According to a recent report published by Allied Market Research, titled, Personal Finance Software Market by Product Type, End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global personal finance software market was valued at $795 million in 2016, and is projected to reach at $1,213 million by 2023, growing at a CAGR of 6.40% from 2017 to 2023. In 2016, the web-based software segment accounted for the highest revenue share in the global market.
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Rise in need for advanced financial tools, technological advancements related to new product development, and availability of low-cost products drive the growth of the global personal finance software market growth. However, low awareness about personalized financial products and services as well as availability of open-source solutions hamper the market growth.
The web-based software segment dominated the global market in 2016, and is expected to maintain its dominance during the forecast period, owing to availability of personal management software mainly on PC & Mac.
Based on end user, the small businesses users segment led the market in 2016, and is projected to maintain its dominance in the future. However, the individual consumers segment is expected to witness the highest growth, owing to enforcement of regulations by the regulatory authorities related to data security.
North America generated the highest revenue in 2016; however, Asia-Pacific segment is anticipated to witness the fastest growth rate during the forecast period.
Key Findings of the Personal Finance Software Market:
- The mobile-based personal finance software segment is expected to exhibit significant increase in the global personal finance software market during the forecast period.
- In 2016, the small businesses users segment accounted for the highest revenue among the other end users.
- North America generated the highest revenue in 2016.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.
Some of the key players operating in the personal finance software market that are profiled in the report 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.