Personal Finance Software is a tool designed to improve the financial planning of the user by processing the provided financial information and producing an analytical output. The software takes the financial data of the user as input and can be implemented in various applications like financial transactions, management of bank records, tracking of investments, budget management, management of portfolio, and others.
The global personal finance software market was valued at USD 795 million in 2016 and expected to cross USD1,213 million by 2023 with the compound annual growth rate of 6.40% between the period of 2017 to 2023. The software can also manage the customers’ bank accounts, credit cards, income, investments, expenditure, and all other financial transactions in a smartphone or desktop. It can help the individual in controlling his monthly expenses by managing the payrolls and money-related transactions.
Increase in the requirements for the advanced financial software for managing the expenses and transactions, development of new products with the advances in the technology, and the presence of less expensive tools in the market are some of the growth determining factors for the global personal finance management market. The growing demand for personal finance software in developed and developing countries is also boosting the growth of the market. The higher adoption of financial technologies in the region offers leading position to North America among global markets.
On the contrary, the lack of awareness about the benefits of personal finance software products and services among the people of developing countries of the world and alternatives like open-source solutions in the market are limiting the growth of global personal finance software market.
The increasing penetration of mobile phones in rural areas of countries with the advancements in mobile network and communication is offering new growth opportunity for personal finance software tools. This growing adoption of mobile phones has encouraged several industries to offer mobile-based services to people in rural areas. The increased usage of mobile broadband with the reduction in the prices of mobile data packages is allowing the users to access a wide range of applications, which in turn offers a hidden opportunity for the global personal finance software market.
Independent Research Consultant
Market Reports Web