Financial Services Application Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2022-2027

Report Code: ITR 46655 Report Format: PDF + Excel

Financial Services Application Market Overview

Financial Services Application Market Size is forecast to reach $167.5 billion by 2027, at a CAGR of 7.51% during 2022-2027. Financial institutions across the globe reveal major interest on client trust, privacy and risk management. With the deployment of financial services applications, end-users can enhance their real user monitoring, portfolio management, business transaction processing, insurance data exchange and many other features to build customer trust and uplift their market value. For instance, according to Amazon Web Services (AWS), financial institutions rely on them to provide resilient infrastructure and services to build their mission-critical applications using AWS services, to plan for potential failures, and to meet resiliency requirements owing to the increasing digitization of financial institutions across the globe. This tend to bring significant growth in its demand, further propelling the Financial Services Application industry in the global market.

Financial Services Application Market Report Coverage

The report: “Financial Services Application Industry Outlook – Forecast (2022-2027)”, by Industry ARC covers an in-depth analysis of the following segments of the Financial Services Application Market.

By Software: Business intelligence & Analytics Applications, Business Transaction Processing, Customer Experience, Enterprise IT, Audit, Risk, and Compliance Management and Others.
By Services: Consulting Services, Integration Services, Training & Support Services, Operations & Maintenance and Others.
By Deployment Mode: On-Premises and Cloud.
By End-Use Enterprise: Small and Medium Enterprises (SMEs) and Large Enterprises.
By Geography: North America (U.S., Canada and Mexico); Europe (U.K., Germany, Italy, France, Spain, Russia, Rest of Europe); APAC (China, Japan, South Korea, India, Australia, Rest of APAC); South America (Brazil, Argentina, Rest of Americas); Row (Middle East & Africa).

Key Takeaways

  • Increasing cyberthreats across various financial institutions and growing adoption of cloud-based services for optimizing digitalization is analysed to significantly drive the Financial Services Application Market during the forecast period 2022-2027.
  • BI & Analytics Applications segment are analysed to hold highest share 35.12% in 2021 owing to the increasing adoption of self-service analytics tools.
  • Large Enterprises are analysed to hold the highest market share 61.21% during the forecast period owing to the large amount of data generated and availability of maximum customers which propels the demand of financial services applications for efficient working across the enterprise.
  • North America is analysed to hold the highest share in 2021 owing to the early adoption of various cloud-based services coupled with increasing implementation of Industry 4.0 in this region. 

Global Financial Services Application Market Share, By Region, 2021 (%)


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Financial Services Application Market Segment Analysis - By Software

By Software, the Financial Services Application Market Report is segmented into BI & Analytics Applications, Business Transaction Processing, Customer Experience, Enterprise IT, Audit, Risk, and Compliance Management and Others. BI & Analytics Applications segment is analysed to be the highest growing segment with a CAGR of 9.11% in Financial Services Application Market during the forecast period 2022-2027, owing to the various advantages it offers to the financial institutions as compared to others. BI solutions can be effectively used to add value in KPI measurement, knowledge management, reporting, analytics, and collaboration. Big data analytics is also considered as a very integral application for business intelligence in the industry. For instance, according to Cisco, in 2021, 73% of the cloud workloads and compute instances will be in public cloud data centres in United States, up from 58% in 2019. This huge growth in cloud workloads tend to be significant driving factor for the financial services application, further propelling its market growth.

Financial Services Application Market Segment Analysis – By End-Use Enterprise

By End-use Enterprise, the Financial Services Application Market Report is segmented into Small and Medium Enterprises (SMEs) and Large Enterprises. Small and Medium Enterprises are analysed to be the highest growing segment with a CAGR of 9.31% in Financial Services Application Market during the forecast period 2022-2027, owing to the increasing investments done in this sector uplift the economic structure. Various governments across the globe have been investing in small and medium enterprises to enhance their economic structure and providing reachability and financial services to maximum customers possible. For instance, in November 2021, the Small Industries Development Bank of India (SIDBI) inked a pact with Google to pilot social impact lending with financial assistance up to $0.13 million at subsidized interest rates to small enterprises. These investments tend to uplift the market growth of financial services applications in Small and Medium Enterprises during the forecast period.

