leading in the upcoming years. The software segment is further segmented into audit, risk, and compliance management, BI & analytics applications, enterprise IT, and others. Among these segments, the BI & analytics application segment is anticipated to hold the largest market share in value by growing at a moderate CAGR over the forecast period. The growth of this segment can be majorly associated with the increasing adoption of self-service analytics tools, special BI tools that work as a trigger for notifying specific events, and easy spotting of market trends to increase sales or revenue.
Global Financial Application Market Regional Synopsis
Regionally, the global financial application market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region witnessed a modest growth in the year 2021 and is estimated to continuously grow in the upcoming years. The market in this region is growing on the account of increasing young population, growing smartphone dependance, along with increasing awareness for these apps among individuals. Approximately 40% population ageing between 20-40 years in the United States were reported to use financial applications in the year 2019. Alternatively, the market in the Asia Pacific region is expected to hold the largest market share by growing at a notable CAGR over the forecast period on the back of increasing tech-savvy population, high smartphone penetration, and easy use of financial apps. Moreover, nearly 2.5 billion people use the digital payment method at present in the Asia Pacific region. Additionally, the market in the Middle East and Africa region is also expected to show significant success by growing at a faster CAGR. The growing adoption of micro-investing application, adoption of the analytical app for better access to financial graphs, and the growing demand for peer-to-peer investments apps are boosting the growth of the market in this region.
Market Segmentation
Our in-depth analysis of the global financial application market includes the following segments:
By Offering
- Software
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Audit, Risk, and Compliance Management
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BI & Analytics Application
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Enterprise IT
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Others
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- Service
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Consulting Services
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Integration Services
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Training and Support Services
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Others
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By Deployment
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Cloud
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On-premise
By End Users
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Small & Medium Businesses
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Large Business
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Individual
Growth Drivers and Challenges Impacting the Growth of the Global Financial Application Market
Growth Drivers
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Growing technological awareness among people
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Increasing use of smartphones
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Increasing need for independent banking solutions
Challenges
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Growing cases of financial cybercrime
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Unsteady internet connection
Key Companies Dominating the Global Financial Application Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global financial application market that are included in our report are Accenture, IBM, PayPal, Tata Consultancy Services Limited, Temenos Headquarters SA, Infosys Limited, Oracle, SAP, FIS, Finastra, NIX United, and Fiserv, Inc. among others.
Latest Developments in the Global Financial Application Market:
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07 February 2022: Fiserv, Inc. announced the acquisition agreement over the cloud-native banking solution developer company, Finxact, Inc. The aim of the acquisition is to expand the digital experience that is delivered to customers by Fiserv, Inc.
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23 February 2022: Temenos announced that Rwanda’s largest bank, the Bank of Kigali Plc has replaced its banking system with composable banking concept of Temenos which allows the bank to deliver a smooth digital customer experience.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
- Accenture
- IBM
- PayPal
- Tata Consultancy Services Limited
- Temenos Headquarters SA
- Infosys Limited
- Oracle
- SAP
- FIS
- Finastra
- NIX United
- Fiserv Inc.
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