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How has the personal finance apps market size evolved in recent years?

The market for personal finance applications has experienced significant expansion in recent times. Projected to rise from a size of $132.92 billion in 2024 to $167.09 billion in 2025, representing a Compound Annual Growth Rate (CAGR) of 25.7%, this growth in the past can be linked to enhanced user engagement and the promotion of effective fiscal practices. Other factors include the advent of open banking and payment services directive (PSD2), increased understanding of personal finance oversight, improvements in financial literacy, and the forefront of digital banking.

What are the predictions for the personal finance apps market size in the coming years?

The market size for personal finance apps is predicted to undergo significant expansion in the following years, projected to reach a staggering $412.22 billion by 2029. This corresponds to a compound annual growth rate (CAGR) of 25.3%. This surge during the forecast period can be attributed to a multitude of factors. This includes the rising acceptance of digitization, a deepening awareness of prudent money management importance, growth in the use of smartphones and digital devices, escalating demand for digital payments and financial services, and a growing preference for mobile banking and convenience. Key trends forecasted for the period include seamless integration with a range of financial institutions, personalized features catering to users seeking comprehensive and user-friendly solutions, the advent of artificial intelligence (AI) technology, product innovation, and the application of predictive analytics in risk management.

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What key factors are fueling the growth of the personal finance apps market?

The growth of the personal finance apps market is anticipated to be driven by the increasing prevalence of digital banking. Digital banking is the term for the process by which all conventional banking activities and schemes, which were previously only accessible to clients in a physical bank branch, are digitized. The popularity of digital banking arises from a variety of factors including comfort and availability, higher interest rates, effortless account management, and financial inclusion. Personal finance apps serve as a perfect supplement to digital banking by offering users extensive tools to handle their finances, elevate their banking experience, and encourage more interaction with digital banking services. As per E-commerce Tips, a US-based company which provides e-commerce guides and insights, the total count of individuals utilizing two or more digital payment methods in the United States escalated from 51% in 2021 to 62% in 2022 just by January 2024. Moreover, e-commerce, the majority segment of the global digital payments market accounted for $6.310 trillion in 2023, and it’s projected to increase to $6.913 trillion by 2024. Despite the advent of digital wallets like PayPal, Venomo, and ApplePay, in the realm of B2B payments in the US, credit cards and checks still make up 39% and 26% respectively. Thus, the increasing trend of digital banking is propelling the expansion of the personal finance apps market.

How is the global personal finance apps market divided into key segments?

The personal finance apps market covered in this report is segmented –

1) By Type: Android, iOS, Web-based

2) By Pricing Model: Free, Freemium, Subscription, One-Time Purchase

3) By Functionality: Budgeting, Investment Tracking, Tax Planning, Debt Management

4) By Application: Mobile Phones, Tablets, Computers, Other Applications

Subsegments:

1) By Android: Budgeting Apps, Expense Tracking Apps, Investment and Savings Apps

2) By iOS: Personal Finance Management Apps, Credit Score Tracking Apps, Bill Payment and Reminder Apps

3) By Web-Based: Online Budgeting Tools, Cloud-Based Finance Management Platforms, Investment and Portfolio Tracking Websites

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Who are the key firms paving the way for growth in the personal finance apps market?

Major companies operating in the personal finance apps market are Intuit Inc., Venmo LLC, Acorns LLC, Expensify, Albert, You Need a Budget LLC, Doxo Inc., WalletHub, Dayspring Technologies Inc., Spendee A.S., Toshl Finance Inc., OfficeTime, EveryDollar, Money Smart, Wally, Prism, Personal Capital Ltd., PocketGuard, Wallet Engine, UK Salary Calculator, Tiller Money, Honeydue

What are the key trends shaping the future of the personal finance apps market?

Leading organisations in the personal finance apps market are creating apps like Saarthi 2.0, which offer superior financial management tools to users and promote financial literacy. The app offers innovative solutions for financial management, encompassing vital aspects such as KYC methods, mutual funds, ETFs, and guidelines for purchasing and trading shares. For example, In June 2024, the Indian regulatory agency, the Securities and Exchange Board Of India, unveiled Saarthi 2.0. The application provides crucial knowledge on the securities market, helping investors make informed choices. It has an accessible interface, making it easy to use, particularly for novice young investors. It comes with financial calculators, learning modules, informative video content, and support for investors.

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What regions are contributing significantly to the growth of the personal finance apps market?

North America was the largest region in the personal finance apps market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal finance apps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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