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Personal Finance Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

September 2023 | 141 pages | ID: PBE851107A64EN
IMARC Group

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Market Overview:

The global personal finance software market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.15% during 2023-2028. The growing need to track and manage income, integration of the internet of things (IoT), and wide availability of digital services and mobile apps represent some of the key factors driving the market.

Rising Demand for Safe, Secure, and Efficient Finance Tracking Solutions Impelling Market Growth

The increasing demand for safe, secure, and efficient finance tracking solutions among individuals and small businesses represents one of the major factors propelling the market growth around the world. Both individuals and small businesses face similar financial challenges as larger enterprises but with fewer resources. They are focusing on handling their finances effectively to ensure profitability, compliance with regulations, and personal financial well-being. As a result, they are utilizing various finance tracking solutions that provide a secure environment for managing their financial transactions, expenses, and budgets. Nowadays, they often deal with multiple accounts, transactions, and payment methods, making manual tracking and reconciliation processes cumbersome and error-prone. By adopting finance tracking solutions, they can streamline these tasks, accurately track their finances, and gain better control over their financial activities. In addition, rising number of digital payments and online banking platforms is increasing the complexity and volume of financial data, which is contributing to the personal finance software market growth.

What is Personal Finance Software?

Personal finance software is a specialized computer program or application designed to help individuals manage their personal finances effectively. It provides a comprehensive set of tools and features that enable users to track income, expenses, investments, budgets, and financial goals in a structured and organized manner. It allows users to link their bank accounts, credit cards, and other financial accounts to import and categorize transactions automatically and eliminate the need for manual data entry. It also enables users to analyze their spending patterns, identify areas of saving, and make informed financial decisions by providing an overview of income and expenditures. It helps track progress toward personal financial goals, alerts users about impending bill payments, and provides timely reminders to avoid late fees or penalties. It aids in financial planning and decision-making by delivering insights into net worth, investment performance, and cash flow. It also assists in monitoring investment portfolios, tracking stock prices, analyzing investment performances, and setting up alerts for market movements or target prices.

Personal Finance Software Market Trends:

At present, there is a rise in the demand for personal finance software to track and manage the income of consumers around the world. This, along with the increasing awareness about the benefits of personal finance software among individuals, represents one of the key factors supporting the growth of the market. In addition, the increasing focus of organizations on digitalizing their financial services, coupled with the growing number of internet users, is offering a favorable market outlook. Besides this, the escalating demand for personal finance software due to the rising inclination towards a budget-oriented lifestyle is propelling the growth of the market. Moreover, the integration of the internet of things (IoT) in personal finance software to collect and analyze data of clients for gaining valuable insights into their needs and ensuring faster decision-making is strengthening the growth of the market. In line with this, IoT payment platforms allow people to pay their invoices through a variety of devices not limited to contactless cards, smartphones, and smartwatches. They also help elevate customer experiences and make the payment process smoother, which is impelling the growth of the market. Apart from this, the growing number of tax payable citizens, as collecting taxes and fees is a fundamental way to generate public revenues for making investments in human capital, infrastructure, and the provision of services for citizens and businesses, is positively influencing the market. Additionally, the wide availability of digital services and mobile apps that manage the personal finance of individuals, along with the rapid development of telecommunication infrastructures, is offering lucrative growth opportunities to industry investors. Furthermore, the rising employment of mobile banking on account of real-time customer assistance, user-friendly interfaces, and immediate transactions is bolstering the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global personal finance software market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type and end user.

Product Type Insights:

Web-based Software
Mobile-based Software

The report has provided a detailed breakup and analysis of the personal finance software market based on the product type. This includes web-based software and mobile-based software. According to the report, web-based software represented the largest segment due to the high security provided by web-based personal finance software, as it is integrated with anti-virus and anti-malware solutions. In addition, web-based programs enable users to input their financial information, such as bank account and credit card information, loans, and debts, and track real-time transactions.

Mobile-based software offers mobile applications with built-in personal financial software that guarantee effective operations. It helps save money and cut back on wasteful spending. It offers various advantages over web-based software, such as instant online and offline access, pushes notifications and instant updates, productivity enhancement, cost savings, and others, which, in turn, is strengthening the market growth in this segment.

End User Insights:

Small Business
Individual Consumers

A detailed breakup and analysis of the personal finance software market based on the end-user has also been provided in the report. This includes small businesses and individual consumers. According to the report, small businesses accounted for the largest market share as various small and home businesses use personal finance software to combine and separate financial data from companies to produce the needed analytical output for better financial planning. It assists in identifying spending patterns, assisting with debt repayment, and keeping track of financial objectives to enable business users to make wiser financial decisions. It provides efficient planning and control of the influx and outflow of money and aids users of small-size businesses in effortlessly managing their business operations and funding. Additionally, it produces reports and bills depending on data.

