The Brainy Insights
The global personal finance software market size is anticipated to grow from USD 2 billion to USD 3.58 billion in 10 years. The market will experience rapid growth during the forecast period due to the growing internet penetration and ownership of smartphones. The high rate of digital literacy also augments the market’s growth. The increasing awareness about personal finance software will also bode well for the market’s growth.
Newark, Dec. 13, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 2 billion in 2022 global personal finance software market will reach USD 3.58 billion in 2032. All financial decisions and actions undertaken by an individual or household are included in personal finance. It includes how people divide their income or resources between their needs and wants. Maximizing revenue and savings is the goal. Personal finance is personalized planning or budgeting that considers a person’s goals and objectives and assists in achieving them with the resources at hand. For example, it can assist in monitoring regular spending and determining whether certain expenses could be reduced to save money. With personal finance, people may effectively control their spending, boost their savings, and choose prudent investments to help them achieve their unique financial goals. This budgeting and planning are automated by personal software. Personal finance software helps people organize and manage their money more effectively. They make it easier for users to manage their debt, track their spending, monitor their investments, and create budgets.
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Key Insight of the Global Personal Finance Software Market
North America will dominate the market during the forecast period.
A well-established BFSI sector and a well-connected it and telecom sector with internet connectivity drive the expansion of the regional market. The high rate of digital literacy further aids the market’s growth. Furthermore, the growing awareness of personal financial software is positive for the market’s expansion.
In 2022, the mobile-based software segment dominated the market with the largest market share of 67% and market revenue of 1.34 billion.
The type segment is divided into website-based software and mobile-based software. In 2022, the mobile-based software segment dominated the market with the largest market share of 67% and market revenue of 1.34 billion.
In 2022, the budgeting software segment dominated the market with the largest market share of 38% and revenue of 0.76 billion.
The tool segment is divided into budgeting software, investment tracking software, tax software, retirement planning software and others. In 2022, the budgeting software segment dominated the market with the largest market share of 38% and revenue of 0.76 billion.
In 2022, the on-cloud segment dominated the market with the largest market share of 75% and market revenue of 1.50 billion.
The deployment type segment is divided into on-cloud and on-premises. In 2022, the on-cloud segment dominated the market with the largest market share of 75% and market revenue of 1.50 billion.
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Advancement in market
The nation’s top-selling personal finance software provider, Quicken Inc., revealed that it has finalized a deal with Aquiline Capital Partners LLC to buy a majority share in the business. Quicken plans to invest in further improvements to its innovative personal financial management services in conjunction with Aquiline, including working together and forming partnerships with other top fintech entrepreneurs.
Market Dynamics
Driver: The growing awareness about the need for personal finances.
The number of working professionals and small company owners is rising with the growing understanding of personal finance. The expansion of capital, money, and personal income has made people more adept at handling their finances. Knowledge about how to invest and spend money to save for the future or grow money over a given length of time is being imparted by financial advisors and portfolio managers. Forecasting, analysis, budgeting, and planning are necessary for each task. The world’s tech-savvy populace depends on technology for everything, even money management. As a result, during the projection period, the market will grow as more people become aware of personal finance and its advantages.
Restraints: Data privacy concerns.
The virtual and internet-based nature of personal financial software increases the danger and vulnerability of consumers to fraud, cyberattacks, data thefts, and other security and privacy concerns. Customers must be provided with strong cyber-security and safety due to the sensitive nature of information such as personal income, expenses, and other private data. The absence of security restricts the expansion of the market by raising worries about data privacy and security.
Opportunities: Increasing internet connectivity.
The modern world depends on linked gadgets and technology due to the widespread use of improved internet and data connectivity. Most industries have gone digital or automated. This has prompted government agencies, commercial enterprises, and other interested parties to advance the infrastructure and technology of data communication. The rising number of smart, connected device owners has also spurred the expansion of internet infrastructure. The market for personal finance software will expand and flourish due to the expanding internet infrastructure.
Challenges: There are increasing instances of data breaches.
There have been increasing incidents of data breaches. Reports have alleged the sale of consumer data by market players to third parties that market and advertise to consumers after analyzing their expenditure patterns. These dark patterns used by the market players to push consumers into making irrational choices are unethical; therefore, the growing menace of such practices will prove challenging for the authorities and the market’s growth.
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Some of the major players operating in the global personal finance software market are:
• BUXFER INC
• Doxo Inc
• Microsoft Corporation
• Money Dashboard Limited
• Moneyspire Inc
• Personal Capital Corporation
• PocketSmith Ltd
• Quicken Inc.
• The Infinite Kind
• You Need a Budget LLC
Key Segments covered in the market:
By Type
• Website-based Software
• Mobile-Based Software
By Tool
• Budgeting Software
• Investment Tracking Software
• Tax Software
• Retirement Planning Software
• Others
By Deployment Type
• On-Cloud
• On-Premises
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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