Personal Finance Software Market size is projected to reach $1,576.86 million by 2027, growing at a CAGR of 5.7% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Personal Finance Software Market by Product Type and End-User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global personal finance software market size was valued at $1,024.35 million in 2019 and is projected to reach $1,576.86 million by 2027, growing at a CAGR of 5.7% from 2020 to 2027.

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The main purpose of personal finance software is to reduce the cost of financing by performing different tasks such as recording, analyzing, compiling, and interpreting financial data of every transaction. In addition, it provides various modules for financing a particular account, including cash flow statement, two-factor authentication, email notification, find & organize transactions, and balance sheet for transactions. Furthermore, it provides businesses and individuals to design & manage their financial as well as business ledgers to improve the productivity of organizations.

Rise in adoption of this software in various industries across the globe to improve their financial structure and to gain maximum profit drives the growth of the market. Moreover, rise in need to track & manage income of consumers and surge in mobile application across the globe are the major factors that drive the growth of the market.

In addition, increase in focus of organizations on digitization of their financial services and upsurge in internet users across the globe fuel personal finance software market growth. However, security and compliance issues in personal finance software and availability of open source finance software hamper the growth of the market. Furthermore, increased adoption of personal finance software among developing economies is expected to provide lucrative opportunities for the market growth.

Based on end-user, the global personal finance software market growth was led by the small business segment in 2019 and is projected to maintain its dominance during the forecast period. Rise in number of startups in developing countries, such as India, China, and others, is expected to provide growth opportunities for the personal finance software market. However, the individual segment is expected to grow at the highest rate during the forecast period, owing to rise in internet penetration in day to today activities and increase in need to track payment transactions.

Region-wise, the global personal finance software market share was dominated by North America in 2019 and is expected to retain its position during the forecast period. The major factors that drive the market in this region include early adoption of advanced technology and surge in adoption of personal finance software among end-users. However, Asia-Pacific is also expected to witness significant growth rate during the forecast period, owing to the development of financial technology as well as increased penetration of internet and mobile phones among emerging countries of Asia-Pacific such as China and India.

Though COVID-19 crisis continues to disrupt many industries, it has offered opportunities for high adoption of digital transformation approaches, among which personal finance software service has gained high importance and adoption. When state and country-wide lockdowns initiated at the beginning of 2020, both employee and customer engagement & experience became a major factor to drive the global personal finance software market. Furthermore, various key players of the market are introducing new personal finance strategies to enhance the customer experience and to improve their market share in the pandemic situation.

Key Findings Of The Study

By product type, the web-based software segment generated the highest revenue in 2019.
By end-user, the small business segment generated the highest revenue in 2019.
Based on region, the Asia-Pacific region is expected to attain the significant growth during the forecasted period.
The key players profiled in the global personal finance software market analysis are Buxfer Inc., Doxo Inc., Money Dashboard, Microsoft Corporation, Moneyspire Inc., Personal Capital Corporation, PocketSmith Ltd., The Infinite Kind, You Need a Budget LLC, and Quicken Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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This release was published on openPR.