Increase in mobile applications across the globe and rise in the need to track & manage income of consumers drive the global personal finance software market. However, security and compliance issues in personal finance software and availability of open-source finance software hinder the market growth. On the contrary, rapid adoption of personal finance software across the developing countries is expected to create lucrative opportunities for the market players in the coming years.
The global personal finance software market was pegged at $1.02 billion in 2019, and is expected to reach $1.57 billion by 2027, growing at a CAGR of 5.7% from 2020 to 2027.
During such uncertain times, there is a significant increase in demand for personal finance software to manage bank accounts, investments, expenditure, and credit cards on a personal computer and smartphone.
However, the spike in unemployment across the globe have negatively affected the market.
The global personal finance software market is divided on the basis of product type, end user, and geography. Based on product type, the market is segmented into web-based software and mobile-based software. The web-based software segment held the largest share in 2019, accounting for more than half of the market. However, the mobile-based software segment is expected to manifest the highest CAGR of 6.4% during the forecast period.
On the basis of end user, the market is classified into small business and individual. The small business segment dominated the market in 2019, contributing to more than half of the market. However, the individual consumers segment is expected to portray the highest CAGR of 6.2% during the forecast period.
The global personal finance software market is analyzed across various region including North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2019 in terms of revenue, holding more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 7.0% during the forecast period.
The global personal finance software market report includes an in-depth analysis of the major market players such as Buxfer Inc., Money Dashboard, Doxo Inc., Moneyspire Inc., Microsoft Corporation, PocketSmith Ltd., Personal Capital Corporation, You Need a Budget LLC, The Infinite Kind, and Quicken Inc.