LONDON--(BUSINESS WIRE)--The global fintech software market is expected to register a CAGR of over 7% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the need to improve business efficiency. Increase in the number of connected devices in industries has led to massive amounts of data generation. Businesses have realized that they can use this data to optimize costs, deliver better services, and boost revenues. They have also identified opportunities to change business models. For example, high cost is involved in traditional banking systems due to physical distribution of data. However, due to digitalization of the process and innovative financial technologies such as MobileFirst banking, physical cost has been reduced with enhanced efficiency.
This market research report on the global fintech software market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising demand for data integration and visual analytics as one of the key emerging trends in the global fintech software market:
Global fintech software market: Rising demand for data integration and visual analytics
Increasing data proliferation and complexity have made the process of deploying and maintaining reliable data interfaces more difficult. Enterprises are adopting data integrating solutions to overcome such instances. Fintech software offers on-demand accessibility for real-time synthesis of data, thereby ensuring real-time analysis for effective decision-making process. It enables enterprises to monitor, transform, and deliver data; understand business processes, and bridge the gap between businesses and IT. It also helps enterprises integrate technical and business processes from different sources and convert them into meaningful and valuable information.
“The need for analyzing, transforming, monitoring, and interpreting data has become a priority to facilitate different financial organizations owing to the exponential increase in data volume. As more and more number of companies are becoming global, customer, suppliers, and other concerned people scattered around the world need to be connected through real-time information. To achieve this, companies require integration platforms to link multiple enterprise systems with web and wireless applications,” says a senior analyst at Technavio for research on enterprise application.
Global fintech software market: Segmentation analysis
This market research report segments the global fintech software market into the following end-users (banking, insurance, and securities) and key regions (the Americas, APAC, and EMEA).
The banking segment held the largest market share in 2017, accounting for nearly 49% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The Americas held the highest share of the global fintech software market in 2017, accounting for a market share of approximately 45%. The market share occupied by this region is anticipated to decrease during 2018-2022.
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