Enjoy complimentary customisation on priority with our Enterprise License!
The bill splitting apps market size is forecast to increase by USD 423.6 million at a CAGR of 11.32% between 2023 and 2028. The growth of the market depends on several factors, including a rising number of online transactions, growth in the global travel and tourism sector, and a rising preference for bill splitting apps in household bill and rental payment applications. Bill splitting apps are smartphone applications that allow users to split bills among peers and link their credit or debit cards so that money can be sent instantly. This application is available on both the Android and IOS platforms. This application works by listing the expenses, dividing shared items, specifying the tax and tip amounts, tracking receipts and past bills, paying bills or rent, and dividing the expenses among people. Some of the newly introduced bill splitting apps have features such as integrated notifications, uneven splitting of bills, recurring costs, tips, taxes, and more, thereby making them a preferred choice among multiple groups of individuals for both personal and commercial applications. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The market is experiencing rapid growth fueled by automation and supportive policies, catering particularly to the travel sector and rental payments. They streamline budgeting and calculations, providing efficient solutions for users to split expenses seamlessly. With the rise of low-priced smartphones and the widespread adoption of smartwatches, accessibility to these applications has increased significantly. Collaborations within the industry have further propelled innovation, offering users advanced features such as chat bots for personalized assistance. Despite challenges like high costs, the market continues to attract investment, driving continuous evolution and meeting the diverse needs of global consumers.
The market caters to budget-conscious roommates and travelers, offering automation for expense calculations and rental payments. Leveraging smartphones and smartwatches, these applications streamline tourism spending, accommodating Android and iOS users alike. With a focus on private and commercial users, penetration of smartphones, and low-priced options, the market thrives on affordability and accessibility. Application development, supported by industry collaborations and investments, drives consumer trends toward seamless bill management. As supportive policies encourage innovation, the market continues to evolve, meeting the diverse needs of modern travelers and roommates worldwide. In the market, budgeting is a key feature, catering to private users seeking efficient expense management. With the widespread penetration of smartphones, including low priced options, these applications become accessible to a broader audience. Industry collaborations further enhance app functionalities, integrating additional features for seamless bill splitting and financial planning. This platform segment thrives on its ability to provide convenient solutions for users to manage their expenses effectively, leveraging the ubiquity of smartphones and strategic partnerships within the industry.
One of the key factors driving the market expansion is the growth in the global travel and tourism sector. Bill splitting tools are very ideal for group tours for splitting the cost between friends accurately and monitoring the expenses of group members. One of the main advantages of a bill splitting tool is that it helps to efficiently calculate what each member owes, as well as enable users to attach the payment methods and then mark the outstanding expenses as paid.
As per the World Travel and Tourism Council (WTTC), the global travel and tourism sector grew at 3.9% and contributed a record USD 4.7 trillion in 2020-2021. Hence, the increasing popularity of group tours globally is expected to positively impact the bill splitting application market and contribute to market growth. Additionally, the increase in disposable income is also significantly fuelling the demand for group tours. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the market growth is the development of hybrid mobile apps. Hybrid mobile applications can be referred to as those applications which are built-in in combination with web technologies, such as Hypertext Markup Language (HTML) and JavaScript. Most of these hybrid applications are hosted in the native application, which utilizes mobile WebView to generate mobile-compatible web apps.
Additionally, it offers application access to the hardware components of the device, such as the accelerometer and camera, among others. One of the main advantages of hybrid mobile applications is that it offers easy scalability and inter-platform development of mobile applications such as bill splitting, wherein the app developed for Android software can be scaled to iOS or Windows-based operating systems. Hence, the rising availability of such hybrid mobile applications can positively impact market growth. Hence, such factors are expected to drive market growth during the forecast period.
The threat of cyber attacks is one of the key challenges hindering the market growth. There has been a rising focus on integrating mobile phones with different facets of individual data, which contains information related to finances, contacts, and other aspects. This has been enabled by the improved availability of mobile phone applications, which support storing and organizing personal data.
On the other hand, the rising proliferation of such applications leads to the threat of cyber-attacks and data leaks. There is an increasing chance of data breaches on mobile devices, specifically for older versions of applications that lack newly updated security patches. Another significant threat for mobile users is privacy risk from gray ware. These gray ware applications include a significant risk of leaking information related to customers' phone numbers and locations. Hence, issues are negatively impacting the bill splitting application market growth. Thus, these factors are expected to hinder market growth during the forecast period.
