The financial sector, currently, is witnessing a surge in the adoption rate of distributed ledger technology, popularly known as blockchain. The blockchain technology offers costs saving in administration, transaction, and infrastructure, which are widely used in commercial banking, capital markets, online payments, risk management, trade & supply chain finance, and others.
The Financial App market is segregated into software, services, deployment, organization size, and end-user.
A financial service application is a software program that handles, coordinates, and manages the finances of an individual as well as business enterprises. Technology has made a tremendous impact on financial services sector. Increase in smartphones and digital online transactions are the contributing factors for the growth of the financial sector. In the light of these factors, more and more people are being able to avail financial services; from opening a simple bank account to availing a loan. Furthermore, cloud services are also being adopted by financial sector. The integration of cloud services and deployment models in business enterprises, along with functional departments covering financial services are being transformed into cloud. For instance, banking sector is adopting cloud services for core banking solution, lease and lending services, and revenue management & billing cloud services.
Increase in online transactions is expected to increase the risk of cyber-threat, which is expected to hinder the growth of the market through the forecast period. Furthermore, lack of knowledge in operating financial applications through mobile devices could be a major challenging factor for financial application market over the forecast period.
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Major Key Players:
- include Accenture Plc (Ireland)
- FIS Corporation (U.S.)
- Fiserv Inc. (U.S.)
- IBM Corporation (U.S.)
- Infosys Ltd (India)
- Misys (U.K)
- Oracle Corporation (U.S.)
- SAP SE (Germany),
- TCS Ltd. (India
- Temenos Group AG (Switzerland)
Geographically, the Financial App Market is categorized into four different regions, namely North America, Asia Pacific, Europe, and Rest of the World.
The Financial App market in North America and Europe is expected to have a significant growth through the forecast period, owing to increasing adoption rates of Bring Your Own Devices (BYOD) for online transaction. The U.S. is considered as one of the largest markets for adopting financial technologies due to presence of large number of service providers. Asia Pacific region is expected to be the fastest growing region in Financial App market, with China, India, Japan, and South Korea as the leading countries. The growth of the market is attributed to increase in awareness of online payment applications, such as Paytm App, My Airtel APP, and others
The Financial App market is segmented into software, services, deployment, organization size, and end-user.
By software, the Financial App market is sub-segmented into audit, risk & compliance management, BI & analytics applications, and customer experience. Based on service, the market is categorized into training & support, consulting service, integration & implementation, operation & maintenance, and others. On the basis of deployment, the market is segmented into on-premises and on-cloud.
Based on organization size, the market is bifurcated into large enterprise and small & medium enterprises. On the basis of end-user, the market is differentiated into retail, government, BFSI, and others.
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- Research Firms
- Government Agencies
- Financial App Service Providers
- Associations, Organizations, Forums and Alliances related to Financial App
- Software Solution Providers
- Educational Institution, University, and Research Organization.
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Business Function
List of Tables
Table1 World Population by Major Regions (2017 To 2023)
Table2 Global Financial App Market: By Region, 2017-2023
Table3 North America Financial App Market: By Country, 2017-2023
List of Figures
Figure 1 Global Financial App Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of Global Financial App Market
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