The individual consumers market uses personal finance software to keep track of the income, expenses, credit cards, investments, and bank accounts of a person on a smartphone or computer. It can effectively handle financial transactions by assisting a person in tracking their monthly expenses. According to the personal finance software market analysis, there has been a rise in internet penetration and daily internet usage, which is catalyzing the demand for personal finance software to track and manage financial activities. Additionally, this program manages all financial facts simply, as it can keep track of investments and small transactions. Further, it can be connected to internet banking for providing real-time transaction updates, assisting the individual customer in managing their finances and boosting its uptake within this market.

Regional Insights:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for personal finance software. The growing number of key market players in the region are offering a favorable market outlook. In line with this, they are focusing on increasing the range of products. Key players are also creating cutting-edge personal finance software solutions to meet the different operating and development needs of end-user sectors. As a result, the market is anticipated to benefit from these lucrative opportunities. The rapid digitalization is helping in creating a uniquely tailored and user-friendly banking experience in the region. Numerous individuals are reaping significant financial gains from technological improvements and innovations in the financial services sector, including digital banking, digital lending, and other areas. Various information technology improvements and the growing creation of dynamic and user-friendly interfaces for websites and applications are catalyzing the demand for personal finance software in the region.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global personal finance software market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include:

Alzex Software
BankTree Software Limited
Buxfer Inc.
CountAbout
Microsoft Corporation
Money Dashboard Ltd.
Moneyspire Inc.
Personal Capital Corporation (Empower Retirement)
PocketSmith Ltd.
Quicken Inc.
The Infinite Kind
You Need a Budget

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:
How has the global personal finance software market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global personal finance software market?
What is the impact of each driver, restraint, and opportunity on the global personal finance software market?
What are the key regional markets?
Which countries represent the most attractive personal finance software market?
What is the breakup of the market based on the product type?
Which is the most attractive product type in the personal finance software market?
What is the breakup of the market based on the end user?
Which is the most attractive end user in the personal finance software market?
What is the competitive structure of the global personal finance software market?
Who are the key players/companies in the global personal finance software market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1Objectives of the Study
2.2Stakeholders
2.3Data Sources
  2.3.1Primary Sources
  2.3.2Secondary Sources
2.4Market Estimation
  2.4.1Bottom-Up Approach
  2.4.2Top-Down Approach
2.5Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1Overview
4.2Key Industry Trends

5 GLOBAL PERSONAL FINANCE SOFTWARE MARKET

5.1Market Overview
5.2Market Performance
5.3Impact of COVID-19
5.4Market Forecast

6 MARKET BREAKUP BY PRODUCT TYPE

6.1Web-based Software
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2Mobile-based Software
  6.2.1 Market Trends
  6.2.2 Market Forecast

7 MARKET BREAKUP BY END USER

7.1Small Business
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2Individual Consumers
  7.2.1 Market Trends
  7.2.2 Market Forecast

8 MARKET BREAKUP BY REGION

8.1North America
  8.1.1 United States
    8.1.1.1 Market Trends
    8.1.1.2 Market Forecast
  8.1.2 Canada
    8.1.2.1 Market Trends
    8.1.2.2 Market Forecast
8.2Asia-Pacific
  8.2.1 China
    8.2.1.1 Market Trends
    8.2.1.2 Market Forecast
  8.2.2 Japan
    8.2.2.1 Market Trends
    8.2.2.2 Market Forecast
  8.2.3 India
    8.2.3.1 Market Trends
    8.2.3.2 Market Forecast
  8.2.4 South Korea
    8.2.4.1 Market Trends
    8.2.4.2 Market Forecast
  8.2.5 Australia
    8.2.5.1 Market Trends
    8.2.5.2 Market Forecast
  8.2.6 Indonesia
    8.2.6.1 Market Trends
    8.2.6.2 Market Forecast
  8.2.7 Others
    8.2.7.1 Market Trends
    8.2.7.2 Market Forecast
8.3Europe
  8.3.1 Germany
    8.3.1.1 Market Trends
    8.3.1.2 Market Forecast
  8.3.2 France
    8.3.2.1 Market Trends
    8.3.2.2 Market Forecast
  8.3.3 United Kingdom
    8.3.3.1 Market Trends
    8.3.3.2 Market Forecast
  8.3.4 Italy
    8.3.4.1 Market Trends
    8.3.4.2 Market Forecast
  8.3.5 Spain
    8.3.5.1 Market Trends
    8.3.5.2 Market Forecast
  8.3.6 Russia
    8.3.6.1 Market Trends
    8.3.6.2 Market Forecast
  8.3.7 Others
    8.3.7.1 Market Trends
    8.3.7.2 Market Forecast
8.4Latin America
  8.4.1 Brazil
    8.4.1.1 Market Trends
    8.4.1.2 Market Forecast
  8.4.2 Mexico
    8.4.2.1 Market Trends
    8.4.2.2 Market Forecast
  8.4.3 Others
    8.4.3.1 Market Trends
    8.4.3.2 Market Forecast
8.5Middle East and Africa
  8.5.1 Market Trends
  8.5.2 Market Breakup by Country
  8.5.3 Market Forecast

