What Has Been the Growth Trajectory for the Financial App Market in Recent Years?
The financial app market has seen considerable growth due to a variety of factors.
• In recent times, there has been a brisk expansion in the financial app market size. It's projected to surge from $1.46 billion in 2024 to $1.63 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.4%. The historic period's growth can be accredited to factors like digital transformation in the banking sector, enhancements in security and trust, convenience and accessibility, regulatory modifications, market competition, and innovation.
What Can Be Expected from the Financial App Market By 2029?
The Financial App market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the financial app market is predicted to experience substantial expansion in the coming years. It's projected to rise to $2.72 billion in 2029, with a compound annual growth rate (CAGR) of 13.7%.
This predicted growth during the forecast period can be credited to an increased emphasis on financial health, the emergence of embedded finance, improved cybersecurity protocols, ongoing integration of cryptocurrency, and incorporation of AI and machine learning. Noteworthy trends during this forecast period encompass green and sustainable finance solutions, progressive UX/UI designs, growth of peer-to-peer (p2p) transactions, initiatives in open banking, and the rise of robo-advisors and automated investing.
What Are the Critical Driver Fuelling The Financial App Market's Growth?
Digitalization's rise across many sectors is anticipated to fuel financial app market growth. Digitalization involves converting paper documents and similar materials into digital formats, leading to a more comprehensive transformation of business models to favor digital over analog systems. Technological advances in mobile and digital realms, coupled with the increased simplicity of investing and borrowing money, have significantly reshaped the financial services industry in recent years. The technology further simplifies the management of operations and transactions for institutions. As a result, increasing digitalization is enabling the proliferation of the financial app market within organizations. For instance, in November 2022, Zippia, an internet and web services startup based in the US released a report stating that 70% of firms either had a digital transformation strategy or were in the process of formulating one. The global spending on digital transformation stood at $1.5 trillion in 2021, expected to surge to $6.8 trillion by 2023. In 2021, 56% of companies worldwide put digital transformation at the top of their priority list. Consequently, numerous sectors' accelerating digitalization fuels the financial app market's growth.
How Is The Financial App Market segmented?
The 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
Subsegments:
1) By Banking: Mobile Banking, Online Banking
2) By Stock Trading: Brokerage Apps, Investment Management Apps
3) By Digital Wallets: E-Wallets, Cryptocurrency Wallets
4) By Payment System: Mobile Payment Solutions, Peer-To-Peer Payment Apps
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What New Trends Are Influencing The Financial App Market?
In the financial app market, technological progress is a principal trend. Companies in this market are focusing on launching innovative applications to retain their market position. The Securities and Exchange Board of India (SEBI), a regulation body for securities market based in India, exemplified this trend when they released the Saa?thi2.0 mobile app at SEBI Bhavan in Mumbai in June 2024. The improved Saa?thi app presents an intuitive interface, equipped with various tools to demystify complicated financial concepts. It comes with financial calculators and modules to guide users about KYC procedures, ETFs, mutual funds, and the mechanisms for purchasing and selling shares on stock exchanges. In addition to this, it offers insights into the investor grievances redressal mechanism and the Online Dispute Resolution (ODR) platform. The app also boasts a video library to assist investors in managing their personal finances.
Who Are the Key Players In The Financial App Market?
Major companies operating in the financial app market include:
• Intuit Inc.
• Personal Capital Corporation
• Arateg LLC
• Emizen Tech Pvt. Ltd.
• NIX United Inc.
• Arka Softwares Inc.
• Peerbits Technologies Pvt. Ltd.
• Endive Software LLC
• Diceus Inc.
• Sidebench Studios LLC
• Mint Inc.
• You Need a Budget LLC
• Spendee ApS
• Goodbudget
• Venmo Inc.
• Wally Inc.
• Acorns Grow Inc.
• Revolut Ltd.
• Moneydance LLC
• Google Finance
• Money Dashboard Ltd.
• Bankin'
• Toshl Inc.
• Quicken Inc.
• Yahoo Finance
What Is The Most Dominant Region In The Financial App Market?
Asia-Pacific was the largest region in the financial app market in 2024. The regions covered in the financial app market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