Financial Services Application Market Segment Analysis – By Geography

North America is analysed to be the major region with a share of 33% in 2021 for the Financial Services Application Market owing to the early adoption of various cloud-based services across their financial institutions coupled with increasing implementation of Industry 4.0 in this region. Many banks and financial institutions in the United States have adopted the latest technologies, such as artificial intelligence (AI) to provide more personalized services to the customers. The increased adoption of financial service applications has increased the sophistication of decisions being taken in the organizations, which provides an increased level of reassurance to stakeholders. United States is one of the largest markets for financial technology adoption, primarily due to the country being a pioneer in the field of FinTech, further buoyed by the presence of major financial giants in the region. For instance, in April 2021, U.S. banks announced the deployment of AI to monitor customers, workers amid tech backlash across various financial institutions. This tend to drive the demand of Financial Services Applications in North America region, further propelling its market growth.

Financial Services Application Market Drivers

Rising government initiative to digitalize financial sector is driving the demand of Financial Services Applications

Rising government initiative to digitalize financial sector is one of most prominent factor driving the demand of Financial Services Applications during the forecast period. Various countries across the globe are investing significantly in the digitalisation to enhance their work efficiency and flexibility across financial institutions however, threat of data breaches is always a major concern which tend to drive the adoption of Financial Services Applications across various enterprises. For instance, in July 2020, NAventures, a corporate venture capital arm of National Bank of Canada announced their Series A funding of worth $11 million to Flinks, a data company that empowers businesses to connect their users with financial services to fuel the company's growth in data connectivity and digitization in the financial services industry. These developments are analysed to bring significant impact in the growth of Financial Services Application Industry during the forecast period.

Increasing urbanization across the globe is propelling the workload of financial institution, further propelling the demand of high performance financial services applications

Increasing urbanization across various parts of the globe is analysed to be a significant factor driving the demand of financial services applications during the forecast period. With the increasing urban population, the workload of financial institution is also affected aggressively. For instance, according to World Bank Reports, urban population grew from 55.27% in 2018 to 56.15% in 2020 across the globe. This increasing urban population tend to enhance the deployment of real user monitoring, portfolio management, business transaction processing software to reduce workloads and human errors, and enhance customer satisfaction process, further driving the Financial Services Applications Market growth. As stated by World Bank, digitalization of financial sectors is the best way to provide banking services to increasing population. Mobile money has leveraged high mobile phone penetration in many developing countries to deliver a ‘first wave’ of digital financial services. In 2021, there are over 850 million registered mobile money accounts across 90 countries, with $1.3 billion transacted through these accounts every day. This tend to create significant impact in the demand of financial services applications, further driving its market growth during the forecast period. 

Financial Services Application Market Challenges

High implementation cost is analysed to hamper the Financial Services Application Market growth

One of the most important factor restraining the market growth of Financial Services Application Market across the global is its high implementation cost. As the deployment of high performance financial services software and solutions is witnessing considerable growth in various small and medium enterprises and large enterprises of financial institutions, the cost of development and its integration with enterprise and working ecosystem tend to add up to the overall cost which tend to restrain its market growth across various end-use industries. Moreover, deployment of financial services applications across financial ecosystem requires to be set up at a whole new cloud-based infrastructure which further comes at competitive prices which tend to hinder its market growth. These factors tend to bring major challenges in the Financial Services Application Market growth during the forecast period.

Financial Services Application Industry Outlook

Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the market. Financial Services Application top 10 companies include

  • Accenture
  • IBM Corporation
  • Infosys
  • Misys
  • Oracle Corporation
  • SAP SE
  • Temenos
  • Microsoft
  • Symantec Corporation
  • Cisco Systems, Inc

Recent Developments

  • In January 2022, Temenos, the banking software company launched their new Temenos IMPACT Partner Program to strengthen its commitment to a partner-first future with the that will cover five different partner categories. The new partner program will drive deeper collaboration and tighter engagement with system integrators, value-added resellers, solution providers, fintechs and consulting companies to open new market opportunities and segments.
  • In October 2021, Microsoft Corporation announced the expansion of their Financial Services Cloud platform to offer Security and compliance and Fraud and purchase protection applications.
  • In September 2021, SAP SE announced the global launch of SAP Fioneer, a joint venture for the financial services industry (FSI) between SAP and Dediq GmbH. The launch was aimed to develop new solutions to serve its customers in the rapidly changing banking and insurance industries.

