Personal Finance Software Market

Market Definition

The Global Personal Finance Software Market size was valued at USD 1.35 billion in 2023 and is predicted to reach USD 2.56 billion by 2030, with a CAGR of 9.6% from 2024-2030.

Personal finance software is utilized to track the inflow and outflow of money. In addition to this, the software tracks expenditure, keeps the record of investments, creates budget, and manages future expenses. This software is compatible with smart phones, laptops, PCs or any other electronics gadgets.
Personal finance software API is either web-based or mobile-based, depending on the type of gadget. Personal finance software can manage payrolls and is proficient at organizing monthly expenses. It can also send an alert if any suspicious activity is detected.

Market Dynamics and Trends

Upsurge in demand from small-businesses, along with soaring demand for safe, secure, and efficient finance tracking solutions at individual level, are the factors driving the growth of personal finance software market. Additionally, digitization in BFSI sector, booming IT industry, and increasing inclination towards budget-oriented lifestyle, are expected to propagate the growth of personal finance software market throughout the forecast period.

However, concerns related to availability of open-source solutions, and lack of awareness regarding personalized financial products are likely to impede the growth of global personal finance software market. Moreover, increasing advancements in IoT and API technologies, development of telecommunication infrastructures, and rise in the number of tax payable citizens, shall enhance the growth of global personal finance software market in coming future.

Market Segmentations and Scope of the Study:

The global personal finance software market share has been analyzed based on product type, end user, and geography.

Based on product type, the personal finance software market is segmented into web-based software and mobile-based software. Based on end user, the personal finance software market is divided into small businesses users and individual consumers. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to retain its dominance in the global personal finance software market throughout the forecast period, accounting for the major market share. This is attributed to presence of developed IT infrastructure, greater use of digital technology, and growing demand for effective financial management solutions.

Asia Pacific is expected to demonstrate a significant growth in the global personal finance software market, accounting for notable CAGR. This is due to increasing consumer awareness regarding financial management, growing demand of transaction records, and increasing dependency on internet.

Competitive Landscape

The personal finance software market is highly competitive and consists of various market players. Some of the major market players include The Infinite Kind, Quicken Inc., Microsoft, You Need a Budget LLC, doxo Inc., Moneyspire Inc., BUXFER Inc., Money Dashboard, Personal Capital Corporation, and PocketSmith Ltd. among others. With the development and deployment of advanced technologies, and launch of new products equipped with up-to-date features, market players are undergoing various business strategies to sustain their position in the personal finance software market.

For instance, in January 2020, Quicken Inc., one of the major players of personal finance software market, announced the launch of ‘Simplifi,’ a next-gen personal finance managing tool, designed to offer consumers with a consolidated view of all accounts synchronized with the expense tracker. The new advertisement-free app is the most comprehensive and powerful solution, yet a simple and intuitive smart tool, that manages monetary inflows and outflows with profound efficacy. 2020 is the year where the whole world has united to fight against the COVID-19 pandemic. With new research on how this pandemic has affected the economy at individual level, to developing new technologies to cope with the downfalls; market players are contributing their part in saving the world.

For instance, in May 2020, Doxo Inc., one of the leading companies in personal finance software market, reported the impact of COVID-19 pandemic on the American household financial bill payment behaviour. The report concluded that 69% of households lacked in savings to last for four months, 59% of households were worried about covering rent or mortgage payments, and 36% of households were already late in making bill payments. Whereas, more people intended to pay bills with credit cards.

Furthermore, in June 2020, Personal Capital Corporation, one of the key players of personal finance software market, launched a new product feature ‘Recession Simulator,’ that provides insights into the impact of past market recessions in the wake of market volatility due to COVID-19 pandemic. Recession Simulator is the first-ever free tool available to all Personal Capital users and wealth management clients in the Americas.

Key Benefits

• The personal finance software market report provides the quantitative analysis of the current market and estimations through 2024-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the personal finance software market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The report provides detailed information related to key drivers, restraints and opportunities and their impact on the personal finance software market.

• The report incorporates competitive analysis of the market players along with their market share in the global personal finance software market.

• The SWOT analysis and Porters Five Forces model is elaborated in the study of the personal finance software market.

• Value chain analysis in the personal finance software market study provides a clear picture of the stakeholders’ roles.

Key Market Segments

By Product Type

• Web-based Software

• Mobile-based Software

By End User

• Small Businesses Users

• Individual Consumers

By Geography

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining Countries

Key Players

• The Infinite Kind

• Quicken Inc.

• Microsoft

• You Need a Budget LLC

• doxo Inc.

• Moneyspire Inc.

• BUXFER INC.

• Money Dashboard

• Personal Capital Corporation

• PocketSmith Ltd.

 

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Market Segmentation	By Product Type (Web-based Software and Mobile-based Software), by End User (Small Businesses Users and Individual Consumers)
Geographical Segmentation	North America (U.S., Canada, Mexico) Europe (UK, Germany, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), Rest of the World (UAE, Saudi Arabia, South Africa, Brazil, Remaining countries)
Companies Profiled	The Infinite Kind, Quicken Inc., Microsoft, You Need a Budget LLC, doxo Inc., Moneyspire Inc., BUXFER Inc., Money Dashboard, Personal Capital Corporation, and PocketSmith Ltd.