The global finance app market size is expected to reach USD 2.01 billion by 2028, registering a CAGR of 11.1% over the forecast period, according to a new report by Million Insights. The market growth is owing to the rising demand for tracking investment apps from consumers in emerging economies, such as China and India. Moreover, the increasing demand for one-stop digital money management app services in Europe is refuelling the market growth.
Rising demand for customized budgeting app across the globe is propelling the market growth. A surge in the adoption of the analytical app for better access to financial graphs is set to boost the growth of the market. Global key player Mint had updated the app service in the financial year 2021-2022 to analyse personal spending. The rising trend to adopt the micro-investing app in the Middle East and Africa is anticipated to boost the market growth.
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Key players are focusing to provide book-keeping management app to scan and upload financial documents. The prime key players are offering debt management BI tools to track financial statements. Multiple companies are providing financial updates for their clients to analyses asset management. A surge in the adoption of 5G connectivity across the globe will contribute to the commercial opportunities for the global key players.
Apple iOS store segment will register the highest growth over the forecast period. This can be credited to the growing demand for iCloud-based cloud storage systems from the consumers of the U.S. and Canada. Fewer security breaches and seamless connectivity are refueling the market growth. Jailbreaking for customization, multi-language, and smooth multitasking feature, and better access for the finical app also reflects the significant market growth over the forecast period.
The Asia Pacific region made the largest contribution in the global finance app of over 45% share in 2020 due to the rising demand for risk management solutions from the consumer the China and India. The rising trend in China to adopt business intelligence solutions to meet the need for financial institutions are propelling the market growth.
Finance App Market Report Highlights
• The Asia Pacific region made the largest contribution to the global market with a revenue share of over 45% in 2020. This can be credited to the rising demand for payments interface apps from the consumers of China and India
• Google play store segment held the highest revenue share of 65% in 2020. This can be credited to the rising demand for the enhanced spotlight search optimization-based app from the consumers of the U.K. and the U.S.
• Apple iOS Store segment is projected to witness a CAGR of 12.5% from 2021 to 2028. This can be attributed to the growing demand for premium trading app services from consumers of developed economies
• The Middle East and Africa region is projected to witness a CAGR of 13.6% from 2021 to 2028. Soaring demand for the peer-to-peer investing apps in Saudi Arabia is estimated to escalate the market growth over the forecast period.
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