Relevant Report Titles:

Financial Services Security Software Market – Forecast (2021 - 2026)
Report Code: ITR 41765

IoT In Banking And Financial Services Market – Forecast (2021 – 2026)
Report Code: ITR 49548

For more Information and Communications Technology related reports, please click here

1. Financial Services Application Market- Market Overview
    1.1 Definitions and Scope
2. Financial Services Application Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by application
    2.3 Key trends segmented by geography
3. Financial Services Application Market–Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product Benchmarking
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 10 companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis
4. Financial Services Application Market– Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Framework Overview
    4.2 New Business and Ease of Doing business index
    4.3 Case studies of successful ventures
    4.4 Customer Analysis – Top 10 companies
5. Financial Services Application Market – Startup Company Scenario (Premium)
    5.1 Investment Analysis
    5.2 Venture Capital Funding Scenario
6. Financial Services Application Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Financial Services Application Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle
    7.4 Suppliers and Distributors
8. Financial Services Application Market- By Software
    8.1 BI & Analytics Applications
    8.2 Business Transaction Processing
    8.3 Customer Experience
    8.4 Enterprise IT
    8.5 Audit, Risk, and Compliance Management
    8.6 Others
9. Financial Services Application Market- By Services
    9.1 Consulting Services
    9.2 Integration Services
    9.3 Training & Support Services
    9.4 Operations & Maintenance
    9.5 Others
10. Financial Services Application Market- By Deployment Mode
    10.1 On-Premises
    10.2 On-demand
11. Financial Services Application Market- By End-Use Enterprise
    11.1 Small & Medium Enterprises (SMEs)
    11.2 Large Enterprises
12. Financial Services Application Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 U.S
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 U.K
        12.2.2 Germany
        12.2.3 Italy
        12.2.4 France
        12.2.5 Spain
        12.2.6 Others
    12.3 APAC
        12.3.1 China
        12.3.2 Japan
        12.3.3 South Korea
        12.3.4 India
        12.3.5 Australia & New Zealand
        12.3.6 Others
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Others
    12.5 RoW
        12.5.1 Middle East
        12.5.2 Africa
13. Financial Services Application Market- Entropy
14. Financial Services Application Market- Industry Competition Landscape (Premium)
    14.1 Global Market Share
    14.2 Market Share by Region
    14.3 Market Share by Packaging Technology
    14.4 Market Share by End Users
15. Financial Services Application Market- Key Company List by Country Premium (Premium)
16. Financial Services Application Market Company Analysis (Market Share, Company Revenue, Products, M&A, Developments)
    16.1 Accenture
    16.2 IBM Corporation
    16.3 Infosys
    16.4 Misys
    16.5 Oracle Corporation
    16.6 SAP SE
    16.7 Temenos
    16.8 Microsoft
    16.9 Symantec Corporation
    16.10 Cisco Systems, Inc
*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Financial Services Application Market Analysis By Software Market 2019-2024 ($M)
1.1 BI & Analytics Applications Market 2019-2024 ($M) - Global Industry Research
1.2 Business Transaction Processing Market 2019-2024 ($M) - Global Industry Research
1.3 Customer Experience Market 2019-2024 ($M) - Global Industry Research
1.4 Enterprise IT Market 2019-2024 ($M) - Global Industry Research
2.Global Market Analysis By Services Market 2019-2024 ($M)
2.1 Consulting Services Market 2019-2024 ($M) - Global Industry Research
2.2 Integration Services Market 2019-2024 ($M) - Global Industry Research
2.3 Training & Support Services Market 2019-2024 ($M) - Global Industry Research
2.4 Operations & Maintenance Market 2019-2024 ($M) - Global Industry Research
3.Global Financial Services Application Market Analysis By Deployment Type Market 2019-2024 ($M)
3.1 On-Premises Market 2019-2024 ($M) - Global Industry Research
3.2 Hosted Market 2019-2024 ($M) - Global Industry Research
4.Global Market Analysis By User Type Market 2019-2024 ($M)
4.1 SMB Market 2019-2024 ($M) - Global Industry Research
4.2 Enterprises Market 2019-2024 ($M) - Global Industry Research
5.Global Financial Services Application Market Analysis By Software Market 2019-2024 (Volume/Units)
