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Financial App Market Dynamics & Key Insights 2024
Financial App Market Dynamics
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The growing integration of artificial intelligence (AI) is expected to propel the growth of the financial apps market going forward. Artificial intelligence (AI) refers to a branch of computer science that focuses on building smart machines that are capable of carrying out tasks that generally require human intelligence. AI plays an important role in financial apps by enabling personalized financial insights, automating transactions, enhancing fraud detection, and providing users with intelligent recommendations. For instance, in May 2022, according to The International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) in 2022, which is an increase of 4% from 2021. Therefore, the growing integration of artificial intelligence is driving the financial market.
Technological advancement is a key trend in the financial app market. Major companies operating in the financial app market are focused on introducing new applications to sustain their position in the market. For instance, in September 2021, PayPal Holdings, Inc., a US-based financial technology company, launched a super app. The new app combines shopping features like the ability to make purchases with a QR code, fund them through its Buy Now Pay Later option, and find deals through Honey with PayPal's banking and money movement capabilities, such as cross-border remittance, person-to-person capabilities, and crypto solutions. The ability to receive direct deposit (Bancorp Bank), deposit money in a savings account (Synchrony), and pay bills are just a few of the new capabilities that PayPal has launched in collaboration with its banking and technology partners (Paymentus). All of these tools will still be available separately, but the app combines them all through its dashboard, giving users a chance to have more control over their financial actions.
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Major Key Players of the Market:
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
Financial App Market 2024 Key Insights:
• 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%.
• Digital Transformation Fuels Growth Of Financial App Market
• Technological Advancements Reshape The Financial App Landscape
• Asia-Pacific was the largest region in the financial app market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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