Financial Services Application Market: Current Analysis and Forecast (2022-2028)

Report Description

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Global Financial Services Applications Market is expected to grow at a significant rate of around 7% during the forecast period. A financial service application is an app or software that provides financial services to users, such as banking, investment management, budgeting, or payments. These applications can be web-based, mobile, or desktop software. Financial service applications typically allow users to perform a variety of financial tasks, including checking their account balances, transferring money, paying bills, applying for loans, and managing investments. Some financial service applications also provide personalized financial advice and recommendations based on the user’s financial data and goals.

The growing adoption of financial service applications is mainly attributed to their features such as convenience, financial services applications provide users with the convenience of accessing their financial information and conducting transactions from anywhere at any time. This is especially important for younger generations who value convenience and prefer digital experiences over traditional brick-and-mortar banking. Furthermore, the growing trend of making online payments is expected to drive the market during the forecast period.

FIS; Fiserv, Inc.; NCR Payment Solutions, LLC; SS&C Technologies, Inc., Infosys Limited; Oracle; SAP; TATA Consultancy Services Limited; Microsoft; and IBM are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, payment gateway category to witness robust CAGR during the forecast period”

Based on type the market is segmented into financial management, payment gateways, budgeting, bookkeeping, and financial forecasting. The payment gateway segment is anticipated to grow at the highest CAGR during the forecast period. The growth of the segment is majorly driven by the increasing use of mobile devices for online transactions. Payment gateways offer mobile-optimized checkout processes that are easy and convenient for customers to use on their smartphones or tablets. Furthermore, Payment gateways offer advanced security features that protect customers’ personal and financial information from fraud and theft. They also provide a streamlined payment processing experience for businesses, with features such as automatic payment processing and recurring billing.

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“Amongst deployment, the cloud to hold a significant share in the market in 2021”

On the basis of deployment, the market is bifurcated into cloud and on-premises. The cloud held a significant share of the market in 2021. By using cloud computing, fintech companies can reduce their infrastructure and maintenance costs while also benefiting from greater agility and scalability, allowing them to quickly and easily scale their operations as needed. Additionally, cloud technology offers enhanced security features, which are critical in the highly regulated fintech industry, where data privacy and security are paramount. Overall, the use of cloud technology in fintech is enabling greater innovation and growth in the industry, driving its continued evolution and expansion.

Financial services application Market Report Coverage

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“North America to hold a significant share in the market”

The financial services application market in North America led the market in 2021 with the highest market share and has seen significant growth due to several factors. Firstly, North America is a hub for technological advancement, and the financial service industry has been quick to adopt new technologies. Secondly, the COVID-19 pandemic has accelerated the demand for digital services, and financial service applications have been at the forefront of meeting this demand. Thirdly, the financial service industry is highly competitive, and developing innovative financial service applications has become a key strategy for companies to stand out. Lastly, the regulatory environment in North America has been evolving rapidly, with changes in regulations driving the adoption of financial service applications.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global financial services applications market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Financial Services Applications Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global financial services applications market were the three major steps undertaken to create and analyze the adoption of financial services applications in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global financial services applications market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the financial services applications market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the financial services applications market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, deployment, and services. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Financial Services Applications market. Further, we conducted factor analysis using dependent and independent variables such as type, deployment, and services of financial services applications. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the financial services applications market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global financial services applications market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the financial services applications market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global financial services applications market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

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Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global financial services applications market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, deployment, and services in the global financial services applications market.

The main objective of the Global Financial Services Applications Market Study

The current & future market trends of the global financial services applications market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the financial services applications market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, deployment, and services.
• Define and analysis of the regulatory framework for the financial services applications
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the financial services applications market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Financial Services Applications market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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