5.1 BI & Analytics Applications Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Business Transaction Processing Market 2019-2024 (Volume/Units) - Global Industry Research
5.3 Customer Experience Market 2019-2024 (Volume/Units) - Global Industry Research
5.4 Enterprise IT Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Market Analysis By Services Market 2019-2024 (Volume/Units)
6.1 Consulting Services Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Integration Services Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Training & Support Services Market 2019-2024 (Volume/Units) - Global Industry Research
6.4 Operations & Maintenance Market 2019-2024 (Volume/Units) - Global Industry Research
7.Global Financial Services Application Market Analysis By Deployment Type Market 2019-2024 (Volume/Units)
7.1 On-Premises Market 2019-2024 (Volume/Units) - Global Industry Research
7.2 Hosted Market 2019-2024 (Volume/Units) - Global Industry Research
8.Global Market Analysis By User Type Market 2019-2024 (Volume/Units)
8.1 SMB Market 2019-2024 (Volume/Units) - Global Industry Research
8.2 Enterprises Market 2019-2024 (Volume/Units) - Global Industry Research
9.North America Financial Services Application Market Analysis By Software Market 2019-2024 ($M)
9.1 BI & Analytics Applications Market 2019-2024 ($M) - Regional Industry Research
9.2 Business Transaction Processing Market 2019-2024 ($M) - Regional Industry Research
9.3 Customer Experience Market 2019-2024 ($M) - Regional Industry Research
9.4 Enterprise IT Market 2019-2024 ($M) - Regional Industry Research
10.North America Market Analysis By Services Market 2019-2024 ($M)
10.1 Consulting Services Market 2019-2024 ($M) - Regional Industry Research
10.2 Integration Services Market 2019-2024 ($M) - Regional Industry Research
10.3 Training & Support Services Market 2019-2024 ($M) - Regional Industry Research
10.4 Operations & Maintenance Market 2019-2024 ($M) - Regional Industry Research
11.North America Financial Services Application Market Analysis By Deployment Type Market 2019-2024 ($M)
11.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
11.2 Hosted Market 2019-2024 ($M) - Regional Industry Research
12.North America Market Analysis By User Type Market 2019-2024 ($M)
12.1 SMB Market 2019-2024 ($M) - Regional Industry Research
12.2 Enterprises Market 2019-2024 ($M) - Regional Industry Research
13.South America Financial Services Application Market Analysis By Software Market 2019-2024 ($M)
13.1 BI & Analytics Applications Market 2019-2024 ($M) - Regional Industry Research
13.2 Business Transaction Processing Market 2019-2024 ($M) - Regional Industry Research
13.3 Customer Experience Market 2019-2024 ($M) - Regional Industry Research
13.4 Enterprise IT Market 2019-2024 ($M) - Regional Industry Research
14.South America Market Analysis By Services Market 2019-2024 ($M)
14.1 Consulting Services Market 2019-2024 ($M) - Regional Industry Research
14.2 Integration Services Market 2019-2024 ($M) - Regional Industry Research
14.3 Training & Support Services Market 2019-2024 ($M) - Regional Industry Research
14.4 Operations & Maintenance Market 2019-2024 ($M) - Regional Industry Research
15.South America Financial Services Application Market Analysis By Deployment Type Market 2019-2024 ($M)
15.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
15.2 Hosted Market 2019-2024 ($M) - Regional Industry Research
16.South America Market Analysis By User Type Market 2019-2024 ($M)
16.1 SMB Market 2019-2024 ($M) - Regional Industry Research
16.2 Enterprises Market 2019-2024 ($M) - Regional Industry Research
17.Europe Financial Services Application Market Analysis By Software Market 2019-2024 ($M)
17.1 BI & Analytics Applications Market 2019-2024 ($M) - Regional Industry Research
17.2 Business Transaction Processing Market 2019-2024 ($M) - Regional Industry Research
17.3 Customer Experience Market 2019-2024 ($M) - Regional Industry Research
17.4 Enterprise IT Market 2019-2024 ($M) - Regional Industry Research
18.Europe Market Analysis By Services Market 2019-2024 ($M)
18.1 Consulting Services Market 2019-2024 ($M) - Regional Industry Research
18.2 Integration Services Market 2019-2024 ($M) - Regional Industry Research
18.3 Training & Support Services Market 2019-2024 ($M) - Regional Industry Research
18.4 Operations & Maintenance Market 2019-2024 ($M) - Regional Industry Research
19.Europe Financial Services Application Market Analysis By Deployment Type Market 2019-2024 ($M)
19.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
19.2 Hosted Market 2019-2024 ($M) - Regional Industry Research
20.Europe Market Analysis By User Type Market 2019-2024 ($M)
