Increased Smart Phone User a significant factor behind the growth of Financial Service Application Market

2018-03-30 16:57:07

According to a new report published by Reports Monitor titled, “Global Financial Service Applications  Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Financial Service Applications market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. 

Financial service applications are software designed to automate, assist and store the financial information of the personal or business nature. The development of the application is done by considering the principle of the financial information management

Increased usage of smart phones and digital online channels for banking forms the major factor in driving the growth of the market. There is an increased adoption of these financial services from opening a simple bank account to availing a loan. Adoption of cloud based services for integration with the functional departments has resulted in improving the efficiency of financial service management, hence boosting the market growth. However the higher cost involved in the deployment of the applications may result in hampering the market growth. 

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This report provides a detailed analysis of Financial Service Applications market, which includes current industry situations such as market size, growth and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and swot analysis. It covers the market canvas and the growth opportunities in the coming years. The report has been made with an in-depth analysis along with important inputs from the various industry experts. The research is carried out with both extensive primary and secondary data sources with bottom-up and top-down approaches.

The financial service application market is majorly segmented on the basis of software and services, deployment model, and by user-type. Based on the software, market is bifurcated into: Audit, Risk, and Compliance Management, BI and Analytics Applications, Business Transaction Processing, Customer Experience,   Enterprise IT, while depending on the services, market is segmented into: consulting, integration, training and support and operation and maintenance services. Depending on the deployment model, market is segmented into: On-premise and cloud based method. On the basis of user-type, market is classified into: SMB and enterprises. 

Geographically, the Financial App is segmented into four different regions, namely North America, Asia Pacific, Europe, and LAMEA (Latin America, Middle East and Africa).North America is expected to hold the major market share owing to the increased implementation of business intelligence and professional services in U.S. and Canada. Asia Pacific is also anticipated to be the fastest growing region in the Financial App market through the forecast period, with India, Japan, and China as the leading countries due to increasing number of smartphone user and expansion in the IT sectors.

The major key vendors operating in the market are :Accenture , IBM Corporation , Oracle Corporation ,  SAP SE , TCS , FIS ,  Fiserv, Inc. , Infosys ,Misys ,Temenos. The major companies in the market are focusing to expand the market share by adopting the strategies such as mergers and acquisitions and innovation in products.

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