Global Financial App market demand 2024, Forecast To 2033
4 Mar, 2024
The financial app market size has grown rapidly in recent years. It will grow from $1.33 billion in 2023 to$1.5 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to digital transformation in banking, security and trust improvements, convenience and accessibility, regulatory changes, market competition and innovation. The financial app market size is expected to see rapid growth in the next few years. It will grow to $2.38 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to focus on financial wellness, rise of embedded finance, enhanced cybersecurity measures, expansion of cryptocurrency integration, AI and machine learning integration. Major trends in the forecast period include green and sustainable finance solutions, evolving UX/UI designs, expansion of peer-to-peer (P2P) payments, open banking initiatives, robo-advisors and automated investing.
Global Financial App Market Key Driver
Growing digitalization in many industries is expected to propel the growth of the financial app market going forward. Digitalization refers to turning paper documents or other materials into digital ones. A business model is being more thoroughly transformed to use digital processes instead of analogue ones. Due to advancements in mobile and digital technologies, as well as the ease with which people can now invest and borrow money, the financial services sector has seen a significant transformation in recent years. The technology also makes it simpler for institutions to manage their operations and transactions. Thus, growing digitalization is helping the financial app market flourish in organizations. For instance, in November 2022, according to a report shared by Zippia, a US-based internet and web services startup, 70% of businesses either already had a digital transformation strategy in place or were developing one. In 2021, the global expense of digital transformation was $1.5 trillion. By 2023, it is anticipated that global spending on digital transformation will reach $6.8 trillion. In 2021, 56% of businesses was prioritizing digital transformation worldwide. Therefore, growing digitalization in various industries is driving the growth of the financial app market. The 2023, 2024, and 2028 market sizes for the financial app market reflect the increasing demand for digital financial services and mobile banking solutions, with sustained growth anticipated as consumers seek convenient and secure ways to manage their finances and conduct transactions in an increasingly digital world.
Get A Free Sample Of The Global Financial App Market ReportGlobal Financial App Market Segments
The global financial app market covered in this report is segmented –
1) By Type: Banking, Stock Trading, Digital Wallets, Payment System
2) By Service: Consulting Services, Operations And Maintenance, Training And Support Services, Integration Services
3) By Deployment: On-Premise, Cloud
4) By Application: Tracking Expenses, Investments, Budgeting, Payment App
By Geography: The regions covered in the financial app market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the financial app market in 2023. The regions covered in the financial app market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Financial App Industry Players
Intuit Inc., Personal Capital Corporation, Appello Inc., Arateg LLC, Emizen Tech Pvt. Ltd., NIX United Inc., Shakuro Inc., Arka Softwares Inc., Peerbits Technologies Pvt. Ltd., Endive Software LLC, Diceus Inc., Sidebench Studios LLC, Mint Inc., You Need a Budget LLC, Prism Software, Spendee ApS, Goodbudget, Venmo Inc., Wally Inc., Acorns Grow Inc., Revolut Ltd., Moneydance LLC, Banktree Inc., Google Finance, Money Dashboard Ltd., Bankin', Toshl Inc., Quicken Inc., Yahoo Finance, YNAB Labs LLC
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Financial App Market Overview
A financial application is a software designed to automate, assist, and store personal or company financial information. It is responsible for storing, analyzing, managing, and processing a collection of financial transactions, records, and procedures.
Financial App Global Market Report 2023 provides data on the global financial app market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The financial app market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.