How large is the personal finance software industry?
This market is highly fragmented, with numerous companies producing various programs. Microsoft Money, Managing Your Money and Quicken are three leading options; they feature a Web browser with automatic onscreen help, links to relevant Websites, and personalized financial advice based on user input. They also offer various financial tools and services like online banking, credit card management, investment planning, retirement planning, and tax planning.
Key Drivers, Restrictions, and Opportunities in the Personal Finance Software Market
The key drivers for the personal finance software market include an increasing need to track income, rising smartphone adoption rates, big data analytics, and an increasing focus on digitalization among organizations. Furthermore, mobile-based personal finance software will continue driving industry growth due to its widespread popularity and increasing adoption by individuals in the coming years.
Moreover, the business-to-business (B2B) segment is another major driving force in the personal finance software market. This sector is expanding rapidly as it provides various solutions to track and manage small businesses. Furthermore, B2B growth is being spurred on by an increasing need for secure and personalized digital services.
Since 1984, Intuit Inc.’s Quicken program has become one of the world’s most beloved applications; boasting more than 12 million users in just the USA alone.
Regional Conflict/Russia-Ukraine War:
As the global COVID-19 pandemic causes widespread turmoil in the market, several factors have had an immense effect on personal finance software sales. This report examines these influences to understand their effect and provides insights into how these events have affected sales as well as solutions being taken to overcome them.
Asia is a rapidly developing region for personal finance software companies, with increasing demand for online banking and e-billing services. Furthermore, it boasts many entrepreneurs and an established IT infrastructure. Forecasts anticipate rapid growth in this region over the coming years due to its rapidly developing IT industry.
The personal finance software market is expected to reach USD 1.80 billion by 2030. This growth can be attributed to an increasing need for secured and personalized digital services, increased focus on digitization by organizations, and growing internet penetration globally.
The personal finance software market is highly profitable with a high potential for expansion. Valued at USD 0.94 billion in 2019, it’s projected to expand at a compound annual growth rate (CAGR) of 6.1% from 2020-2030 due to an increasing need for secure and personalized digital services, increased internet penetration worldwide, and growing smartphone adoption among emerging economies.