Financial App Market Highlights:
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 global financial app market is expected to exhibit a strong 7% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR).
The financial services market size is expected to reach a valuation of USD 114.28 billion by the end of the forecast period.
Leading players in the global financial apps market include Temenos Group AG, Tata Consultancy Services Ltd., SAP SE, Oracle Corporation, Misys, Infosys Ltd., IBM Corporation, Fiserv Inc., FIS Corporation, and Accenture plc.
In July 2019, an industry watchdog cited 17 financial apps as breaching privacy laws. The apps concerned have been given 30 days to rectify their practices. Such instances are serious news for the financial apps market, as customers being able to trust financial apps is the first hurdle for financial apps to cross, due to the confidential nature of the information being transacted through financial apps.
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The financial app market is segmented on the basis of software, services, deployment, organization size, end user, and region.
- By software, the financial app market is segmented into audit, risk & compliance management, BI & analytics applications, and customer experience.
- Based on service, the market is segmented into training & support, consulting service, integration & implementation, operation & maintenance, and others.
- On the basis of deployment, the financial apps market is segmented into on-premises and on-cloud.
- Based on organization size, the financial apps market is bifurcated into large enterprise and small & medium enterprises.
- On the basis of end user, the market is segmented into retail, government, BFSI, and others.
The global financial app market is likely to be dominated by North America and Europe over the forecast period, with the former shading the latter due to the wider availability of advanced financial services on mobile platforms in the region. North America has emerged as the leader in the global financial app market on the back of consistent progress in communication technology as well as banking software and programs, which has allowed the steady development of financial apps that cater to the various needs of consumers. Widespread acceptance of advanced mobile phone technology has also made it easier for North American players to develop financial apps with a wider range of capabilities. The ease of availing biometric scan technology for iris and fingerprint scanning has also made the financial apps market in the region safer, as customers can simply switch on their financial apps and protect the confidential data therein by the use of their own biometric locks and keys, providing a stronger layer of security and leaving the provider out of the equation.
Europe is also a major regional market for financial apps due to the increasing need among European consumers to carry out financial transactions and business on the go, leading to a growing demand for mobile connectivity for financial institutions. The UK, France, and Germany are likely to be the leading regional markets for financial apps in Europe over the forecast period due to the widespread acceptance of financial app technology and the increasing interest in mobile banking and other financial transactions.
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