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How large is the ai-powered personal finance management market, and what is its growth trajectory?
The AI-powered personal finance management market size has grown rapidly in recent years. It will grow from $1.48 billion in 2024 to $1.63 billion in 2025 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to the widespread use of smartphones and tablets, the rise of fintech companies, the explosion of big data, the transition from traditional banking to digital banking, and the demand for personalized financial advice.
The AI-powered personal finance management market size is expected to see strong growth in the next few years. It will grow to $2.37 billion in 2029 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to economic uncertainty and financial planning, a growing population of tech-savvy consumers, the expansion of mobile and internet connectivity, growing concerns over financial security, and integration with other financial services. Major trends in the forecast period include integration with wearable technology, voice-activated financial management, advanced fraud detection, financial health monitoring, and the incorporation of blockchain technology.
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What are the key forces behind the ai-powered personal finance management market’s growth in recent years?
The adoption of online banking services is expected to drive the AI-powered personal finance management market going forward. Online banking services refer to digital platforms that allow customers to conduct financial transactions and manage their bank accounts over the internet. The adoption of online banking services is driven by their convenience, accessibility, improved security features, and the growing use of digital devices. AI-powered personal finance management promotes the adoption of online banking services by providing personalized insights, automating routine financial tasks, and improving the user experience with predictive analytics and natural language processing. For instance, in January 2024, according to E-commerce Tips, a US-based e-commerce guides and insights company, the total number of people using two or more forms of digital payments in the United States has increased from 51% in 2021 to 62% in 2022. Also, e-commerce which is the largest segment of the global digital payments market accounted for $6.310 trillion in 2023 and will rise to $6.913 trillion in 2024. With the rise of digital wallets like PayPal, Venomo, and ApplePay, for B2B payments in US credit cards and checks still account for 39% and 26% respectively. Therefore, the adoption of online banking services is driving the AI-powered personal finance management market.
What are the major segments of the ai-powered personal finance management market?
The AI-powered personal finance management market covered in this report is segmented –
1) By Technology Type: Machine Learning (ML), Predictive Analytics, Natural Language Processing (NLP)
2) By Service Type: Budgeting And Expense Tracking, Investment Management, Credit Score Monitoring
3) By Platform Type: Mobile Apps, Web-Based Platforms
4) By End-User: Individual Consumers, Financial Institutions
Subsegments:
1) By Machine Learning (ML): Supervised Learning, Unsupervised Learning, Reinforcement Learning, Deep Learning, Neural Networks
2) By Predictive Analytics: Financial Forecasting, Credit Risk Prediction, Investment Strategy Optimization, Cash Flow And Budgeting Predictions, Fraud Detection And Prevention
3) By Natural Language Processing (NLP): Voice-Activated Financial Assistance, Text Mining For Financial Insights, Chatbots For Customer Support, Financial Sentiment
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Which companies dominate the ai-powered personal finance management market?
Major companies operating in the AI-powered personal finance management market are Goldman Sachs Group Inc., BBVA USA, Intuit Inc., Robinhood Markets Inc., Chime Financial Inc., NerdWallet Inc., MoneyLion Inc., Acorns Grow Incorporated, Personal Capital Corporation, Betterment LLC, Koho Financial Inc., Stash Financial Inc., Quicken Inc., Albert Corporation, You Need A Budget LLC, Wealthfront Inc., Toshl Inc., Wally Technologies Inc., PocketGuard Inc., Tiller Inc., Zeta Help Inc., Emma Technologies Ltd., Qapital Inc.
What major trends will shape the ai-powered personal finance management market during the forecast period?
Major companies operating in the AI-powered personal finance management market are developing new products, such as AI-powered capabilities, to help banks streamline the transaction dispute resolution process more efficiently. AI-powered capabilities refer to the use of artificial intelligence to automate, optimize, and provide personalized insights and recommendations for managing individual financial activities, such as budgeting, saving, investing, and expense tracking. For instance, in April 2024, Salesforce Inc., a US-based cloud-based software company, launched a suite of AI-powered capabilities designed to enhance transaction dispute resolution for banks. This initiative is designed to streamline processes and enhance customer service in response to the increasing complexity of managing disputes. The capabilities, which include transaction dispute management and einstein copilot banking actions, combine transaction data from banking platforms with customer data from Salesforce to automate manual tasks, reduce errors, resolve issues, and improve customer communications, all from a single platform.
What are the key regional dynamics of the ai-powered personal finance management market, and which region leads in market share?
North America was the largest region in the AI-powered personal finance management market in 202. The regions covered in the AI-powered personal finance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The AI-Powered Personal Finance Management Market Report 2025 Offer?
The ai-powered personal finance management market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
AI-powered personal finance management refers to using artificial intelligence to automate and enhance financial planning and decision-making. It includes tools that analyze spending patterns, provide investment recommendations, and offer personalized budgeting advice. These systems use machine learning algorithms to adapt to individual financial behaviors and goals.
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