How big is the personal finance apps market today, and what are its future growth expectations?
The personal finance apps market size has grown exponentially in recent years. It will grow from $132.92 billion in 2024 to $167.09 billion in 2025 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increasing user engagement and promoting sound financial practices, the emergence of open banking and payment services directive (PSD2), growing awareness of personal finance management, rise in financial awareness, and rise in digital banking.
The personal finance apps market size is expected to see exponential growth in the next few years. It will grow to $412.22 billion in 2029 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to growing acceptance of digitalization, growing understanding of the value of sound money management, increasing penetration of smartphones and digital devices, growing demand for financial services and digital payments, and increasing demand for convenience and mobile banking. Major trends in the forecast period include smooth integration with various financial institutions, personalized features as users look for more complete and user-friendly solutions, the emergence of artificial intelligence (AI) technology, product innovations, and predictive analytics for risk management.
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What are the top drivers to the rising demand in the personal finance apps market?
The rise in digital banking is expected to propel the growth of the personal finance apps market going forward. Digital banking refers to the digitization of all traditional banking activities and programs that historically were only available to customers when physically inside a bank branch. The rise in digital banking can be attributed to several factors such as convenience and accessibility, higher interest rates, seamless account management, and financial inclusion. Personal finance apps complement digital banking by providing users with comprehensive tools for managing their finances, enhancing their banking experience, and fostering greater engagement with digital banking services. 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 rise in digital banking is driving the growth of the personal finance apps market.
How is the personal finance apps market segmented?
The personal finance apps market covered in this report is segmented –
1) By Type: Android, iOS, Web-based
2) By Pricing Model: Free, Freemium, Subscription, One-Time Purchase
3) By Functionality: Budgeting, Investment Tracking, Tax Planning, Debt Management
4) By Application: Mobile Phones, Tablets, Computers, Other Applications
Subsegments:
1) By Android: Budgeting Apps, Expense Tracking Apps, Investment and Savings Apps
2) By iOS: Personal Finance Management Apps, Credit Score Tracking Apps, Bill Payment and Reminder Apps
3) By Web-Based: Online Budgeting Tools, Cloud-Based Finance Management Platforms, Investment and Portfolio Tracking Websites
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Who are the top competitors in the personal finance apps market?
Major companies operating in the personal finance apps market are Intuit Inc., Venmo LLC, Acorns LLC, Expensify, Albert, You Need a Budget LLC, Doxo Inc., WalletHub, Dayspring Technologies Inc., Spendee A.S., Toshl Finance Inc., OfficeTime, EveryDollar, Money Smart, Wally, Prism, Personal Capital Ltd., PocketGuard, Wallet Engine, UK Salary Calculator, Tiller Money, Honeydue
What significant trends should we anticipate in the personal finance apps market over the forecast period?
Major companies operating in the personal finance apps market are developing personal finance apps such as Saarthi 2.0 to provide users with advanced tools for managing their finances and enhancing financial literacy. Saarthi 2.0 provides users with advanced tools for managing their finances that cover essential requirements such as Know Your Customer (KYC) procedures, mutual funds, exchange-traded funds (ETFs), and the process of buying and selling shares. For instance, In June 2024, the Securities and Exchange Board Of India, an India-based regulatory body, launched Saarthi 2.0. This app offers crucial insights into the securities market, aiding investors in making well-informed decisions. It features a user-friendly interface, ensuring ease of use, particularly for young investors who are new to finance. The app includes financial calculators, educational modules, informative videos, and investor support.
Which regional trends are influencing the personal finance apps market, and which area dominates the industry?
North America was the largest region in the personal finance apps market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal finance apps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Personal Finance Apps Market Report 2025 Offer?
The personal finance apps market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Personal finance apps are software applications designed to help individuals manage their personal finances. These apps can be installed on smartphones, tablets, or computers and offer various features to assist users in tracking and managing their money.
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