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The Personal Finance Software Market size is estimated to grow at a CAGR of 4.76% between 2023 and 2028. The market size is forecast to increase by USD 296.46 million. The growth of the market depends on several factors, including the increasing use of smartphones and mobile devices, the increasing adoption of digital solutions, and the rising emphasis on financial wellness and education. Personal finance software refers to computer programs or applications designed to assist individuals in managing their financial activities. This software typically provides tools and features to track income, expenses, budgets, investments, and overall financial goals. It allows users to create and monitor budgets, track spending patterns, generate financial reports, and often provide features for bill payment reminders, financial goal setting, and investment tracking. Personal finance software aims to help individuals gain better control over their finances, make informed financial decisions, and achieve their financial goals through effective management and analysis of their financial information.
This personal finance software market report extensively covers market segmentation by end-user (home business users and individual users), product (web-based software and mobile-based software), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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One of the key factors driving the personal finance software market growth is the increasing adoption of digital solutions. There has been a significant increase in the adoption of digital solutions in the global personal finance software market. In addition, individuals are becoming increasingly tech-savvy and are embracing digital transformation, leading to a growing preference for digital tools to effectively manage personal finances.
Moreover, the convenience offered by digital solutions fuels its adoption. In addition, digital personal finance software allows users to manage their financial activities quickly and easily from the comfort of their own homes or on the go. Furthermore, the convenience eliminates the need for manual tracking and paperwork, making financial management more efficient and accessible. Hence, such factors are positively impacting the market. Therefore, it is expected to fuel the market growth during the forecast period.
A key factor shaping the personal finance software market growth is the rise in the adoption of Software as a Service (SaaS) based services in personal finance software. The global personal finance software market has witnessed a significant increase in the integration of banking and financial institutions. In addition, this integration allows personal finance software to connect directly with users' bank accounts, credit cards, and other financial accounts, providing real-time access to financial data and enabling seamless financial management.
Moreover, this trend is fuelled by several key factors and is exemplified by the integration offered by platforms including Quicken. For instance, Quicken, a widely used personal finance software, integrates with numerous financial institutions, including banks, credit cards, and investment accounts. Furthermore, by connecting these accounts, users can easily view their account balances, track transactions, and set up financial goals within the platform. Hence, such factors are driving the market growth during the forecast period.
The high cost of personal finance software is one of the key challenges hindering market growth. The cost factor has posed significant challenges for individuals seeking comprehensive financial management tools In addition, the high cost can deter users from accessing and utilizing personal finance software, leading to potential market limitations. Furthermore, the high entry barrier for individuals with limited financial resources is due to its high price.
Moreover, it limits the accessibility of these tools to a certain segment of the population, hindering market growth and potentially leaving a significant portion of potential users without the benefits of comprehensive financial management software. In addition, the high costs of personal finance software can discourage individuals from upgrading or renewing their subscriptions. Hence, such factors are hindering the growth of the market during the forecast period.
The home business users segment is estimated to witness significant growth during the forecast period. This segment caters specifically to individuals who run their own businesses from their homes or small home offices. In addition, personal finance software tailored for home business users offers a range of features and functionalities to help them manage their personal and business finances effectively. For instance, QuickBooks Self-Employed is a prime example of personal finance software designed for home business users.
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The home business users segment was the largest segment and was valued at USD 531.67 million in 2018. Moreover, some of the main advantages of the home business users segment include business expense tracking, invoicing, payment processing, tax preparation and reporting, and business snapshots. In addition, personal finance software for home business users allows easy tracking and categorization of business expenses. Furthermore, it enables users to record expenses related to supplies, equipment, marketing, and other business-related costs, helping them monitor cash flow and track taxable business deductions. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The convenience offered by the web-based personal finance software segment will increase the market growth. Web-based personal finance software can be referred to as applications that are accessed through a web browser, providing users the flexibility to manage their finances from any device with internet connectivity. Factors such as convenience, accessibility, and collaborative features fuel the growth of this segment. In addition, the main example of web-based personal finance software is Mint.com which offers users a comprehensive platform for managing their finances, including budgeting, expense tracking, bill payment reminders, and investment tracking. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 38% 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. Some of the factors that are contributing to the growth of the market in North America are the high concentration of market players and the availability of both in-house and cloud infrastructure. In addition, the adoption of mobile applications for iOS and Windows platforms will support the growth of the market in the coming years. Moreover, America is an attractive region for the market as it is a pioneer in the early adoption of technologies across the financial sector. Furthermore, the emergence of a large number of partnerships, acquisitions, and new startups, along with intense competition are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global personal finance software market witnessed a significant slowdown due to a decline in the operations of banks and other financial institutions in the region in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of business activities. Such factors are expected to drive the market during the forecast period.
The personal finance software market 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 Personal Finance Software Market 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.
Alzex software: The company offers Alzex Personal Finance software that allows users to view amounts spent, balances on accounts, and overall balances.
BankTree Software Ltd: The company offers BankTree personal finance software which is available as a desktop application for the Microsoft Windows operating system and web application software designed to help organize and manage user income and expenditure.
BUXFER Inc: The company offers Buxfer personal finance software that provides user a total control and flexibility to track spending, income and expenses exactly how user want.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 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 personal finance software market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2022.
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Personal Finance Software Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.76% |
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Market Growth 2024-2028 |
USD 296.46 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.8 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key countries |
US, Canada, China, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alzex software, BankTree Software Ltd., BUXFER Inc., CountAbout Corp., doxo Inc., Empower Annuity Insurance Co. of America, GnuCash, HomeBank, iFREE GROUP HK Ltd., Intuit Inc., Mastercard Inc., MechCAD Software, Microsoft Corp., Money Dashboard Ltd., Moneyspire Inc., NCH SOFTWARE Pty Ltd., PocketSmith Ltd., Quicken Inc., The Infinite Kind, and Tiller |
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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. |
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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 End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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