Financial service application market size to grow by USD 54.72 billion by 2027; Driven by increasing government initiatives to digitalize the financial sector - Technavio

NEW YORK, Feb. 17, 2023 /PRNewswire/ -- According to Technavio, the global financial service application market size is estimated to grow by USD 54.72 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 7.85% during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 92.38 billion. North America will account for 36% of the market growth during the forecast period. For more Insights on market size Request a sample report

Financial service application market - Five Forces
The global financial service application market is fragmented, and the five forces analysis covers– 

• Bargaining Power of Buyers 
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
• Threat of Substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Financial service application market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Financial service application market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (large enterprise, small, and medium enterprise), deployment (on-premise and cloud-based), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The demand for financial service applications will be significant among large enterprises during the forecast period. The growth of the large enterprise segment is driven by the high adoption of technologically advanced services such as payment gateways and mobile wallets, the increase in the adoption of financial service applications, and the advent of modern vending machines equipped with contactless and card-based payments.

Geography Overview
By geography, the global financial service application market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global financial service application market.

• North America will account for 36% of the market growth during the forecast period. Factors such as rapid growth in digital connectivity, the penetration of prominent vendors, the rise in numerous online trading and finance platforms, technological innovations, and changes in the business and finance environment are driving the growth of the regional market.

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Financial service application market – Market Dynamics

Key factor driving market growth

• The market is driven by increasing government initiatives to digitalize the financial sector.
• Governments across the world are introducing various initiatives to digitize the financial sector.
• For instance, in July 2020, the National Bank of Canada corporate venture capital arm, NAventures, announced that it had invested USD 11 million in Flinks, a data company that enables businesses to connect their users with financial services.
• The initiative was to support the company's expansion in data connectivity and digitization in the financial services sector.
• Similarly, many nations across the world are making significant investments in digitalization to improve work efficiency and flexibility of their financial institutions.

Leading trends influencing the market 

• The rise in customer awareness about finance and digitization is a key trend in the market.
• Consumers across the world are becoming more aware of finance and are embracing digital technologies.
• The tech-savvy millennials are opting for various IoT platforms to execute day-to-day transactions.
• For instance, Millennials are increasing their dependency on digitized technology for their financial requirements such as payments, investments, remittances, crowdfunding, consumer banking, and lending through FinTech platforms.
• This is increasing the demand for financial service applications, which is driving the growth of the market.

Major challenges hindering the market growth

• Privacy and security concerns are major challenges hindering market growth.
• Payment solution providers use the personal data of customers to provide customized advertising messages and target key audiences.
• The indiscriminate use of such data can increase the risk to customer privacy.
• Most data collected by smartphones is processed and stored by vendors and it remains open to abuse.
• Such risks are discouraging consumers to make online transactions, thereby challenging the growth of the market.

Driver, trend, and challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report.

What are the key data covered in this financial service application market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the financial service application market between 2023 and 2027
• Precise estimation of the size of the financial service application market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the financial service application market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of financial service application market vendors

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Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global financial service application market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global financial service application market 2017 - 2021 ($ billion)

• 4.2 End-user Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

• 4.3 Deployment Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Deployment Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Large enterprise - Market size and forecast 2022-2027
• Exhibit 34: Chart on Large enterprise - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Large enterprise - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Large enterprise - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Large enterprise - Year-over-year growth 2022-2027 (%)

• 6.4 Small and medium enterprise - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Small and medium enterprise - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Small and medium enterprise - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Small and medium enterprise - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Small and medium enterprise - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ billion)

7 Market Segmentation by Deployment

• 7.1 Market segments 
• Exhibit 43: Chart on Deployment - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Deployment - Market share 2022-2027 (%)

• 7.2 Comparison by Deployment 
• Exhibit 45: Chart on Comparison by Deployment
• Exhibit 46: Data Table on Comparison by Deployment

• 7.3 On-premise - Market size and forecast 2022-2027
• Exhibit 47: Chart on On-premise - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Data Table on On-premise - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Chart on On-premise - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on On-premise - Year-over-year growth 2022-2027 (%)

• 7.4 Cloud-based - Market size and forecast 2022-2027
• Exhibit 51: Chart on Cloud-based - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Cloud-based - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Cloud-based - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Cloud-based - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Deployment 
• Exhibit 55: Market opportunity by Deployment ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 61: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 63: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 85: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 UK - Market size and forecast 2022-2027
• Exhibit 89: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 Canada - Market size and forecast 2022-2027
• Exhibit 97: Chart on Canada - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on Canada - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 Accenture Plc 
• Exhibit 108: Accenture Plc - Overview
• Exhibit 109: Accenture Plc - Business segments
• Exhibit 110: Accenture Plc - Key news
• Exhibit 111: Accenture Plc - Key offerings
• Exhibit 112: Accenture Plc - Segment focus

