Comprehensive Analysis of the Personal Finance Software Market in 2023: Size, Share, and Key Trends
The latest updates to The Business Research Company’s global market reports include the most current market sizing information for the year 2023, along with forecasts extended up to 2032.
As per The Business Research Company’s Personal Finance Software Global Market Report 2023, the personal finance software market is poised for significant growth during the forecast period.
Key takeaways from the personal finance software market forecast are as follows:
- Market Size
The global personal finance software market size is projected to rise from $1.61 billion in 2022 to $1.72 billion in 2023, demonstrating a compound annual growth rate (CAGR) of 6.9%. This trajectory is set to continue, with the global personal finance software market size anticipated to reach $2.22 billion in 2027, growing at a CAGR of 6.5%.
- Major Driver
The escalating demand for secure and personalized digital services is expected to drive the growth of the personal finance software market. In 2022, The Economist reported that 58% of banks worldwide rely on technology such as artificial intelligence to provide personalized digital services. This surge in demand for secure and personalized digital services is a pivotal driver of the personal finance market.
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- Key Trend
Innovation emerges as a pivotal trend in the personal finance software market. Leading companies in the field are introducing innovative technologies such as AI to enhance the efficiency of personal finance and reduce time consumption. With these new technological developments, a shift away from mass production towards creative, specialized brand packaging for specific goods and services is expected. For instance, in August 2021, Quicken, a U.S.-based personal finance management provider, launched Simplifi, an app that emphasizes positive financial growth and encourages users with badges upon achieving goals. This app recognizes progress and motivates users to stay on track with both short- and long-term financial objectives through its achievement program.
- Major Players
Key players in the personal finance software market include Microsoft Corporation, Moneyspire Inc., PocketSmith Ltd., The Infinite Kind, Buxfer Inc., Doxo Inc., Money Dashboard, Personal Capital Corporation, You Need a Budget LLC, Alzex Software, CountAbout, Finicity Corporation, CoinKeeper, and BankTree Software.
- Top Market Segments
The global personal finance software market 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
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The Personal finance software Global Market Report 2023 offers a comprehensive analysis of the personal finance software market, encompassing size, trends, drivers, opportunities, strategies, and company analysis. Covered countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The major seven regions featured are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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