Personal Finance Software Market —
The global market for personal finance software market was valued at USD XYZ in 2018 and this figure is expected to cross USD XYZ by the year 2025. This is expected to be characterised by a compound annual growth rate of XX%. North America is one of the largest markets for personal finance software, which stood at USD XX in 2018 and is expected to post an above-average growth rate over the next couple of years. Technologically advanced countries such as the U.S. and Canada present attractive growth opportunities to market players.
Personal finance software is gaining traction owing to its broad application spectrum. It is used for integrating financial data and gather information to make calculated financial decisions. Businesses use such as software tools across a vast range of financial data in order to streamline financial operation such as bank record management, financial transactions, investment tracking, portfolio management etc. These tools ensure are also applicable in payroll processes and monetary transactions.
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The key players covered in this study
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The banking system has evolved over time. Technology remains a major force of disruption in the BFSI sector. While advances in technology has bolstered the efficiency, it has also created new loopholes. Banking issues have changed and become more complex, therefore require more effective solutions. This is where personal finance software tools are so effective as they can assist is maintaining all the financial activities of an individual or business. There is a sharp rise in adoption of financial software. They are accessible via web-based platforms and mobile-based platform. The former is more popular among the home business users. Web-based platforms are extremely secure and facilitate data transfer from tax management software and banking system. Personal finance software is helps in optimising operations in various financial ecosystems.
Financial software help users to identify unnecessary expenditure and save funds. The growing user base of internet and increased penetration of mobile phone has reflected favourably on the global personal finance software market. Cost-benefits of such tools are drive their popularity in price-sensitive market. Service providers are actively focusing on developing user-friendly tools in order to cater to a wider pool of customer. Moreover, the growth of mobile applications supports the market growth.
Some of the leading companies engaged in developing personal finance software product include Moneydance, Microsoft, CountAbout, Moneyspire, BankTree, MoneyWell, HomeBank, Quicken, Buxfer, Banktivity, Mvelopes, YNAB, iFinance, MoneyLine and Qapital. The global market for personal finance software is expected to remain highly competitive over the next couple of years. The market characterized by a large number mid-sized and large-sized companies. Market players are competing on fronts such as platform support, features and product portfolio. Companies are also focusing in product innovation and expansion of product portfolio to improve their market position. In addition, mergers and acquisitions are also expected remain a key industry trend in the years to come.
Global Personal Finance Software Market: Segmentation
Segmental analysis of the market has been conducted on the basis of application and type.
On the basis of application, the market has been segmented into small enterprise, personal and other. On the basis of type, the market has been segmented into Microsoft Windows, Macintosh OS and Linux.
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