The global finance app market size was valued at USD 896.7 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.1% from 2021 to 2028. This can be credited to the rising demand for asset management app in the Asia Pacific region. Growing demand for budget and expenses management apps across the world is anticipated to refuel the market growth. Moreover, a surge in the adoption of financial trackers and money manager apps in the U.S. is projected to boost the growth. Soaring demand for secured transaction-based financial and bill tracking apps is bolstering the growth of the market.
However, a higher subscription cost of in-app purchase services of financial apps is hindering the growth. At present, key players are focusing to adopt cloud-based banking apps. Hence, the market is expected to perform significant market growth over the forecast period. Growing investment from Apollo Pty. Ltd. to provide flexible budgeting for clients along with rapidly growing demand for manual bank updates across the globe are refueling the market growth. This tool is majorly used to provide insightful financial reports. The growing demand for bill reminders and payment alert tools in the U.S. is set to drive market growth.
During the pandemic era, several government authorities had enforced national lockdown. The rapidly changing situations and the fluctuating expectations of customers had taken a dramatic shift in supply chain management. The global supply chain was tumble-down due to the strict regulation implemented across the globe. The finance apps market had gained traction during the pandemic era owing to the rising demand for financial management services. The growing demand for stock investment apps from Indian consumers further propelled the market growth.
Simple and hassle-free financial management, manual addition of cash expenses, and direct deposit reimbursement are offered by the key players of the market. The rising concern for accounting integrations including Quick Books, Xero, Intacct, and Net Suite are are refueling the market growth. The key players of the market are providing analytical approach for the finance app with the help of android and iOS-based platforms. Bill payment history improves the transparency of financial transaction, which in turn, will refuel the market growth.
Google play store segment led the market for finance apps in 2020. The segment contributed to the highest revenue share of over 65% in 2020. Open ecosystem, customizable user interface, and affordable development features are refueling the market growth. Android platform is providing self-contained analytical tools for several financial applications. Larger number of finance apps available in the play store will raise the popularity in the forthcoming years.
The other segment is projected to register significant market growth over the forecast timeline. Rising demand for more secured MeeGo OS, Bada, and Linux-based operating systems from the consumers of China is propelling the market growth. The best graphical user interface and easy integration of financial applications are the prime features of the Bada operating system. Location-based services and the flexibility of the Bada platform will further contribute to enhancing the market growth.
Asia Pacific made the largest contribution in the global finance app of over 45% share in 2020 due to the rising awareness of financial planning from the consumer the China and India. The rising trend in China to adopt voice-controlled banking apps with the feature of in-app purchases is propelling the growth. The market share of India is driven by the rising demand for AI-based trading apps. Ease of accessibility of financial data analytics to track spending will contribute to the growth. The rising demand for block chain-based security and new finance models is anticipated to boost the growth.
Middle East and Africa is projected to witness a CAGR of 13.6% from 2021 to 2028. This can be attributed to the growing demand for the accounting app from the retail consumers of Saudi Arabia and South Africa. Saudi Arabia is witnessing an emerging trend of embracing personal banking apps to evaluate financial representation. The growing adoption of in-voice management-based app in South Africa is estimated to escalate growth over the forecast period. The rising demand for the tax calculator-based finance app is anticipated to further boost the growth.
Companies primarily focus on providing a zero-based budget methodology for the finance apps. The prime key players are offering rapid development of wealth management app. Multiple companies are providing built-in intelligence-based financial solutions. Soaring demand for Android and Apple iOS-based devices across the globe will create lucrative opportunities for the global key players. Some of the prominent players operating in the global finance app market are:
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 966.7 million |
|
Revenue forecast in 2028 |
USD 2.01 billion |
|
Growth Rate |
CAGR of 11.1% from 2021 to 2028 |
|
Base year for estimation |
2020 |
|
Historical data |
2017 - 2019 |
|
Forecast period |
2021 - 2028 |
|
Quantitative units |
Revenue in USD Million/Million and CAGR from 2021 to 2028 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Marketplace, region |
|
Regional scope |
North America; Europe; Asia Pacific; Central & Central & South America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; France; China; India; Japan; Brazil; Argentina; Saudi Arabia; South Africa |
|
Key companies profiled |
Appello Pty. Ltd.; Arateg; Emizen Tech; NIX United; Shakuro; Arka Softwares; Peerbits; Endive Software; Diceus; Sidebench Studios |
|
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Million Insights has segmented the global finance apps market based on marketplace and region:
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