LONDON–(BUSINESS WIRE)–The global personal finance software market size is expected to grow by USD 191.74 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The increased dependency on the Internet for day-to-day activities and critical operations is one of the key factors driving the personal finance software market growth. Companies are offering storage services on the cloud, which is leading to the storage of critical information on the web. Moreover, banks and payment card companies are enabling customers to make transactions, such as online payments, using the Internet. Although online methods have benefits over traditional methods, they come with high-security risks. Personal finance software helps to keep track of such transactions and manage the money flow.
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As per Technavio, the availability of mobile applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Personal Finance Software Market: Optimized Performance of Personal Finance Software
In the increasingly competitive market landscape, vendors are giving importance to the enhancement of operational efficiency to gain a competitive advantage over competitors. End-users face constant issues with monetary fund management because of which they require advanced software solutions to track them. They are adopting personal finance software on web-based platforms or as mobile applications to ensure efficient operations across different areas of operation. It has been observed that the adoption of personal finance software has helped numerous end-users to save funds and minimize unnecessary expenditure. Therefore, both home business users and individual consumers are adopting personal finance software to analyze real-time and historical trends about monetary fund flows to ensure optimized performance.
“Other factors such as the availability of mobile applications, the advent of SaaS-based application scheduling software will have a significant impact on the growth of the personal finance software market value during the forecast period,” says a senior analyst at Technavio.
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Personal Finance Software Market: Segmentation Analysis
This market research report segments the personal finance software market by product (web-based software and mobile-based software) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the personal finance software market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increased adoption of mobile-based personal finance software.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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