According to a new report published by Allied Market Research, titled, "U.S. Personal Finance Software Market by Type and by End User: Opportunity Analysis and Industry Forecast, 2019 - 2026."
The U.S. personal finance software market size was valued at $232 million in 2018, and is expected to reach $343 million by 2026, registering a CAGR of 5% from 2019 to 2026.
Personal finance software is a solution, which aids in managing personal finances with the help of bank accounts, financial transactions, credit cards, investments, income, and expenditure of an individual on a smartphone or personal computer. It acts as a dashboard for users’ financial transactions and helps in tracking transactions and alerting the user when a problem arises in advance. In addition, it manages monetary transactions and payrolls by helping an individual manage monthly expenses efficiently.
The personal finance software is majorly used in tax planning, retirement planning, real-estate planning, education planning, management of cash, and to meet other financial goals. This software provides financial services features such as online banking, graphs & reports, balance forecast, investment account support, cash flow statement, bills & deposits reminder, import & export data, email alerts, and detail of spending.
The growth of the U.S. personal finance software market is influenced by several factors such as increased dependency on the internet, usage of mobile applications, adoption of personal finance software, and availability of open-source solutions. Personal finance software helps in accomplishing the goals set by individuals, such as reduction of unnecessary expenses, possible adjustments on financial plans, and monetary reassessment.
Key Findings of the U.S. Personal Finance Software Market:
- The study provides an in-depth analysis of the U.S. personal finance software market trends and future estimations to elucidate the imminent investment pockets.
- Comprehensive analysis of U.S. Personal Finance Software market share, along with key player service offerings and their strategies are provided to understand the competitive outlook of the industry
- Increase in use of mobile-based personal finance software such as Venmo, LearnVest, PayPal, and others across different areas of operations is expected to drive the U.S. personal finance software market growth during the forecast period.
- Based on type, the mobile based personal finance software segment accounted for close to three fourth of the market share of the U.S. personal finance software market in 2019.
- The mobile-based personal finance software segment is anticipated to grow with the highest CAGR compared to web-based personal finance software segment throughout the forecast period.
The report provides a comprehensive analysis of the leading companies operating in U.S. personal finance software industry such as Quicken Inc., Buxfer, Inc., CountAbout Corporation, doxo Inc., IGG Software, Inc., Moneyspire Inc., Personal Capital Corporation, Qapital Inc., and You Need a Budget LLC.