The AI-Powered Personal Finance Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s AI-Powered Personal Finance Management Global Market Report 2024, The AI-powered personal finance management market size has grown strongly in recent years. It will grow from $1.35 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. 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 $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. 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.
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 October 2021, according to surveys conducted on 2,000 Australians throughout 2021 by the Australian Banking Association Inc., an Australia-based trade association, over 80% of Australians preferred to check account balances, pay bills, or transfer money online. Additionally, more than one-third of Australians with smartphones use a digital wallet. Therefore, the adoption of online banking services is driving the AI-powered personal finance management market.
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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
Major companies operating in the artificial intelligence (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.
The ai-powered personal finance management market report table of contents includes:
1. Executive Summary
2. AI-Powered Personal Finance Management Market Characteristics
3. AI-Powered Personal Finance Management Market Trends And Strategies
4. AI-Powered Personal Finance Management Market – Macro Economic Scenario
5. Global AI-Powered Personal Finance Management Market Size and Growth
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32. Global AI-Powered Personal Finance Management Market Competitive Benchmarking
33. Global AI-Powered Personal Finance Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI-Powered Personal Finance Management Market
35. AI-Powered Personal Finance Management Market Future Outlook and Potential Analysis
36. Appendix
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