Press release
Personal Finance Software Market Poised for 8.5 % Growth, Set to Hit $90.88 Billion by 2029
Personal Finance Software
The personal finance software market's expansion is predicted to be fueled by a rising demand for customised and secure digital services. These digital services involve the transmission of information and content across various platforms and devices, including the internet and mobile phones. Personal finance software is a tool for managing finances that simplifies the customer's financial routine. It educates users about individual monetary issues and provides added security through warning alerts when issues occur. Furthermore, this software notifies users when their set targets are surpassed. Therefore, it offers personal financial services that are secure and customized through web-based or concrete software. As an example, The Economist, a British newspaper and media agency reported in 2022 that 58% of banks across the globe use technology such as artificial intelligence for personalised digital services. Consequently, the growing need for secure and personalised digital services is encouraging the personal finance market.
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What is the projected compound annual growth rate (CAGR) of the personal finance software market from 2025 to 2034, and what factors influence it?
The market for personal finance software has witnessed substantial growth in the last few years. The market, which was valued at $1.81 billion in 2024, is projected to reach $1.92 billion in 2025, realizing a compound annual growth rate (CAGR) of 5.9%. Factors contributing to the increase in the historical period include growing financial consciousness, evolving consumer actions, the surge of online banking and transactions, the transition to cashless transactions, and the rise of financial technology solutions.
In the coming years, the personal finance software market is expected to witness robust growth, with an anticipation of reaching $2.66 billion in 2029. This corresponds to a compound annual growth rate (CAGR) of 8.5%. The predicted growth during the forecast period can be attributed to multiple factors including enhanced focus on financial literacy, a surge in digital and remote working trends, integration with banking and financial services, and a rising emphasis on budgeting and expanding target demographics. The major trends predicted during the forecast period involve focusing on financial wellness and education, applying behavioral economics to engage users, adding customization and personalization features, teaming up with fintech startups, and broadening subscription-based models.
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What new trends are reshaping the personal finance software market and its opportunities?
Significant players in the personal finance software industry are focusing on the development of novel and cutting-edge technologies, like personal financial tracking software, to make financial management more effective and less time-consuming. Personal financial tracking software are digital aids that allow individuals to oversee and control their finances by monitoring income, outgoings, budgeting, and investments. In particular, CRED, an Indian financial technology firm, launched its personal financial management tool called CRED Money in July 2024 to streamline finance tracking and management for its users. This platform offers a consolidated view of the balances and transactions from various bank accounts, empowering users to study their spending patterns and manage recurring expenses like SIPs, EMIs, and rent in a better way. CRED Money, with its functionality of timely payment reminders and the ability to trace forgotten transactions, seeks to improve financial decision-making, while ensuring data safety through the account aggregator framework in India.
What major market segments define the scope and growth of the personal finance software market?
The personal finance software market covered in this report is segmented -
1) By Product Type: Web-Based Software, Mobile-Based Software
2) By Deployment Types: Cloud, On-Premise
3) By End User: Small Businesses Users, Individual Consumers
Subsegments:
1) By Web-Based Software: Budgeting Software, Expense Tracking Software, Investment Management Software, Tax Preparation Software, Financial Planning Software
2) By Mobile-Based Software: Budgeting Apps, Expense Tracking Apps, Investment Management Apps, Personal Finance Management Apps, Bill Payment Apps
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Which region dominates the personal finance software market?
North America was the largest region in the personal finance software market in 2024. The regions covered in the personal finance software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the personal finance software industry growth?
Major companies operating in the personal finance software market include Moneyspire Inc., Mint, Personal Capital Corporation, Acorns Grow Inc., Simplifi Holdings Inc., You Need a Budget LLC, Quicken Inc., Wally Global Inc., PocketGuard, Inc., Money Dashboard, Albert Corporation, PocketSmith Ltd., The Infinite Kind, BankTree Software Ltd., CountAbout Corporation, SilverWiz, Buxfer Inc., HomeBudget, Tiller Money, GoodBudget, Dollarbird Technologies, Fudget, EveryDollar, Frollo
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What Is Covered In The Personal Finance Software Global Market Report?
•Market Size Forecast: Examine the personal finance software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the personal finance software market for a structured understanding.
•Key Players Overview: Analyze major players in the personal finance software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the personal finance software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the personal finance software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the personal finance software market.
•Industry Challenges: Identify potential risks and obstacles affecting the personal finance software market.
•Competitive Landscape: Review strategic developments in the personal finance software market, including expansions, agreements, and new product launches.
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