• 12.4 Broadcom Inc. 
• Exhibit 113: Broadcom Inc. - Overview
• Exhibit 114: Broadcom Inc. - Business segments
• Exhibit 115: Broadcom Inc. - Key news
• Exhibit 116: Broadcom Inc. - Key offerings
• Exhibit 117: Broadcom Inc. - Segment focus

• 12.5 Fidelity National Information Services Inc.
• Exhibit 118: Fidelity National Information Services Inc. - Overview
• Exhibit 119: Fidelity National Information Services Inc. - Business segments
• Exhibit 120: Fidelity National Information Services Inc. - Key news
• Exhibit 121: Fidelity National Information Services Inc. - Key offerings
• Exhibit 122: Fidelity National Information Services Inc. - Segment focus

• 12.6 Finastra 
• Exhibit 123: Finastra - Overview
• Exhibit 124: Finastra - Product / Service
• Exhibit 125: Finastra - Key offerings

• 12.7 Fiserv Inc. 
• Exhibit 126: Fiserv Inc. - Overview
• Exhibit 127: Fiserv Inc. - Business segments
• Exhibit 128: Fiserv Inc. - Key offerings
• Exhibit 129: Fiserv Inc. - Segment focus

• 12.8 Infosys Ltd. 
• Exhibit 130: Infosys Ltd. - Overview
• Exhibit 131: Infosys Ltd. - Business segments
• Exhibit 132: Infosys Ltd. - Key news
• Exhibit 133: Infosys Ltd. - Key offerings
• Exhibit 134: Infosys Ltd. - Segment focus

• 12.9 International Business Machines Corp. 
• Exhibit 135: International Business Machines Corp. - Overview
• Exhibit 136: International Business Machines Corp. - Business segments
• Exhibit 137: International Business Machines Corp. - Key offerings
• Exhibit 138: International Business Machines Corp. - Segment focus

• 12.10 Microsoft Corp. 
• Exhibit 139: Microsoft Corp. - Overview
• Exhibit 140: Microsoft Corp. - Business segments
• Exhibit 141: Microsoft Corp. - Key news
• Exhibit 142: Microsoft Corp. - Key offerings
• Exhibit 143: Microsoft Corp. - Segment focus

• 12.11 NCR Corp. 
• Exhibit 144: NCR Corp. - Overview
• Exhibit 145: NCR Corp. - Business segments
• Exhibit 146: NCR Corp. - Key news
• Exhibit 147: NCR Corp. - Key offerings
• Exhibit 148: NCR Corp. - Segment focus

• 12.12 Oracle Corp. 
• Exhibit 149: Oracle Corp. - Overview
• Exhibit 150: Oracle Corp. - Business segments
• Exhibit 151: Oracle Corp. - Key news
• Exhibit 152: Oracle Corp. - Key offerings
• Exhibit 153: Oracle Corp. - Segment focus

• 12.13 Salesforce.com Inc. 
• Exhibit 154: Salesforce.com Inc. - Overview
• Exhibit 155: Salesforce.com Inc. - Product / Service
• Exhibit 156: Salesforce.com Inc. - Key news
• Exhibit 157: Salesforce.com Inc. - Key offerings

• 12.14 SAP SE 
• Exhibit 158: SAP SE - Overview
• Exhibit 159: SAP SE - Business segments
• Exhibit 160: SAP SE - Key news
• Exhibit 161: SAP SE - Key offerings
• Exhibit 162: SAP SE - Segment focus

• 12.15 SS and C Technologies Holdings Inc. 
• Exhibit 163: SS and C Technologies Holdings Inc. - Overview
• Exhibit 164: SS and C Technologies Holdings Inc. - Product / Service
• Exhibit 165: SS and C Technologies Holdings Inc. - Key news
• Exhibit 166: SS and C Technologies Holdings Inc. - Key offerings

• 12.16 Tata Consultancy Services Ltd. 
• Exhibit 167: Tata Consultancy Services Ltd. - Overview
• Exhibit 168: Tata Consultancy Services Ltd. - Business segments
• Exhibit 169: Tata Consultancy Services Ltd. - Key news
• Exhibit 170: Tata Consultancy Services Ltd. - Key offerings
• Exhibit 171: Tata Consultancy Services Ltd. - Segment focus

• 12.17 Temenos Headquarters SA 
• Exhibit 172: Temenos Headquarters SA - Overview
• Exhibit 173: Temenos Headquarters SA - Business segments
• Exhibit 174: Temenos Headquarters SA - Key news
• Exhibit 175: Temenos Headquarters SA - Key offerings
• Exhibit 176: Temenos Headquarters SA - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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