Global Financial App Market - Segmented by Type, Application, and Region - Growth, Trends, and Forecast (2018 - 2023)
The Financial App market is expected to register a CAGR of 13.2%, during the forecast period (2018 - 2023). The scope of the report is limited to app services offered by Android and iOS, which includes budgeting, forecasting, bookkeeping amongst others. While the regions considered in the scope of the report include North America, Europe, Middle East and Africa amongst various others. Increasing need for on demand services and soaring need for easy money access has led to the emergence and growth of financial apps market. It is estimated that 200 billion financial app sessions are recorded globally over Android and iOS devices in 2016.
Increasing Importance for Independent and Easy Banking Services
Digitization has brought the world closed. The effects of digitization has been greatly observed by the banking sector with the emergence of new ways to execute the banking tasks. Various apps, net banking abilities, different transaction doors, and facilities, like bookkeeping and prediction of expenses have increased the value of digitization in banking and finance industry. Due to the increasing capabilities of new technologies emerging in this industry it is becoming easier to perform various tasks that were previously cumbersome and time consuming. Digitization has brought with it, independence. The independence from performing tasks previously necessary. Going to bank for money transfer or to receive mini statements of the bank account or applying for a loan have all became easy due to various apps and facilities now available. The evolution of these apps due to digital transformation has been tremendous and this has improved the market significantly.
Increasing technological awareness
With increasing digitization there is an increasing tech-savvy population. There is high smartphone penetration through the world. Adding to this the change in the lifestyle and growing awareness about the security and easy use of financial apps has led to their increasing popularity. The young population is tech-centric and easily latches on to new technology developments. This is another major reason for the high growth of the financial app market. The adoption of financial apps is also high due to increasing safety standards and various government initiatives towards digitization of banking services.
US is to remain the largest market
The increasing young population in US and their dependence on smartphones is a leading cause for the growth of financial app market in US. With liberal government policies and low entry barriers in the market, the growth of financial app market is quick in US. Improving infrastructure to support security and privacy of financial details adds to the growing demand for the financial apps. The adoption of financial apps has continued to increase in the past year. As of 2016, Mobile banking among smartphone users with a bank account is estimated to be at 63 percent. The higher adoption of financial apps among smartphone users suggests that with increasing number of smartphone users the number of financial apps user would also increase.
Key Developments in the Market
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