The term personal finance software refers to a specialized computer program or application created to assist people in properly managing their personal money. Users can track income, expenses, assets, budgets, and financial objectives using a wide range of tools and services that are offered by the platform. To import and categorize transactions automatically and do away with the necessity for manual data entry, customers can link their bank accounts, credit cards, and other financial accounts. By presenting a summary of income and expenses, it also enables users to analyze their spending habits, pinpoint areas for saving, and make wise financial decisions. It assists users in monitoring their financial status, reminds them when payments are due, and helps them avoid late fees and other consequences by sending timely notifications.
Rise in need to track and manage income and increase in dependency on the internet is boosting the growth of the global personal finance software market. In addition, increase in use of digital transformation technology is positively impacts growth of the personal finance software market. However, lack of awareness about personal finance software and increasing security concerns is hampering the personal finance software market growth. On the contrary, increased adoption of personal finance software among developing economies is expected to offer remunerative opportunities for expansion of the personal finance software market during the forecast period.
The personal finance software market is segmented on the basis of by product type, end user, and region. On the basis of product type, the market is categorized into web-based software and mobile-based software. By end user, it is classified into small businesses users, and individual customers. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the personal finance software market are Quicken Inc., The Infinite Kind, You Need a Budget LLC, Microsoft, Moneyspire Inc., doxo Inc., BUXFER INC., Personal Capital Corporation, Money Dashboard, PocketSmith Ltd., and others. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry
Rise in need to track and manage income and increase in dependency on the internet is boosting the growth of the global personal finance software market. In addition, increase in use of digital transformation technology is positively impacts growth of the personal finance software market. However, lack of awareness about personal finance software and increasing security concerns is hampering the personal finance software market growth. On the contrary, increased adoption of personal finance software among developing economies is expected to offer remunerative opportunities for expansion of the personal finance software market during the forecast period.
The personal finance software market is segmented on the basis of by product type, end user, and region. On the basis of product type, the market is categorized into web-based software and mobile-based software. By end user, it is classified into small businesses users, and individual customers. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the personal finance software market are Quicken Inc., The Infinite Kind, You Need a Budget LLC, Microsoft, Moneyspire Inc., doxo Inc., BUXFER INC., Personal Capital Corporation, Money Dashboard, PocketSmith Ltd., and others. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global personal finance software market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global personal finance software market trend is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.
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Key Market Segments
By Product Type
- Web-based Software
- Mobile-based Software
By End User
- Small Businesses Users
- Individual Consumers
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- BUXFER INC
- Money Dashboard Limited
- The Infinite Kind
- Moneyspire Inc
- Microsoft Corporation
- You Need a Budget LLC
- doxo Inc
- Personal Capital Corporation
- PocketSmith Ltd
- Quicken Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PERSONAL FINANCE SOFTWARE MARKET, BY PRODUCT TYPE
CHAPTER 5: PERSONAL FINANCE SOFTWARE MARKET, BY END USER
CHAPTER 6: PERSONAL FINANCE SOFTWARE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the personal finance software market was valued at $1.4 billion in 2022, and is estimated to reach $4.2 billion by 2032, growing at a CAGR of 12.2% from 2023 to 2032.Personal finance software enables businesses and individuals to track income and expenses in budgeting. Personal finance software is software that manages one’s savings, investments, and spending automatically. It can also aid in banking, mortgages, retirement planning, budgeting, and tax and estate planning. It assesses one’s financial situation and provides details for accomplishing financial goals effectively. Personal finance software can prevent interest on late payments by providing scheduled reminders for deposits, bills, and paychecks, among others.
Key factors driving the growth of the personal finance software market Rise in need to track and manage income, Increase in dependency on the internet, and Increase in use of digital transformation technology. Digitization is the process of converting data or information into a digital format with the adoption of advanced technology. It plays an important role in the financial sector owing to the surge in need among personal finance providers for providing enhanced customer services and to improve the security of the customer. Furthermore, SaaS helps financial institutes to offer digital services to their customers and saves time on personal finance, which propels the growth of the market.
In addition, the rise in demand for digital transformation technology in the financial institutions and surge in dependency of various banks on SaaS solutions drive the growth of the market. In addition, market players across the globe have adopted various advanced technology such as blockchain technology, big data, and AI to increase the productivity with minimal resource utilized drives the growth of the market.
The market also offers growth opportunities to the key players in the market. Developing economies of Asia-Pacific and LAMEA possess high potential for expansion of financial technology (fintech) services, which is expected to drive market growth during the forecast period. Furthermore, the continuous rise in internet and mobile phones penetration in the developing countries provide numerous opportunities for the market. For instance, in 2022, according to survey conducted by Marqeta, the company surveyed 4,000 people across the U. S., UK, and Australia and found that, on average, 75% of respondents had used a mobile wallet in the last year.
Furthermore, AI and machine learning assist financial institutes at various stages of risk management process ranging from identifying risk exposure, measuring, estimating, to assessing its effects. Moreover, increase in investments in AI and machine learning offers the potential to transform the area of automation for time-consuming, mundane processes, and offers a far more streamlined and personalized customer experience, which enhances the growth of the market. In addition, major financial institutes such as Bank of America, JPMorgan, and Morgan Stanley, invest heavily in ML technologies to develop automated investment advisors and train systems to detect flags such as money laundering techniques and for other fraud cases, which in turn is expected to provide lucrative opportunity for the growth of the market.
The Personal finance software market is segmented on the basis of by product type, end user, and region. On the basis of product type, the market is categorized into web-based software and mobile-based software. By end user, it is classified into small businesses users, and individual customers. Region wise, it is analyzed across North America (the U. S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study Quicken Inc., The Infinite Kind, You Need a Budget LLC, Microsoft, Moneyspire Inc., doxo Inc., BUXFER INC., Personal Capital Corporation, Money Dashboard, PocketSmith Ltd. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in July 2020, doxo inc launched doxoPLUS all-in-one bill pay subscription with 5 essential protections to improve consumer financial health..
Key Market Insights
By product type, the web-based software segment was the highest revenue contributor to the market, and is estimated to reach $2.07 billion by 2032, with a CAGR of 46.2%. However, the mobile-based software segment is estimated to be the fastest growing segment with the CAGR of 14.7% during the forecast period.By end-user, the small businesses user segment dominated the global market, and is estimated to reach $3.13 billion by 2032, with a CAGR of 13.4%. However, the individual consumers segment is expected to be the fastest growing segment with the CAGR 9.3% during the Personal finance software Market Forecast.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $350.82 million in 2022, and is estimated to reach $1.49 billion by 2032, with a CAGR of 15.8%.
Companies Mentioned
- BUXFER INC
- Money Dashboard Limited
- The Infinite Kind
- Moneyspire Inc
- Microsoft Corporation
- You Need a Budget LLC
- doxo Inc
- Personal Capital Corporation
- PocketSmith Ltd
- Quicken Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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