9 SWOT ANALYSIS

9.1Overview
9.2Strengths
9.3Weaknesses
9.4Opportunities
9.5Threats

10 VALUE CHAIN ANALYSIS

11 PORTERS FIVE FORCES ANALYSIS

11.1Overview
11.2Bargaining Power of Buyers
11.3Bargaining Power of Suppliers
11.4Degree of Competition
11.5Threat of New Entrants
11.6Threat of Substitutes

12 PRICE ANALYSIS

13 COMPETITIVE LANDSCAPE

13.1Market Structure
13.2Key Players
13.3Profiles of Key Players
  13.3.1Alzex Software
    13.3.1.1 Company Overview
    13.3.1.2 Product Portfolio
  13.3.2BankTree Software Limited
    13.3.2.1 Company Overview
    13.3.2.2 Product Portfolio
  13.3.3Buxfer Inc.
    13.3.3.1 Company Overview
    13.3.3.2 Product Portfolio
  13.3.4CountAbout
    13.3.4.1 Company Overview
    13.3.4.2 Product Portfolio
  13.3.5Microsoft Corporation
    13.3.5.1 Company Overview
    13.3.5.2 Product Portfolio
    13.3.5.3 Financials
    13.3.5.4 SWOT Analysis
  13.3.6Money Dashboard Ltd.
    13.3.6.1 Company Overview
    13.3.6.2 Product Portfolio
  13.3.7Moneyspire Inc.
    13.3.7.1 Company Overview
    13.3.7.2 Product Portfolio
  13.3.8Personal Capital Corporation (Empower Retirement)
    13.3.8.1 Company Overview
    13.3.8.2 Product Portfolio
  13.3.9PocketSmith Ltd.
    13.3.9.1 Company Overview
    13.3.9.2 Product Portfolio
  13.3.10Quicken Inc.
    13.3.10.1 Company Overview
    13.3.10.2 Product Portfolio
  13.3.11The Infinite Kind
    13.3.11.1 Company Overview
    13.3.11.2 Product Portfolio
  13.3.12You Need a Budget
    13.3.12.1 Company Overview
    13.3.12.2 Product Portfolio

LIST OF TABLES

Table 1: Global: Personal Finance Software Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Personal Finance Software Market Forecast: Breakup by Product Type (in Million US$), 2023-2028
Table 3: Global: Personal Finance Software Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 4: Global: Personal Finance Software Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Personal Finance Software Market: Competitive Structure
Table 6: Global: Personal Finance Software Market: Key Players

LIST OF FIGURES

Figure 1: Global: Personal Finance Software Market: Major Drivers and Challenges
Figure 2: Global: Personal Finance Software Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Personal Finance Software Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Personal Finance Software Market: Breakup by Product Type (in %), 2022
Figure 5: Global: Personal Finance Software Market: Breakup by End User (in %), 2022
Figure 6: Global: Personal Finance Software Market: Breakup by Region (in %), 2022
Figure 7: Global: Personal Finance Software (Web-based Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 8: Global: Personal Finance Software (Web-based Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 9: Global: Personal Finance Software (Mobile-based Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Personal Finance Software (Mobile-based Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Personal Finance Software (Small Business) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Personal Finance Software (Small Business) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Personal Finance Software (Individual Consumers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Personal Finance Software (Individual Consumers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: North America: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: North America: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: United States: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: United States: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Canada: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Canada: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Asia-Pacific: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Asia-Pacific: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: China: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: China: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Japan: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Japan: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: India: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: India: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: South Korea: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: South Korea: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Australia: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Australia: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Indonesia: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Indonesia: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Others: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Others: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Europe: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Europe: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Germany: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Germany: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: France: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: France: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: United Kingdom: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: United Kingdom: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Italy: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Italy: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Spain: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Spain: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Russia: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Russia: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Others: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Others: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Latin America: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Latin America: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Brazil: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Brazil: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Mexico: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Mexico: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Others: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Others: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Middle East and Africa: Personal Finance Software Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Middle East and Africa: Personal Finance Software Market: Breakup by Country (in %), 2022
Figure 63: Middle East and Africa: Personal Finance Software Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Global: Personal Finance Software Industry: SWOT Analysis
Figure 65: Global: Personal Finance Software Industry: Value Chain Analysis
Figure 66: Global: Personal Finance Software Industry: Porter's Five Forces Analysis


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