Bill Splitting Apps Market by Platform, End-user and Geography - Forecast and Analysis 2023-2027

Bill Splitting Apps Market Analysis Report 2023-2027:

The bill splitting apps market size is estimated to grow at a CAGR of 11.19% between 2022 and 2027. The market size is forecast to increase by USD 380.28 million. 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 these apps a preferred choice among multiple groups of individuals for both personal and commercial applications.

This bill splitting apps market report extensively covers market segmentation by platform (android and iOS), end-user (private users and commercial users), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Bill Splitting Apps Market During the Forecast Period?

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Bill Splitting Apps Market Overview

 Bill Splitting Apps Market Driver

One of the key factors driving the market growth 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 the bill splitting apps market growth during the forecast period.

 Bill Splitting Apps Market Trends

A key factor shaping the global bill splitting apps market growth is the development of hybrid mobile apps. Hybrid mobile apps can be referred to as those apps which are built-in in combination with web technologies, such as Hypertext Markup Language (HTML) and JavaScript. Most of these hybrid apps 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 apps is that it offers easy scalability and inter-platform development of mobile apps 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 apps can positively impact bill splitting application market growth. Hence, such factors are expected to drive the bill splitting apps market growth during the forecast period.

Bill Splitting Apps Market Restrain

The threat of cyber attacks is one of the key challenges hindering the global bill splitting app 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 apps such as bill splitting apps, which support storing and organizing personal data.

On the other hand, the rising proliferation of such apps 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 apps that lack newly updated security patches. Another significant threat for mobile users is privacy risk from gray ware. These gray ware apps 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.

Bill Splitting Apps Market Segmentation By Platform

The android segment is estimated to witness significant growth during the forecast period. One of the major platforms for the launch of apps bill splitting apps in the global mobile phone apps 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.

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The android segment was the largest segment and was valued at USD 217.30 million in 2017. There is an increase in demand for Android-based bill splitting apps across the globe due to several launches of Android software and upgrades in the functionalities of apps. 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 apps 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 apps 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.

Bill Splitting Apps Market Segmentation By End-user

The increasing number of smartphone users and see of access to mobile apps are significantly fuelling the growth of the private users segments. There is an increasing demand for bill splitting apps due to the rising need for cost-sharing and simplified payment solutions in order to divide expenses among friends, family, and roommates. One of the prime examples of bill splitting apps is splitwise.  Private users leverage Splitwise to split bills and monitor expenses. The main feature of this app is that it enables users to enter the expenses dd their friends or roommates, and the app calculates who owes what. Another preferred platform for expense calculation by private users is PayPal. Paypal has the option to create a money pool and invite friends or family members to contribute toward a shared expense. Hence, the rising penetration of smartphones is fuelling the demand for these apps which in turn will drive the market growth during the forecast period.

Ease of transaction using several payments across the commercial users segment is expected to fuel the growth of this segment. The commercial users segment generally includes businesses or organizations that enable the process of splitting bills across individuals or groups. This segment provides a variety of services and technologies to simplify the task of dividing expenses, thus making it convenient and efficient for users globally. Splitwise is one of the prominent commercial companies in this market. The main feature of this platform is that it offers an easy-to-use interface for groups of people to monitor and divide shared expenses. Hence, the several advantages offered by such bill splitting apps across the commercial users segment are expected to drive market growth during the forecast period.

Regional Overview

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APAC is estimated to contribute 49% 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 global bill splitting apps 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.

In 2020, during the COVID-19 pandemic, the growth of the global bill splitting apps market witnessed a significant slowdown due to travel restrictions which in turn reduced the movement of people resulting in a decline in the use of bill splitting apps. The decrease in the use of bill splitting apps resulted in fewer in-app advertisements, thereby negatively affecting the revenue of Bill Splitting app companies However, in 2021, the market has recovered post-COVID-19 and is estimated to grow at a CAGR of 11.19% during the forecast period.

Bill Splitting Apps Market Customer Landscape

The bill splitting Apps 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.

Global Bill Splitting Apps Market Customer Landscape

Who are the Major Bill Splitting Apps Market Companies?

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:

• Axio Digital Pvt. Ltd.
• bring10 LLC
• DigiGround Pty Ltd.
• Groupee Pty Ltd.
• Kittysplit UG
• Microsoft Corp.
• MWYN TECH Pvt. Ltd.
• National Bank of Kuwait S.A.K.P
• NatWest Group Plc
• Paerpay Inc.
• Raphael Wichmann
• Splid
• Splitwise Inc.
• Standy Software
• Step Up Labs Inc.
• Tricount S.A.
• PayPal Holdings Inc.

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.

Segment Overview

The bill splitting apps market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Platform Outlook (USD Million, 2017 - 2027)
  • Android
  • iOS
• End-user Outlook (USD Million, 2017 - 2027)
  • Private users
  • Commercial users
• Geography Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

 

Bill Splitting Apps Market Scope
Report Coverage	Details
Page number	159
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 11.19%
Market growth 2023-2027	USD 380.28 million
Market structure	Fragmented
YoY growth 2022-2023(%)	9.84
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 49%
Key countries	US, China, India, Japan, and Germany
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., National Bank of Kuwait S.A.K.P, NatWest Group Plc, Paerpay Inc., Raphael Wichmann, Splid, Splitwise Inc., Standy Software, Step Up Labs Inc., Tricount S.A., and PayPal Holdings Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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.

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What are the Key Data Covered in this Bill Splitting Apps Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, North America, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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