20.1 SMB Market 2019-2024 ($M) - Regional Industry Research
20.2 Enterprises Market 2019-2024 ($M) - Regional Industry Research
21.APAC Financial Services Application Market Analysis By Software Market 2019-2024 ($M)
21.1 BI & Analytics Applications Market 2019-2024 ($M) - Regional Industry Research
21.2 Business Transaction Processing Market 2019-2024 ($M) - Regional Industry Research
21.3 Customer Experience Market 2019-2024 ($M) - Regional Industry Research
21.4 Enterprise IT Market 2019-2024 ($M) - Regional Industry Research
22.APAC Market Analysis By Services Market 2019-2024 ($M)
22.1 Consulting Services Market 2019-2024 ($M) - Regional Industry Research
22.2 Integration Services Market 2019-2024 ($M) - Regional Industry Research
22.3 Training & Support Services Market 2019-2024 ($M) - Regional Industry Research
22.4 Operations & Maintenance Market 2019-2024 ($M) - Regional Industry Research
23.APAC Financial Services Application Market Analysis By Deployment Type Market 2019-2024 ($M)
23.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
23.2 Hosted Market 2019-2024 ($M) - Regional Industry Research
24.APAC Market Analysis By User Type Market 2019-2024 ($M)
24.1 SMB Market 2019-2024 ($M) - Regional Industry Research
24.2 Enterprises Market 2019-2024 ($M) - Regional Industry Research
25.MENA Financial Services Application Market Analysis By Software Market 2019-2024 ($M)
25.1 BI & Analytics Applications Market 2019-2024 ($M) - Regional Industry Research
25.2 Business Transaction Processing Market 2019-2024 ($M) - Regional Industry Research
25.3 Customer Experience Market 2019-2024 ($M) - Regional Industry Research
25.4 Enterprise IT Market 2019-2024 ($M) - Regional Industry Research
26.MENA Market Analysis By Services Market 2019-2024 ($M)
26.1 Consulting Services Market 2019-2024 ($M) - Regional Industry Research
26.2 Integration Services Market 2019-2024 ($M) - Regional Industry Research
26.3 Training & Support Services Market 2019-2024 ($M) - Regional Industry Research
26.4 Operations & Maintenance Market 2019-2024 ($M) - Regional Industry Research
27.MENA Financial Services Application Market Analysis By Deployment Type Market 2019-2024 ($M)
27.1 On-Premises Market 2019-2024 ($M) - Regional Industry Research
27.2 Hosted Market 2019-2024 ($M) - Regional Industry Research
28.MENA Market Analysis By User Type Market 2019-2024 ($M)
28.1 SMB Market 2019-2024 ($M) - Regional Industry Research
28.2 Enterprises Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Financial Services Application Market Revenue, 2019-2024 ($M)
2.Canada Financial Services Application Market Revenue, 2019-2024 ($M)
3.Mexico Financial Services Application Market Revenue, 2019-2024 ($M)
4.Brazil Financial Services Application Market Revenue, 2019-2024 ($M)
5.Argentina Financial Services Application Market Revenue, 2019-2024 ($M)
6.Peru Financial Services Application Market Revenue, 2019-2024 ($M)
7.Colombia Financial Services Application Market Revenue, 2019-2024 ($M)
8.Chile Financial Services Application Market Revenue, 2019-2024 ($M)
9.Rest of South America Financial Services Application Market Revenue, 2019-2024 ($M)
10.UK Financial Services Application Market Revenue, 2019-2024 ($M)
11.Germany Financial Services Application Market Revenue, 2019-2024 ($M)
12.France Financial Services Application Market Revenue, 2019-2024 ($M)
13.Italy Financial Services Application Market Revenue, 2019-2024 ($M)
14.Spain Financial Services Application Market Revenue, 2019-2024 ($M)
15.Rest of Europe Financial Services Application Market Revenue, 2019-2024 ($M)
16.China Financial Services Application Market Revenue, 2019-2024 ($M)
17.India Financial Services Application Market Revenue, 2019-2024 ($M)
18.Japan Financial Services Application Market Revenue, 2019-2024 ($M)
19.South Korea Financial Services Application Market Revenue, 2019-2024 ($M)
20.South Africa Financial Services Application Market Revenue, 2019-2024 ($M)
21.North America Financial Services Application By Application
22.South America Financial Services Application By Application
23.Europe Financial Services Application By Application
24.APAC Financial Services Application By Application
25.MENA Financial Services Application By Application
26.Misys, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Accenture, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.IBM Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Oracle Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.SAP SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Infosys, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Temenos, Sales /Revenue, 2015-2018 ($Mn/$Bn)