Personal Finance Software Market to Reach $1213 Mn, Globally, by 2023, at 6.40% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 15, 2018 /PRNewswire/ --
Increasing need to track and manage income, growing dependency on the Internet, spiraling use of mobile applications, and rising adoption of personal finance software across developing economies are expected to propel the growth of the global personal finance software market
Allied Market Research published a report, titled, Personal Finance Software Market by Product Type (Web-based Software and Mobile-based Software) and End User (Small Businesses Users and Individual Consumers) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers extensive analyses of the key winning strategies, industry dynamics, market size & forecast, competitive landscape, and top investment pockets. As per the report, the global personal finance software market garnered $837 million in 2017 and is estimated to reach $1,213 million by 2023, growing at a CAGR of 6.40% from 2017 to 2023.
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Increase in dependence on mobile applications apps to track and manage income and high penetration rate of Internet drive the growth of the global personal finance software market. However, availability of open-source solutions would hamper the growth of the industry. Conversely, increased adoption of personal finance software across developing economies would create new opportunities for the industry.
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Web-based software segment to contribute highest share through 2023
Among product types, the web-based software segment accounted for more than half of the total market revenue in 2017 and is expected to maintain its dominance through 2023. This is attributed to the high security provided by web-based personal finance software, as it is supported by antivirus and antimalware solutions. However, the mobile-based software segment would grow at the fastest CAGR of 6.80% through the study period due to the growing demand for these software on account of their benefits over web-based software such as instant online and offline access, push notifications and instant updates, productivity improvement, cost reduction, and others.
Small business segment to dominate, Individual consumers segment to grow the fastest
Among end users, the small businesses users segment captured around 52% of the total market revenue in 2017 and would maintain its lead through 2023. This is because personal finance software helps users to easily manage their business operations and funding. It facilitates effective planning and management of the inflow and outflow of monetary funds. On the other hand, the individual consumers segment would grow at the fastest CAGR of 7% during the forecast period. Use of software makes it easy to handle every financial detail, as it can track investments and all transactions. Moreover, it can be linked with Internet banking to give live updates about transactions, which help individual consumers in money management.
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North America: highest revenue-generating region, Asia-Pacific: fastest growing region by 2023
North America contributed 41% share of the total market revenue in 2017 and would continue to maintain its lion's share by 2023. This is because the region is home to major players offering advanced solutions in the personal finance software market. However, Asia-Pacific would register the highest CAGR of 7.8% from 2017 to 2023 owing to increased usage of financial apps such as mobile banking, mobile payments, peer-to-peer transfers, personal budgeting, and investing mobile apps in the region. The other regions analyzed in the study include Europe and Latin America, Middle East and Africa (LAMEA).
Prominent players in the industry
The key players operating in the global personal finance software market 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. New product launches, joint ventures, expansions, mergers & acquisitions, partnerships, collaborations, and others are some of the strategies implemented by these players to gain a lead position in the industry.
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