Financial Services Applications Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Financial Services Application Market Trends & Industry Overview and It is Segmented by Offering (Software, Service), Deployment (Cloud, On-Premise), Size of Enterprise (Small and Medium Enterprise, Large Enterprise), and Geography. The Market Sizes and Forecasts are in Terms of Value (USD) for all the Above Segments.

Financial Services Applications Market Size

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Financial Services Application Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 146.65 Billion
Market Size (2029) USD 271.75 Billion
CAGR (2024 - 2029) 13.13 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Financial Services Application Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Financial Services Applications Market Analysis

The Financial Services Application Market size is estimated at USD 146.65 billion in 2024, and is expected to reach USD 271.75 billion by 2029, growing at a CAGR of 13.13% during the forecast period (2024-2029).

With the rising trend of introducing various online solutions and innovations, like person-to-person payment, online transfers, alerts, and other services by financial institutions, financial services applications have gained significant importance. 

  • The rise in digital technology adoption is accelerating in the financial services sector. Paying in cash, attending face-to-face meetings with financial advisors, and even using ATMs are all curtailing aspects of financial services.
  • Businesses worldwide require systems that can use customer data to comprehensively analyze usage patterns, demand peaks, and consumption fluctuations to arrive at decisions. It increases the need for a system that handles big data effectively. This demand for business analytics tools drives the market forward.
  • The banking and financial sector incorporates risk in mainstream decision-making, using technology to promote a risk management culture. It consistently monitors performance, provides relevant market intelligence, and delivers business and profitability insights.
  • Moreover, using technology, such as artificial Intelligence, business intelligence tools, and automation tools, the financial services sector offers new convenience to users, such as digital account opening, chatbots, peer-to-peer payments, and digital loans. According to Accenture, artificial Intelligence will account for USD 1.2 trillion in the financial industry by 2035.
  • Payment transactions, card payments, and instant payments are rapidly increasing and changing, impacting millions of households worldwide. As the number of payment transactions rises, the chances of cybercrime and data breaches also rise. It is estimated that financial services could lose billions of dollars only due to cybercrime. Several companies are focusing on strategic partnerships and new product development to address security and compliance requirements to reduce the risk of cybercrime rates. For instance, in May 2023, Mastercard hosted its first-ever Fraud and Cyber Security Forum in Ghana in partnership with the Ghana Cyber Security Authority. The event primarily brings together key major players in the entire ecosystem, involving regulators, financial institutions, and fintech, to study the recent fraud trends and address the various crucial aspects of cybersecurity in Ghana.
  • The COVID-19 pandemic imposed several business challenges on the financial services sector, such as liquidity shortage, short-term drop in demand for credit, cost-reduction in business models, digitizing key operational activities, and adapting to new and revised guidelines by governments.
  • In the current scenario, financial services organizations need an effective and reliable business intelligence solution to meet their business demands. Moreover, due to an increasing number of financial institutions, there is a need for such financial services, which is expected to promote market growth.

Financial Services Applications Market Trends

BI & Analytics Application is Expected to Witness High Growth

  • The financial sector is one of the most data-intensive sectors in the global economy. Banks and other financial institutions include customer data, such as transactions, payments, withdrawals, and sales points, which they cannot use to gain insights.
  • In the financial industry, business intelligence helps the organization maximize its potential, products, and services. Real-time analytics tools like Power BI help financial firms make accurate decisions.
  • BI solutions can effectively add value in KPI measurement, knowledge management, analytics, reporting, and collaboration. Further, BI tools are also utilized as a trigger for notifying specific events. Additionally, the market witnessed increased adoption of self-service analytics tools, wherein end users can achieve insights with minimal technical knowledge.
  • Using BI in the financial sector makes business easier and gives a competitive advantage over other institutions. Banks, credit card companies, insurance agents, etc., must constantly add new customers to their base and expand their market share. Business intelligence gives companies the information needed to reach their goals.
  • Big data analytics is also considered an integral application for business intelligence in the industry. It helps uncover patterns, trends, and correlations in large amounts of raw data to help companies make data-informed decisions. Hence, a rise in the overall adoption of Big data analytics is anticipated to make the market witness exponential growth during the forecast period.
Financial Services Application Market: Population using Digital Banking, In Percentage, United States, 2022

