European Financial Applications Forecast, 2024-2028

This IDC Market Forecast provides analysis and sizing of the European financial applications market for 2021-2023 and forecasts for 2023-2028. The European financial applications market managed to surpass its estimated growth for 2023, reaching $12.7 billion compared with IDC's previous prediction of $10.9 billion. Revenue increased nearly $1.2 billion from 2022. This study analyzes the functional market by deployment model (software as a service or SaaS and on-premises/other) and provides a view of the Western Europe (WE) and Central & Eastern Europe (CEE) subregions."Cloud-based technology is the clear direction for both tech buyers and tech suppliers within the European financial applications market. While cost savings, scalability, and improved security are the very apparent benefits of cloud-based solutions for organizations, in the rapidly changing landscape of financial applications, the flexibility that it offers is the Holy Grail. Several prominent application providers have the same view, with some announcing end-of-life support for on-premises solutions. While such application providers will face the innovative challenge of continually discovering and embedding product enhancements for end users, organizations falling under the late-adopter category when transitioning to cloud could soon find themselves lagging by way of accessing and leveraging the full capabilities of their core financial solutions," said Charles Aladesuru, research manager, IDC European Enterprise Applications.