Financial App Global Market Report 2024

The global financial app market 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%. Historical growth can be attributed to the digital transformation within banking, advancements in security and trust measures, the emphasis on convenience and accessibility for customers, regulatory changes impacting the industry, intensified market competition, and the constant drive for innovation within the sector.

The global financial app market 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 anticipated growth in the forecast period is driven by an increased focus on financial wellness, the emergence of embedded finance, improved cybersecurity measures, the expanding integration of cryptocurrency, and the integration of AI and machine learning within financial services. Major trends expected during this period involve the development of green and sustainable finance solutions, advancements in UX/UI designs, the expansion of peer-to-peer (P2P) payment systems, initiatives promoting open banking, and the growth of robo-advisors and automated investing services within the industry.

The increasing digitalization across industries is poised to propel the financial app market. Digitalization involves the transition from paper-based to digital processes, significantly transforming business models. Advancements in mobile and digital technologies have revolutionized the financial services sector, simplifying investments, loans, and transaction management. For instance, a Zippia report in November 2022 indicated that 70% of businesses had either implemented or were in the process of developing a digital transformation strategy. The global expense on digital transformation reached $1.5 trillion in 2021 and is anticipated to soar to $6.8 trillion by 2023. This trend, with 56% of businesses prioritizing digital transformation globally, underscores the driving force of digitalization in fostering the growth of the financial app market.

The increasing integration of Artificial Intelligence (AI) is set to drive the financial apps market. AI contributes significantly by offering personalized financial insights, automating transactions, improving fraud detection, and providing intelligent recommendations within financial applications. According to The International Business Machines Corporation (IBM) in May 2022, global AI adoption by businesses surged to 35% in 2022, marking a 4% increase from 2021. This integration of AI technologies represents a pivotal force propelling the expansion of the financial market.

Major players in the financial app market are innovating by introducing new applications to maintain their market position. For instance, PayPal Holdings, Inc. unveiled a super app in September 2021, combining shopping features with financial functionalities like cross-border remittance, person-to-person transactions, and crypto solutions. This all-in-one platform empowers users with control over various financial actions, from purchases to banking and money movement.

To gain a competitive edge, major financial app companies are focusing on comprehensive applications like Muthoot FinCorp ONE. This app offers a spectrum of financial services, including gold loans, insurance, payments, investments, and loan services, providing users with a unified platform for their financial needs. Launched by Muthoot Fincorp Ltd. in August 2023, Muthoot FinCorp ONE aims to streamline user experiences by consolidating multiple financial services into a single application. The company plans to expand the app's offerings further, including insurance services, two-wheeler loans, and money transfer services, to cater to diverse financial needs through a seamless user interface.

In May 2021, Mogo Inc., a prominent Canada-based digital payments and financial technology company, completed the acquisition of Moka Financial Technologies, Inc. The specific financial details of the acquisition were not disclosed. This strategic move significantly expands Mogo's membership base to nearly 1.6 million and diversifies its wealth offerings to encompass investing and saving solutions. The acquisition marks a crucial step towards Mogo's broader strategy, allowing for the introduction of a cost-free stock trading service for Canadians in 2021. With this integration, Mogo solidifies its position as the nation's most comprehensive digital wallet provider. Moka Financial Technologies, Inc., based in Canada, specializes in offering an automated investing platform. The acquisition strengthens Mogo's suite of financial services, enabling the company to offer a wider array of wealth management solutions to its growing customer base while advancing its aim of providing an all-encompassing digital wallet experience.

Major companies operating in the financial app market report are 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, and YNAB Labs LLC.

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. The countries covered in the financial app market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of financial apps include banking, stock trading, digital wallets, and payment systems. Banking apps enable users to conduct diverse financial transactions conveniently, offering the flexibility to manage transactions remotely at any time. Financial applications typically provide an array of services, including consultancy, operational support, maintenance, training, and integration services. These applications can be deployed in two primary modes such as on-premises and in the cloud. They find application across various financial functions such as expense tracking, investment management, budgeting, and facilitating payment processes.

This report provides financial app market statistics, including financial app industry global market size, regional shares, competitors with a financial app market share, detailed financial app market segments, market trends and opportunities, and any further data you may need to thrive in the financial app industry. This financial app market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The financial app market consists of revenues earned by entities by enterprise IT, business transaction processing, audit, risk, and compliance management, customer experience and BI and analytics applications. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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