Personal Finance Software Global Market Report 2024

Personal finance software is an application designed to assist users with various aspects of their financial management. It employs software to provide a comprehensive approach to handling personal finances, offering cost-effective solutions for managing expenses, budgeting, investments, and other financial tasks.

The primary products in personal finance software are web-based software and mobile-based software. Web-based software, also known as cloud-based software, is accessible through the internet using a web browser. It is deployed on the cloud and can be utilized by small business users and individual consumers, offering convenient access to financial tools and resources. Additionally, mobile-based software provides similar functionalities through applications designed for smartphones and other mobile devices, allowing users to manage their personal finances on the go.

The personal finance software market research report is one of a series of new reports from The Business Research Company that provides personal finance software market statistics including the personal finance software industry global market size regional shares competitors with personal finance software market share detailed personal finance software market segments market trends and opportunities and any further data you may need to thrive in the personal finance software industry. This personal finance software market research report delivers a complete perspective of everything you need with an in-depth analysis of the current and future scenario of the industry.

The personal finance software market size has grown strongly in recent years. It will grow from $1.73 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to increasing financial awareness, changing consumer behavior, the rise of online banking and transactions, the shift towards cashless transactions, and the emergence of fintech solutions.

The personal finance software market size is expected to see strong growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to an increased emphasis on financial literacy, the growth of remote and digital work trends, integration with banking and financial services, the rising importance of budgeting, and an expanding target demographic. Major trends in the forecast period include a focus on financial wellness and education, the use of behavioral economics for user engagement, customization and personalization features, collaborations with fintech startups, and the expansion of subscription-based models.

The increasing demand for secured and personalized digital services is poised to drive the growth of the personal finance software market. Digital services encompass the electronic transmission of data and content across various platforms and devices, including the web and mobile applications. Personal finance software, a subset of money management tools, plays a crucial role in organizing users' day-to-day financial activities. It not only educates users about personal finance matters but also enhances security by providing early warnings and alert notifications, enabling users to monitor and address potential issues promptly. These digital financial services are delivered through web-based or stand-alone software, ensuring both security and personalization. For example, in 2022, The Economist, a UK-based newspaper and media agency, reported that 58% of banks worldwide rely on technology, particularly artificial intelligence, to offer personalized digital services. This technological integration underscores the increasing reliance on advanced tools to provide secure and tailored financial solutions. As a result, the escalating demand for secured and personalized digital services is a significant driving force behind the growth of the personal finance software market.

The escalating use of smartphones is anticipated to be a key driver propelling the growth of the personal finance software market. Smartphones, characterized by their advanced capabilities and features beyond traditional voice communication, have become integral tools for accessing a wide range of applications, including personal finance software. These mobile devices provide users with ubiquitous access to tools that enable them to track expenses, manage budgets, and oversee investments from virtually anywhere, enhancing the convenience and timeliness of financial management. For example, data from FinancesOnline, a US-based independent software review platform, reveals that globally, 1.59 billion smartphones were sold in 2021, representing a slight increase from the 1.57 billion smartphones sold in 2020. This steady growth in smartphone adoption reflects their widespread popularity and accessibility. As more individuals integrate smartphones into their daily lives, the demand for personal finance software is expected to rise correspondingly, driving the growth of the personal finance software market.

The adoption of innovative solutions stands out as a prominent trend. Leading companies within this market are actively pursuing advancements in new technologies, particularly leveraging artificial intelligence (AI), to enhance the efficiency of personal finance while minimizing time investment. This strategic shift towards innovation signals a departure from conventional mass production approaches, moving instead towards distinctive and specialized brand packaging for both goods and services. A noteworthy example is Quicken, a US-based provider of personal finance management solutions, which, in August 2021, introduced Simplifi. This software places a spotlight on positive financial growth and instills confidence by employing an achievement-based system. Users are awarded badges upon accomplishing financial goals, with the application actively recognizing progress. This unique approach not only motivates users but also encourages them to stay on course in pursuit of both short-term and long-term financial objectives. This exemplifies the broader industry trend of major players harnessing innovative technologies to redefine and elevate the user experience within the personal finance software market.

Prominent players in the personal finance software market are actively channeling their efforts towards the development of innovative solutions, with a particular focus on catering to Mac users through the creation of specialized personal financial management software. Tailored for compatibility with the macOS operating system, personal financial management software for Mac users encompasses dedicated applications or tools designed to seamlessly integrate with Mac systems. Illustrating this trend, Quicken Inc., a US-based provider of personal finance software, unveiled 'Quicken Classic Business & Personal' in December 2023, specifically tailored for Mac users. This new offering empowers users to efficiently manage both their business and personal finances within a unified platform, allowing the flexibility to view and address each aspect separately as needed. 'Quicken Classic Business & Personal' for Mac serves as a comprehensive solution catering to the unique financial management needs of self-employed individuals, independent contractors, gig workers, sole proprietorships, and similar entities. This strategic initiative aligns with the broader industry trend of major companies addressing the diverse requirements of Mac users through the introduction of specialized personal finance software solutions.

In October 2021, Aquiline Capital Partners, a financial services enterprise based in the United States, successfully acquired Quicken Inc. for an undisclosed sum. This strategic acquisition positions Aquiline Capital Partners to provide capital and support for the advancement of financial services and technology. Additionally, the transaction ensures the continuity of Quicken's operations in key locations, including Menlo Park, Tucson, and Bangalore. Quicken Inc., a leading provider of personal finance software based in the U.S., is known for its flagship personal financial app, Simplify. The integration of Quicken Inc. into Aquiline Capital Partners' portfolio signifies a strategic alignment to foster innovation and growth within the financial technology sector.

Major companies operating in the personal finance software market report are Moneyspire Inc., Mint, Personal Capital Corporation, Acorns Grow Inc., Microsoft Corporation, BCU Bank, Simplifi Holdings Inc., You Need a Budget LLC, Quicken Inc., doxo Inc., Wally Global Inc., Cleevio, PocketGuard, Inc., Money Dashboard, Albert Corporation, PocketSmith Ltd., The Infinite Kind, BankTree Software Ltd., CountAbout Corporation, SilverWiz, Buxfer Inc., HomeBudget, Tiller Money, GoodBudget, Dollarbird Technologies, Fudget, EveryDollar, Frollo

North America was the largest region in the personal finance software market in 2023. The regions covered in the personal finance software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the personal finance software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The personal finance software market consists of sales of software used for budgeting, investing, debt tracking, and setting savings goals. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Personal Finance Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on personal finance software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for personal finance software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The personal finance software market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: Web-Based Software; Mobile-Based Software
• 2) By Deployment Types: Cloud; On-Premise
• 3) By End User: Small Businesses Users; Individual Consumers
• Companies Mentioned: Moneyspire Inc.; Mint; Personal Capital Corporation; Acorns Grow Inc.; Microsoft Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.