The android segment is estimated to witness significant growth during the forecast period. One of the major platforms for the launch of these applications in the global market is Andriod. Some of the top revenue-generating apps for the Google Play Store include bill splitting apps such as Splitwise, Splid, and Tricount. There is an increasing preference for Google Play Store and bill splitting app-development platforms for developers over the years. The main reason for this increasing preference for these apps is the rapid growth of Android smartphones globally, which fuelled the demand for Android OS.
Get a glance at the market contribution of various segments View Free PDF Sample
The android segment was the largest segment and was valued at USD 239.50 million in 2018. There is an increase in demand for Android-based bill splitting applications across the globe due to several launches of Android software and upgrades in the functionalities of applications. For instance, in March 2021, HSBCs PayMe launched a new split bill function that allows users to share group expenses. Similarly, in July 2020, Ronald Javier Baddouh Abbate introduced an innovative app named SplitBill in the UK. This application enables users to divide bills effortlessly and instantly and settle transactions securely using an all-in-one payment platform. Hence, such launches are expected to significantly fuel the growth of this segment which in turn will drive the market growth during the forecast period.
New upgrades and functionalities of the iOS segment are expected to increase the market growth during the forecast period. One of the most preferred applications for developers to develop their apps is Apple iOS. The main reason for the increased preference for this platform is the high monetization rate of iOS apps. As a result, there has been an increasing number of mobile apps launched on the iOS platform, such as bill splitting apps. Some of the key revenue-generating applications in the App Store are Tricount, Splitwise, and Splid. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors which are significantly driving the market growth in APAC is the rising disposable incomes among people in the region. As a result, it has resulted in a growing penetration of smartphones in APAC, especially in China and India, which in turn led to higher investments in communication technologies across the region such as investments made by telecom companies in developing advanced mobile communication infrastructure.
Moreover, some of the prominent companies in the region include Billr.me, Thumbworks Technologies Pvt. Ltd., and SuperSplit Inc. Users of SuperSplit Inc, which enables the users to split the house rent and other household expenses among their flatmates with ease and convenience. Hence, such factors are expected to drive market growth in the region during the forecast period.
The market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ApTap Ltd: The company offers bill splitting app services such as the intersection between banking data and merchant data, to deliver a next-generation platform to understand customer behavior.
Bill.com LLC: The company offers bill splitting app services such as ACH, international payments, and Divvy.
Block Inc: The company offers bill splitting apps such as Square and cash app.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecast report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Million for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is experiencing significant growth, driven by the increasing adoption of automation and supportive policies in the travel sector. With budgeting becoming more critical for consumers facing high costs, bill splitting apps offer convenient solutions for roommates and travelers to manage rental payments efficiently. These apps leverage calculations and smartwatches to streamline the process, catering to consumer trends favoring low-priced smartphones and chatbots for application development and support. Investment in industry collaborations further fuels innovation in bill splitting apps, ensuring seamless integration with various payment platforms. As the market continues to expand, bill splitting apps play a crucial role in simplifying financial transactions and promoting financial literacy worldwide. Application One Consumer and Roommate Finder Apps are pivotal in addressing individual needs and preferences in the market. The market offers growth opportunities driven by Type One technology and collaborations between stakeholders, amidst evolving government policies and regulations, regulatory and policy landscape, emission standards, and infrastructure development plans.
Furthermore, the market is driven by various factors, including consumer trends and preferences favoring low priced smartphones and the increasing demand for chat bots in application development. Research and development efforts focus on addressing technical bottleneck and cost limitations, overcoming the high entry barrier into the market. Informed investment decisions are crucial, with driving factors such as government incentives and actionable recommendations from policymakers. Bill splitting apps cater to consumer preferences, offering convenient solutions for roommates and travelers through integration with travel apps and payment gateways. They ensure data privacy compliance and cybersecurity measures, aligning with data privacy regulations and providing secure transactions for utility companies, subscription services, and financial institutions. Economic indicators influence market dynamics, shaping the future growth trajectory of the market.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.32% |
Market growth 2024-2028 |
USD 423.6 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.27 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, India, Germany, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ApTap Ltd., Axio Digital Pvt. Ltd., Bill.com LLC, Block Inc., bring10 LLC, DigiGround Pty Ltd., Groupee Pty Ltd., Kittysplit UG, Microsoft Corp., MWYN Tech Pvt. Ltd., NBK, NatWest Group Plc, Paerpay Inc., PayPal Holdings Inc., Splittr, Splid, Splitwise Inc., Standy Software, Step Up Labs Inc., and Tricount S.A. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Platform
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.