Personal Finance Software Market Competitive Insights and Precise Outlook 2021 – The Infinite Kind, Quicken Inc., Microsoft

The Global Personal Finance Software Market size was valued at USD 0.94 billion in 2019 and is predicted to reach USD 1.80 billion by 2030, with a CAGR of 6.1% from 2020-2030.

Personal finance software is utilized to track the inflow and outflow of money. In addition to this, the software tracks expenditure, keeps the record of investments, creates budget, and manages future expenses. This software is compatible with smart phones, laptops, PCs or any other electronics gadgets.

Personal finance software API is either web-based or mobile-based, depending on the type of gadget. Personal finance software can manage payrolls and is proficient at organizing monthly expenses. It can also send an alert if any suspicious activity is detected.

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Top Companies: The Infinite Kind, Quicken Inc., Microsoft, You Need a Budget LLC, doxo Inc., Moneyspire Inc., BUXFER Inc., Money Dashboard, Personal Capital Corporation, and PocketSmith Ltd.

Market Dynamics and Trends

Upsurge in demand from small-businesses, along with soaring demand for safe, secure, and efficient finance tracking solutions at individual level, are the factors driving the growth of personal finance software market.

Additionally, digitization in BFSI sector, booming IT industry, and increasing inclination towards budget-oriented lifestyle, are expected to propagate the growth of personal finance software market throughout the forecast period.

However, concerns related to availability of open-source solutions, and lack of awareness regarding personalized financial products are likely to impede the growth of global personal finance software market.

Moreover, increasing advancements in IoT and API technologies, development of telecommunication infrastructures, and rise in the number of tax payable citizens, shall enhance the growth of global personal finance software market in coming future.

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Market Segmentations and Scope of the Study:

The global personal finance software market share has been analyzed based on product type, end user, and geography.

Based on product type, the personal finance software market is segmented into web-based software and mobile-based software. Based on end user, the personal finance software market is divided into small businesses users and individual consumers. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to retain its dominance in the global personal finance software market throughout the forecast period, accounting for the major market share. This is attributed to presence of developed IT infrastructure, greater use of digital technology, and growing demand for effective financial management solutions.

Asia Pacific is expected to demonstrate a significant growth in the global personal finance software market, accounting for notable CAGR. This is due to increasing consumer awareness regarding financial management, growing demand of transaction records, and increasing dependency on internet.

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