Financial services application enables financial institutions to plan and optimize operations as well as uncover new opportunities, driving global financial services application market until 2024
According to TechSci Research report, “Global Financial Services Application Market By Product, By Deployment, By Enterprise Size, By Region, Competition, Forecast & Opportunities, 2024”, financial services application market, globally, is forecast to grow at a CAGR of over 8% during the forecast period, on the back of rising need for automating financial transaction processes. Owing to increasing number of financial institutions, there is rising demand for financial services to optimize workforce, thereby positively influencing the market. Moreover, enhanced focus on customer experience and emergence of digital channel for banking is anticipated to drive global financial services application market during forecast period.
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In terms of software, the market can be segmented into
audit, risk, & compliance management, business intelligence & analytics
applications, business transaction processing, customer experience and
enterprise IT. Business intelligence & analytics application is one of the
major segments of the market, as it helps to understand end-users in a better
way, drive performance and revenue, improve operational efficiency and provide
personalized services. Accenture Plc., IBM Corp., Fiserv Inc., SAP SE, Tata Consultancy
Services Ltd. and Infosys Ltd. are the major players operating in global
financial services application market. Companies operating in the market are
using organic strategies such as product launches, mergers and collaborations
to boost their share. In February 2019, Accenture completed the acquisition of
Orbium, a technology services and management consultancy provider to the
financial services industry.
“Backed by the adoption of advanced technologies, such as artificial intelligence by several financial institutes in North America, the region is expected to dominate global financial services application market in coming years. United States is one of the prominent countries in the FinTech market and presence of major players in the region contribute to the leading share of North America financial services application market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Financial Services Application Market By
Product, By Deployment, By Enterprise Size, By Region, Competition, Forecast
& Opportunities, 2024” has
evaluated the future growth potential of global financial services application
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global financial services application