North America to Hold a Significant Market Share

  • In the United States, there lies a growing trend in terms of adopting the latest technologies, including artificial intelligence by banks and financial organizations to offer more personalized services to customers.
  • The country is one of the significant markets for financial technology adoption, mainly due to being a pioneer in FinTech, further buoyed by the presence of major financial giants in the region.
  • Businesses worldwide need systems that can use customer data to exhaustively analyze usage patterns, demand peaks, and consumption changes and arrive at a decision. It boosts the need for a system that handles big data effectively, and this demand for business analytics tools drives the market forward. The growing adoption of financial service applications increased the sophistication of decisions being taken in organizations, providing increased reassurance to stakeholders.
  • Furthermore, digital transaction volumes are increasing as more people open accounts and manage their finances online. With that growth comes more sophisticated fraud, such as synthetic identity fraud and account takeover, impacting businesses and consumers.
  • Mastercard introduced an enhanced Open Banking account opening solution to advance its vision of providing safe, simple, and intelligent choices in payments and financial services. This innovation consolidates account holder verification and identity insights into a single API to help businesses meet customer needs for security and transparency.
  • In October 2023, CLEAR, the secure identity company, declared its first product in financial services with one of the only reusable Know Your Customer (KYC) solutions. CLEAR's one-click KYC solution primarily delivers a frictionless consumer experience that is mainly aimed at helping financial services companies combat the traditional drop-off in signups, especially when customers are required to complete cumbersome KYC checks.
  • Moreover, in May 2023, Stripe announced a strategic partnership with Microsoft to help North American Business to accept payments directly in Microsoft Teams. Stripe would power Teams Payments, allowing meeting hosts to take real-time card payments during virtual classes, appointments, events, and many more. Businesses can now set advance payment through Stripe as a requirement to join a Teams session.

Financial Services Application Market

Financial Services Applications Industry Overview

The financial services application market is moderately competitive, owing to the presence of a large number of market players operating both in domestic as well as international markets. The market appears to be mildly concentrated, with the key strategies adopted by major players being product and service innovation, mergers, and acquisitions. Some of the major players in the market are Accenture Plc, Corporation, and Oracle Corporation, among others.

  • January 2024 - Worldline, a worldwide provider of payment services, and Google entered into a strategic partnership to leverage advanced cloud-based technologies from Google Cloud to enhance Worldline's digital transformation further. As a crucial part of the partnership, Google would work with Worldline to augment seamless online payments for Google's customers in Europe. In addition, both companies would jointly address various go-to-market opportunities and deliver new and enhanced digital customer experiences for merchants as well as financial institutions.
  • January 2024 - Vodafone and Microsoft Corporation entered into a 10-year strategic partnership that mainly leverages their respective strengths in providing scaled digital platforms to over 300 million businesses, public sector organisations, as well as consumers throughout Africa and Europe. Through the partnership, the companies would mainly collaborate to transform Vodafone's customer experience utilizing Microsoft's generative AI, hyperscale Vodafone's managed IoT connectivity platform, build new digital and financial services for businesses, and overhaul its global data centre cloud strategy.

Financial Services Applications Market Leaders

  1. Accenture Plc

  2. FIS Corporation

  3. Fiserv, Inc.

  4. IBM Corporation

  5. Infosys Limited

*Disclaimer: Major Players sorted in no particular order

Financial Services Application Market Concentration
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Financial Services Applications Market News

  • January 2024 - Hitachi Payment Services has introduced Hitachi Money Spot Plus, especially for inclusive financial services, as well as to combine an extension to its existing suite of services and further enhance growth. The list of services included in Hitachi Money Spot Plus includes ATM Services, Domestic Money Transfers, Aadhaar Enabled Payment Services, Micro Mobile and DTH Recharges, and Bill Payments.
  • January 2024 - Tiqmo, a fintech app that is mainly licensed by the Saudi Central Bank (SAMA), penned an exclusive issuing partnership agreement with Mastercard with the aim to issue prepaid cards in Saudi Arabia. The app would primarily deploy Mastercard's solutions, involving Cross-Border Payment services and tokenization, to provide consumers wider access to an advanced suite of modern payment services. In line with Vision 2030 and the Kingdom's digital transformation objectives, the partnership plays a crucial role in backing the two parties' objectives to redefine financial services by introducing advanced digital services, products, and experiences.

