Personal Finance Software Market Trends, Growth, & Share-2031

(MENAFN- Straits Research) Personal finance software is a system that gives the user various capabilities, such as making reports of their assets, monitoring their spending, and analyzing their investment success. In addition, it has numerous modules for processing financial data, such as those for developing asset plans and monitoring and reevaluating assets. In addition, various banks and fintech companies use this software to manage their financial modules and improve efficiency, contributing to market growth. Personal financial software provides users numerous benefits, including online banking, report groups, check-to-print, and mobile billing. Additionally, many institutions utilize this software to reduce human error and expedite the completion of complex tasks. The surge in consumer desire for tools to track and manage their finances and the global proliferation of mobile applications are the key growth drivers for this market.
Market Dynamics
Need to Track and Manage Income Combined with Growth in Mobile Application to Drive the Global Personal Finance Software, Market
Over time, the need to track and manage a person's or small business's cash flow has grown, leading to increased personal finance software use. Because it can monitor investments and even minute transactions, employing this program has made it easy to maintain financial facts. Internet banking can be integrated with personal financial software to provide end users with real-time transaction information and aid in money management. Personal financial software offers additional benefits, including quick and easy account reconciliation, budgeting, paying payments online, and managing and analyzing investments. These benefits, therefore, facilitate the market acceptability of this technology.
End-users of the market are progressively utilizing personal finance software on mobile applications to sustain productive operations in various industries. It permits consumers to reduce needless expenditure and save money. In addition, the growth rate of mobile phone usage is accelerating, primarily due to the mobile network's extensive coverage. Additionally, the availability of low-cost mobile phones and the increased adoption of mobile communication services in rural areas have increased usage. In addition, businesses are increasingly employing mobile collaboration technologies to improve their company profitability, driving market growth.
The Growing Adoption of Personal Finance Software Market in Emerging Economies to Create Global Personal Finance Software Market Opportunities
The growing economies of Asia-Pacific, Latin America, and the Caribbean (LAMEA) have a high growth potential for financial technology (fintech) services, which is anticipated to drive market expansion throughout the projection period. In addition, the ongoing growth of the Internet and mobile phone usage in developing nations presents various market expansion opportunities. China, for instance, outpaced other countries in 2017 regarding financial technology (fintech) services, illustrating the sector's global expansion. In 2016, the market for mobile payments in China reached USD 5.5 trillion, which was 50 times greater than the USD 122 billion markets in the United States.
Regional Insights
North America will likely command the market while expanding at a CAGR of 5.31%. Considering that many large suppliers of cutting-edge personal financial software in North America, this product is among the most important markets. In North America, for instance, Quicken Inc. and You Need a Budget LLC, two of the market's most prominent companies, are well-established. Additionally, in other regions, these competitors are expanding their product offerings. For instance, in December 2017, Quicken Inc. expanded the portfolio of personal finance software available to Canadian Mac users by releasing Quicken Canada for Mac and two new products, Quicken Starter and Quicken Deluxe.
This market's providers have developed innovative personal finance software solutions to address the end-user sector's diverse operational and development requirements. Consequently, the industry is predicted to gain from these lucrative opportunities. The end-to-end credit journeys in North American nations have been digitally modified, which has contributed to the creation of a banking experience that is exceptionally personalized and user-friendly. Countries like the United States are already earning substantial financial benefits from technological advancements and developments in the financial services sector, such as digital banking, digital lending, and other sectors. As a result of advances in information technology, more dynamic and user-friendly user interfaces are being developed for websites and applications, which has altered consumers' preferences for financial services.
The Asia Pacific is predicted to have a share of USD 459 million, growing at a CAGR of 7.27%. In Asia-Pacific, using financial applications such as mobile banking, mobile payments, peer-to-peer transfers, personal budgeting, and investment apps has surged, propelling industry growth. Boosting numbers of people in this region are turning to mobile apps for their banking and financial needs, increasing the prevalence of mobile phones and presenting a vast array of growth opportunities. Several national governments are also taking initiatives to foster the growth of the market-opportunistic FinTech industry. In 2018, the South Korean government launched an open platform to encourage businesses to develop and test personal money management applications.
The regional market is expanding due to a sizable user base that regularly uses digital banking, with a sizable share residing in nations with high economic growth, such as China and India, and a sharp rise in internet usage on computers, smartphones, and tablets. As more start-ups and government programs are implemented in developing nations such as China, India, and Japan, the usage of financial technology increases, hence expanding the regional market.
Key Highlights

The global personal finance software market had a revenue holding of USD 1,167 million in 2021. It is expected to reach USD 1,912 by 2030, growing at a CAGR of 6% during the forecast period (2022-2030).
Based on the product type, the web-based software section is forecasted to grow at a CAGR of 5.5% and hold the largest market share.
Based on end-user, the small business section is predicted to advance at a CAGR of 5.6% and hold the largest market share.
Based on regional analysis, North America will likely command the market while expanding at a CAGR of 5.31%.

Competitive Players in the Market

Buxfer Inc.
Doxo, Inc.
Money Dashboard
Microsoft Corporation
Moneyspire Inc.
Personal Capital Corporation
PocketSmith Ltd.
The Infinite Kind
You Need a Budget LLC

Market News

In 2022, in Atlanta, Georgia, the Communications Workers of America (CWA) and Microsoft are initiating "Get Connected," a campaign to increase participation in the FCC's Affordable Connectivity Program. This alliance expands upon the ground-breaking labor neutrality agreement between CWA and Microsoft, which was made public in June and includes a pledge to work together on initiatives to promote technology use and skill development.

Global Personal Finance Software Market: Segmentation
By product type

Web-based Software
Mobile-based Software

By end-user

Small Business
Individual

By region

North America
Europe
Asia-Pacific
LAMEA

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