Summary
Major players in the personal finance software market are Microsoft Corporation, Moneyspire Inc., PocketSmith Ltd., The Infinite Kind, Buxfer Inc., Doxo Inc., Money Dashboard, Personal Capital Corporation, You Need a Budget LLC, Alzex software, CountAbout, Finicity Corporation, CoinKeeper, and BankTree Software.
The global personal finance software market is expected to grow from $1.61 billion in 2022 to $1.72 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The personal finance software market is expected to reach $2.22 billion in 2027 at a CAGR of 6.5%.
The personal finance software market consists of sales of software used for budgeting, investing, debt tracking, and setting savings goals.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Personal finance software refers to a type of application that is used for helping users with all aspects of their personal finances. It uses software for offering a holistic approach to financial management at a relatively low cost.
North America was the largest region in the personal finance software market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product of personal finance software is web-based software and mobile-based software.Web-based software refers to software that can be accessed just by connecting to the internet and using a web browser.
It is deployed by cloud, and on-premise by small business users, and individual consumers.
The increasing demand for secured and personalized digital services is expected to propel the growth of the personal finance software market going forward.Digital services refer to the electronic flow of data and content across a variety of platforms and devices, such as the web or mobile.
Personal finance software is money management software that organizes the user’s day-to-day financial life by educating the user about personal money matters and provides security by providing an early warning when problems arise and having an alert notification, which helps the user to notify the target limit once the target is surpassed.Thus, it provides secured and personalized financial services digitally through web-based or stand-alone software.
For instance, in 2022 according to The Economist, a UK-based newspaper and media agency, 58% of banks worldwide depend on technology such as artificial intelligence for personalized digital services. Thus, the rising demand for secured and personalized digital services is driving the personal finance market.
The innovative solution is a key trend in the personal finance software market.Major companies operating in the personal finance software market are advancing new and innovative technologies such as AI to make personal finance more productive and less time-consuming.
With new technology developments, there will be a move away from mass production and toward creative, specialized brand packaging for particular goods and services.For instance, in August 2021, Quicken, a US-based personal finance management provider launched Simplifi which spotlights positive financial growth and boosts confidence by awarding users with badges when they meet goals.
The app recognizes progress and motivates users to stay on track to meet both short- and long-term financial goals with its achievement program.
In October 2021, Aquiline Capital Partners a US-based financial services enterprise acquired Quicken Inc. for an undisclosed amount. Through this acquisition, Aquiline Capital Partners would be able to provide capital for financial services and technology. This acquisition will also ensure that Quicken would continue its operation in Menlo Park, Tucson, and Bangalore. Quicken Inc. is a US-based personal finance software provider that includes the personal financial app, Simplify.
The countries covered in the personal finance software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The personal finance software market research report is one of a series of new reports that provides personal finance software market statistics including the personal finance software industry global market size regional shares competitors with personal finance software market share detailed personal finance software market segments market trends and opportunities and any further data you may need to thrive in the personal finance software industry. This personal finance software market research report delivers a complete perspective of everything you need with an in-depth analysis of the current and future scenario of the industry.
