Press release
Global Financial App Market Projected to Grow at 11.3% CAGR, Reaching $2.5 Billion by 2029
Financial App
What Will the Financial App Industry Market Size Be by 2025?
The market size for financial apps has witnessed a swift growth over the recent years. It is projected to expand from $1.46 billion in 2024 to $1.63 billion in 2025, maintaining a compound annual growth rate (CAGR) of 11.3%. The historical growth of this market can be credited to enhancements in digital transformation in the banking sector, improved security and trust, advantages of convenience and accessibility, changes in regulations, market competitiveness and innovation.
What's the Long-Term Growth Forecast for the Financial App Market Size Through 2029?
The market size for financial applications is projected to experience swift expansion in the coming years, potentially reaching a value of $2.5 billion by 2029 with a compound annual growth rate (CAGR) of 11.3%. This anticipated growth during the forecast period can largely be ascribed to the increased attention towards financial wellbeing, the emergence of embedded finance, improved measures of cybersecurity, broader integration of cryptocurrencies, and incorporation of AI and machine learning. Future trends expected during the forecast span encompass ecologically focused and sustainable financial solutions, innovative UX/UI designs, an increase in peer-to-peer (p2p) transactions, the development of open banking strategies, and the rise of robo-advisors and automated investing.
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What Are the Key Growth Drivers Fueling the Financial App Market Expansion?
The surge in digitization across several sectors is predicted to fuel the expansion of the financial app market. This increasing digital adoption refers to the conversion of paper documents or other physical forms into digital formats. More businesses are adopting digital processes over analogue procedures. Thanks to advancements in mobile and digital technologies, coupled with the current ease of investing and borrowing money, the financial services sector has undergone a substantial transformation in the past few years. These technologies also simplify the way organizations manage their operations and transactions. Hence, the blossoming digitization is benefiting the financial app market growth within organizations. For instance, Zippia, a US-based internet and web services startup, shared in a report in November 2022, that 70% of businesses either already implemented a digital transformation or were on the path to it. The expenditure on digital transformation globally was $1.5 trillion in 2021 and is expected to balloon to $6.8 trillion by 2023. Additionally, 56% of businesses were giving a priority to digital transformation worldwide in 2021. As a result, increasing digitization in different sectors is acting as a catalyst for the financial app market's growth.
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What Are the Key Trends Driving Financial App Market Growth?
The rise of technology is a significant trend in the financial application sector. Major companies in this sector are continually innovating and launching new applications to maintain their market position. An example of this was seen in June 2024 when The Securities and Exchange Board of India (SEBI), an Indian regulatory body for the securities market, unveiled the Saa?thi2.0 mobile app at SEBI Bhavan in Mumbai. The enhanced Saa?thi app offers an intuitive interface packed with various tools created to demystify intricate financial concepts. The app incorporates features such as financial calculators and modules that simplify and elaborate on KYC regulations, ETFs, mutual funds, and the procedure of purchasing and selling shares on stock exchanges. It also provides details about the mechanism for addressing investor grievances and the Online Dispute Resolution (ODR) platform. Moreover, the app includes a series of videos designed to assist investors with personal finance management.
How Is the Financial App Market Segmented?
The financial appmarket 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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Which Companies Are Leading the Charge in Financial App Market Innovation?
Major companies operating in the financial app market are 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
Which Regions Are Leading the Global Financial App Market in Revenue?
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.
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