Overview and Scope
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.
Sizing and Forecast
The personal finance software market size has grown strongly in recent years. It will grow from $1.73 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increasing financial awareness, changing consumer behavior, rise of online banking and transactions, shift towards cashless transactions, emergence of fintech solutions.
The personal finance software market size is expected to see strong growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increased emphasis on financial literacy, growth in remote and digital work trends, integration with banking and financial services, rising importance of budgeting, expanding target demographics. Major trends in the forecast period include focus on financial wellness and education, use of behavioral economics for user engagement, customization and personalization features, collaborations with fintech startups, expansion of subscription-based models.
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Segmentation & Regional Insights
The personal finance software market covered in this report is segmented –
1) By Product Type: Web-Based Software, Mobile-Based Software
2) By Deployment Types: Cloud, On-Premise
3) By End User: Small Businesses Users, Individual Consumers
North America was the largest region in the personal finance software market in 2023. The regions covered in the personal finance software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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’â„¢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.
Key Industry Players
Major companies operating in the personal finance software market report are Moneyspire Inc., Mint, Personal Capital Corporation, Acorns Grow Inc., Microsoft Corporation, BCU Bank, Simplifi Holdings Inc., You Need a Budget LLC, Quicken Inc., doxo Inc., Wally Global Inc., Cleevio, PocketGuard, Inc., Money Dashboard, Albert Corporation, PocketSmith Ltd., The Infinite Kind, BankTree Software Ltd., CountAbout Corporation, SilverWiz, Buxfer Inc., HomeBudget, Tiller Money, GoodBudget, Dollarbird Technologies, Fudget, EveryDollar, Frollo
The personal finance software market report table of contents includes:
1. Executive Summary
2. Personal Finance Software Market Characteristics
3. Personal Finance Software Market Trends And Strategies
4. Personal Finance Software Market – Macro Economic Scenario
5. Global Personal Finance Software Market Size and Growth
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31. Personal Finance Software Market Other Major And Innovative Companies
32. Global Personal Finance Software Market Competitive Benchmarking
33. Global Personal Finance Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Personal Finance Software Market
35. Personal Finance Software Market Future Outlook and Potential Analysis
36.Appendix
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