Personal Finance Software Market by Product, End user, Forecast & Key players: doxo Inc., BUXFER INC., Personal Capital Corporation

Personal finance software manages monetary transactions by helping an individual to manage monthly expenses efficiently. Personal finance software acts similar to a dashboard for the financial transactions of the users and helps in tracking transactions and alerting the user when a problem arises. The major driver of this market is the high adoption rate of this technology among small or home business users. It helps the small or home businesses to easily manage their funding and business operations as it enables the effective planning and management of the inflow and outflow of monetary funds.

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Furthermore, increase in use of mobile banking solutions is expected to provide lucrative opportunities for mobile-based personal finance software. Rise in smartphone penetration among the developing economies as well as availability of low cost mobile phones is opportunistic for the market. Thus, many vendors of this market provide mobile-based personal finance management solutions.

Personal finance software manages bank accounts, credit cards, income, investments, expenditure, and all financial transactions of an individual in a smartphone or PC. It manages payrolls and monetary transactions by helping an individual to manage monthly expenses efficiently. These software utilize variety of financial data as input and function similar to a dashboard for the user's money to help track transactions and alert the user when a problem arises. The global personal finance software market was valued at $795 million in 2016, and is projected to reach at $1,213 million by 2023, growing at a CAGR of 6.40% from 2017 to 2023.

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Mobile-based personal finance software is expected to grow at a significant pace during the forecast period. The small business users segment led the market in 2016, and is expected to continue to this trend in the near future. Furthermore, North America is expected to dominate the overall market during the forecast period, as it is the highest adopter of financial technologies.

The key players profiled in the report include Quicken Inc., The Infinite Kind, You Need a Budget LLC, Microsoft, Moneyspire Inc., doxo Inc., BUXFER INC., Personal Capital Corporation, Money Dashboard, PocketSmith Ltd., and others. The market players have adopted various growth strategies to enhance their product portfolio and market penetration, as well as they are updating their products to increase their customer base and to cater to the growth in demands of the consumers. For instance, in November 2016, PocketSmith updated its PocketSmith App with new feature automatic transfer detection. This update helps detect transfer transactions. Furthermore, key players of personal finance software market is expanding their product offerings in the developing economies, which is opportunistic for the market. For instance, in June 2017 Spanish startup Fintonic a personal finance management app company, which has presence in only two countries Spain and Chile, expanded its presence into new markets in Latin America.

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