Financial App Market Seeks a CAGR of 7% During the Forecast Period

Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Financial App  Market Research Report.

Overview:

The financial app market is witnessing an unprecedented surge, and it can be attributed to the percolation of digitalization in diverse aspects of life. The global financial app market is expecting a 7% CAGR during the forecast period (2017-2023), asserts Market Research Future (MRFR) after a thorough analysis of its various features, triggers and segments. Financial apps provide a platform using which managing of accounts, finances and business enterprises becomes easier. It has already prodigiously impacted the financial sector. People are now getting more accustomed with financial service applications as it has considerably lessened the time spent in managing finances and gave direct real-time access to their accounts. In addition, cloud services are gaining traction and companies are incorporating it into their system which is paving the way for financial apps greater penetration. Growing inclusion of internet of things (IoT) can also be considered a worthy trigger for market expansion.

On the flip side, online transactions increase the risk of a security breach. Cyber crimes often pose daunting challenges for service providers. At the same time, operating financial apps can be cumbersome which can deter the regular financial app market growth.

Industry Trend:

Intuit’s new app Mint can manage basic finances on the user’s behalf. Once linked with debit and credit cards, Mint categorizes transactions and informs the user about their spending pattern. Investment and schedule utility payments can also be tracked via Mint.

You Need a Budget (YNAB) is an app that informs the user about how to invest and accordingly plans a budget. At the same time, it helps the user in gaining control over their expenditures.

Segmentation:

The financial app market can be segmented by software, services, deployment, organization size, and end-user.

By software, the financial app market can be segmented into audit, risk & compliance management, BI & analytics applications, and customer experience.

Based on service, the financial app market includes training & support, consulting service, integration & implementation, operation & maintenance, and others.

Deployment-wise, the financial app market comprises on-premises and on-cloud.

Based on organization size, the financial app market includes large enterprise and small & medium enterprises.

On the basis of end-user, the financial app market is differentiated into retail, government, banking, financial services and insurance (BFSI), and others.

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Regional Analysis

Based on regional analysis, the financial app market includes regions namely North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).

North America’s growth in the financial app market has been significant. Rising integration of business intelligence in facilitating professional services and increasing adoption of cloud technology can be seen as market boosters. Furthermore, people are showing an inclination towards financial apps as they make transactions easier.

Europe’s well-cemented market position can be attributed to growing awareness regarding mobile applications. The U.K. is leading the region by setting examples and helping in the growth of the financial app market. Meanwhile, the APAC is ready to score the fastest CAGR during the forecast period with India, Japan, and China recording significant growth in the market.

Market Insights:

The global financial app market is witnessing growth owing to strategic implementations made by various companies. These tactics include merger, acquisition, collaboration and other methods which make the market intense. For instance, Temenos Group AG is planning to buy British trading software company Fidessa. In 2017, they bought Rubik Financial Limited. Infosys Ltd is planning to acquire Fluido, a company with expertise in cloud technology

Some of the key players of financial app market include Temenos Group AG (Switzerland), FIS Corporation (U.S.), Accenture Plc (Ireland), Fiserv Inc (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Tata Consultancy Services Limited (India), Infosys Ltd (India), Misys (U.K), Oracle Corporation (U.S.), and others.