Financial Services Applications Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Assessment of COVID-19 Impact on the Market


    1. 5.1 Market Overview

    2. 5.2 Market Drivers

      1. 5.2.1 Increased Number of Financial Institutions

      2. 5.2.2 Increasing Emphasis on Customer Experience

    3. 5.3 Market Restraints

      1. 5.3.1 High Deployment Costs


    1. 6.1 By Offerings

      1. 6.1.1 Software

        1. Audit, Risk, and Compliance Management

        2. BI and Analytics Applications

        3. Business Transaction Processing

        4. Customer Experience

        5. Enterprise IT

      2. 6.1.2 Services

        1. Consulting Services

        2. Integration Services

        3. Training and Support Services

        4. Operations and Maintenance

    2. 6.2 By Deployment

      1. 6.2.1 Cloud

      2. 6.2.2 On-Premise

    3. 6.3 By Size of Enterprise

      1. 6.3.1 Small and Medium Enterprises

      2. 6.3.2 Large Enterprises

    4. 6.4 By Geography***

      1. 6.4.1 North America

      2. 6.4.2 Europe

      3. 6.4.3 Asia

      4. 6.4.4 Australia and New Zealand

      5. 6.4.5 Latin America

      6. 6.4.6 Middle East and Africa


    1. 7.1 Company Profiles

      1. 7.1.1 Accenture PLC

      2. 7.1.2 FIS Corporation

      3. 7.1.3 Fiserv, Inc.

      4. 7.1.4 IBM Corporation

      5. 7.1.5 Infosys Limited

      6. 7.1.6 Misys

      7. 7.1.7 Oracle Corporation

      8. 7.1.8 SAP SE

      9. 7.1.9 TCS Ltd

      10. 7.1.10 Temenos Group Ag

    2. *List Not Exhaustive


**Subject to Availability
***In the final report, Asia, Australia, and New Zealand will be studied together as 'Asia Pacific'
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Financial Services Applications Industry Segmentation

Financial services application is the products and services institutions offer for various financial transactions and other related financial services, like consulting services, integration services, audit, risk, and compliance management.

The Financial Services Application Market is segmented by offering (software (audit, risk, and compliance management, BI and analytics applications, business transaction processing, customer experience, and enterprise IT) and service (consulting, integration, training and support, and operations and maintenance)), deployment (cloud and on-premises), size of enterprise (small and medium enterprises and large enterprises), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The market sizes and forecasts are in terms of value (USD) for all the above segments.

By Offerings
Audit, Risk, and Compliance Management
BI and Analytics Applications
Business Transaction Processing
Customer Experience
Enterprise IT
Consulting Services
Integration Services
Training and Support Services
Operations and Maintenance
By Deployment
By Size of Enterprise
Small and Medium Enterprises
Large Enterprises
By Geography***
North America
Australia and New Zealand
Latin America
Middle East and Africa
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Financial Services Applications Market Research FAQs

The Financial Services Application Market size is expected to reach USD 146.65 billion in 2024 and grow at a CAGR of 13.13% to reach USD 271.75 billion by 2029.

In 2024, the Financial Services Application Market size is expected to reach USD 146.65 billion.

Accenture Plc, FIS Corporation, Fiserv, Inc., IBM Corporation and Infosys Limited are the major companies operating in the Financial Services Application Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Financial Services Application Market.

In 2023, the Financial Services Application Market size was estimated at USD 127.39 billion. The report covers the Financial Services Application Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Financial Services Application Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Financial Services Applications Industry Report

Statistics for the 2024 Financial Services Applications market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Financial Services Applications analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Financial Services Applications Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)