Global Personal Finance Software Market

The global personal finance software market is anticipated to expand at a robust CAGR during the forecast period, between 2021 and 2028. Personal finance software refers to a software program primarily designed to handle personal financial information such as transaction, payment records, processes and others in efficient manner.

The software automates, assists, and stores the vital information based on the principles of financial technological management. It further helps the user in various activities such as budgeting, financial management, record-keeping, assets management, among others. The software aids in user investment performance and asset planning by providing all the vital data stored within the software and delivering the analyzed output to the user. The software application can be accessed by downloading it on smartphones or via laptops and computers using an internet connection.

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Personal Finance Software Market Trends, Drivers, Restraints, and Opportunities

• Reduction of human error, provision of analyzed data outputs, and efficient financial planning are key factors boosting the demand for the software. This presents a primary driver of the market.
• Digitization of financial data to facilitate easier record keeping, book keeping, and investment tracking is a main driver that propels the market growth.
• Increasing penetration of the Internet and availability of software applications that can be installed on the phones are pushing the market expansion to a large extent.
• Threat of invasion of users’ privacy, financial data leaks, and hacking of open source financial software act as major challenges that can hamper the market growth.
• Rise in disposable income and purchasing power of the users along with the requirement to track and plan of the income and expenditure of individuals is anticipated to boost the market.
• Technological advancements by FinTech companies and rising adoption of personal finance software among small businesses in developing countries is projected to offer lucrative opportunities for market growth. 

Scope of Personal Finance Software Market Report

The report on the global personal finance software market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Global Personal Finance Software Market Segment Insights

High security drives the web-based software segment

Based on product types, the global personal finance software market is bifurcated into mobile-based software and web-based software. The web-based software segment is projected to expand at a robust CAGR during the forecast period. Web-based software provides high security and has rigid backed up software supported by antivirus application to prevent the leakage of any vital financial information such as back account passwords, financial transactions, and others.

The development in the technological sector has up surged the growth of the web-based segment owing to advancement for financial data management due to the rapid deployment of Artificial Intelligence (AI). The data output provided by web-based financial software facilitates easier tracking and record keeping. The mobile-based software segment, however, is expected to grow at a rapid pace owing to the penetration of smartphones and integration of financial software applications compatible with smartphones.

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Individual segment to grow at a substantial pace during the forecast period

On the basis of end-users, the market is classified as small businesses and individuals. The individual segment is projected to witness substantial growth during the forecast period owing to increasing awareness about financial planning and management of funds. Rising employment opportunities creates an inflow of cash and monetary funds for the working population, which makes it imperative to plan, manage, and record all financial transactions.

The availability of personal financial software makes it easier and efficient for individuals to track their income and expenditure to ensure financial stability. The data output provided by software applications help in decision making and future planning. Developments in financial technology aid the segment growth due to launch of mobile applications for record keeping of all transactions. Industrialization and urbanization in developing countries increase the working population and standard of living of the users, which further accelerate the growth of the segment.

Asia Pacific to register a robust CAGR during the forecast period

In terms of regions, the global personal finance software market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to exhibit robust growth and register a significant CAGR during the forecast period owing to technological development in the region and rising awareness about financial planning and management among the users.

Penetration of smartphones and the Internet in developing countries including India, China, and Japan play an important role in the regional market growth. However, the market of North America is anticipated to grow at a rapid pace owing to the presence of IT hubs in the region and the era of digitization of information. Effective financial management solutions introduced by key players are major factors driving the market in the region, aided by the high use of digital technology and increasing dependency on the Internet and technology.

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Segments

Product Types

• Mobile-based Software
• Web-based Software

By End-users

• Small Businesses
• Individuals

Regions

• North America
• Europe
• Latin America
• Asia Pacific
• Middle East & Africa

Key Players

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

Competitive Landscape

Key players in the global personal finance software market include Buxfer Inc.; Money Dashboard; Doxo Inc.; Moneyspire Inc.; PocketSmith Ltd.; Quicken Inc; The Infinite Kind; You Need a Budget LLC; Personal Capital Corporation; and Microsoft Corporation. These players are widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally.