Financial Services Application Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Financial Services Application Market is segmented by Offering (Software, Service), Deployment (Cloud, On-premise), Size of Enterprise (Small and Medium Enterprise, Large Enterprise), and Geography.

Market Snapshot

Financial Services Applications Market Size
Study Period: 2020-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 7.89 %

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Market Overview

The Financial Services Application market is expected to reach a CAGR of 7.89% over the forecast period 2022 - 2027. Financial services applications have become focused since financial institutions have introduced online solutions and innovations, such as person-to-person payment, online transfers, alerts, and other services.

  • With rapid changes in design, delivery, and providers of the financial services ecosystem, the core needs of financial services remain the same: payments, investment management, market provisioning, insurance, deposits and lending, and capital raising.
  • Businesses worldwide require systems that can use customer data to comprehensively analyze usage patterns, demand peaks, and consumption fluctuations to arrive at decisions. This increases the need for a system that handles big data effectively. This demand for business analytics tools drives the market forward.
  • With the use of technology, the banking and financial sector incorporates risk in mainstream decision-making, promoting a culture of risk management that 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.
  • The COVID-19 pandemic imposed several business challenges to 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.

Scope of the Report

Financial services application is defined as the products and services offered by institutions for various financial transactions and other related services in the world of finance, like Consulting Services, Integration Services and audit, risk, and compliance management, among others.

The Financial Services Application Market is segmented by Offering (Software, Service), Deployment (Cloud, On-premise), Size of Enterprise (Small and Medium Enterprise, Large Enterprise), and Geography.

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
Latin America
Middle East & Africa

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Key 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 have a huge amount of customer data, such as transactions, payments, withdrawals, and sales points, which they cannot use to gain insights.
  • 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 has witnessed increased adoption of self-service analytics tools, wherein end users can achieve insights with minimal technical knowledge.
  • Big data analytics is also considered an integral application for business intelligence in the industry. Major enterprises worldwide believe that analytics will completely change the competitive landscape of various industries, and the lack of adoption of big data analytics strategies will result in a crumbling of the market share of the companies in the near future.
  • It is significant in shaping the companies' future by helping the enterprises find essential business significance. Big data analytics is anticipated to witness exponential growth during the forecast period.
  • According to Accenture, In 2018, around 75 percent of Millennials in the United States used digital banking, which is set to rise to 77.6 percent by 2022. The data depicts the growth of financial services in the United States, which will further boost the BI and analytics application in financial services in the united states.
Financial Services Application Market

North America to Hold a Significant Market Share

  • Many banks and financial organizations in the country have adopted the latest technologies, such as artificial intelligence (AI), to offer more personalized services to customers in the United States.
  • Businesses across the world need systems that can use customer data to exhaustively analyze usage patterns, demand peaks, and consumption changes and arrive at a decision. This 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 has increased the sophistication of decisions being taken in organizations, providing increased reassurance to stakeholders.
  • In April 2022, CIBC Innovation Banking announced that it is opening a new office in Seattle, Washington, to help support the growth ambitions of the hundreds of existing and emerging start-ups in the area. Through this new office, CIBC Innovation Banking will look to deliver its robust expertise in growth capital, advisory, and cash management to innovative companies in the Seattle area.
  • 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.
  • Various institutions, such as the Office of the Comptroller of the Currency, in the United States, have taken necessary measures to achieve a uniform and national set of standards for financial technology institutions, further expected to augment the market for such technologies.
Financial Services Application Market

Competitive Landscape

The financial services application market is moderately competitive, owing to the presence of many players in domestic and 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.

  • March 2021 - Google Cloud and Commerzbank, a German commercial bank, announced that they are expanding their collaboration by entering into a strategic partnership of five years. Google Cloud will help Commerzbank to drive many of its banking applications to the cloud, a continuation of a comprehensive digital transformation. Google Cloud will support Commerzbank in building a cloud transformation organization and innovating new solutions for the bank's customers.

Recent Development

  • July 2022 - Fortinet, an integrated and automated cybersecurity solutions company, announced the launch of FortiCNP. This new built-in-the-cloud offering correlates security findings across an organization's cloud footprint to facilitate friction-free cloud security operations. FortiCNP offers comprehensive cloud visibility with an intuitive dashboard that allows customers to track risk management over time easily.
  • January 2022 - Oracle announced the launch of its first cloud region in Africa in response to the continent's rising demand for enterprise cloud services. The Oracle Cloud Johannesburg Region will accelerate cloud adoption in Africa while assisting businesses to improve their performance and foster continuous innovation. This new cloud region marks Oracle's 37th cloud region.

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 Force 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-Pacific

      4. 6.4.4 Latin America

      5. 6.4.5 Middle East & 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

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Frequently Asked Questions

The Financial Services Application Market market is studied from 2020 - 2027.

The Financial Services Application Market is growing at a CAGR of 7.89% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

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

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