The new report by Expert Market Research titled, ‘Global Personal Finance Software Market Analysis, Share, Price, Trends, Growth, Size, Key Players, Outlook, Report, Forecast 2021-2026’, gives an in-depth analysis of the global personal finance software market, assessing the market based on its segments like product type, end user, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 1.07 Billion
- Forecast CAGR (2021-2026): 5.7%
- Forecast Market Size (2026): USD 1.49 Billion
The growing use of personal finance software in small business management is moving the sector forward. In a balance sheet, personal finance software can properly track all liabilities and assets. It also allows business owners to concentrate on their core competencies rather than spending time on taxes. Personal finance software may provide tax reports on business income, deductions, and expenses, driving the market growth.
Furthermore, it can assist in the creation of a custom report for tax schedules, which boosts the personal financial software industry’s growth. Bills and invoices are automatically tracked as receivables and payables. As a result of its ability to speed up workflow, it is increasingly being employed in managing small firms, providing additional impetus to the industry’s growth.
Industry Definition and Major Segments
Personal financial software automates the management of one’s savings, assets, and spending. Banking, mortgages, retirement planning, budgeting, and tax and estate planning are all areas where it can help. It evaluates a person’s financial condition and provides information on how to achieve financial goals efficiently. Personal finance software can help you avoid paying late fees by setting up automated reminders for deposits, bills, and wages, among other things.
Based on major product types of personal finance software, the market is divided into:
- Web-Based Software
- Mobile-Based Software
Based on end users, the market is segmented into:
- Small Business Users
- Individual Consumers
Based on region, the market can be divided into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
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The sector is being transformed by the incorporation of cutting-edge technologies in personal finance software. It allows developers to personalize and customize the software to meet customers’ needs, boosting industry growth. This drives artificial intelligence (AI) and big data to understand consumer behaviour better and provide a more personalized experience.
Furthermore, the use of artificial intelligence to connect with customers and provide rapid responses and quick complaint resolution and improve the customer experience is growing the use of personal financial software, moving the sector forward. The use of blockchains in software to improve the security and safety of personal financial information, credit cards, and investments, among other things, is predicted to boost the market for personal finance software.
Due to stay-at-home restrictions and strict lockdown laws, the COVID-19 pandemic has substantially improved the reliability of the technology. The epidemic has had a significant impact on global economies, resulting in growing unemployment rates and increased financial instability. As more people examine their spending habits, the need for personal finance software is expanding. Furthermore, the growing number of foreign investments to secure financial security due to the pandemic is boosting the personal finance software industry’s growth.
Key Market Players
The major players in the market are Quicken Inc., The Infinite Kind, You Need A Budget LLC, Microsoft Corporation, Moneyspire INC., Pocketsmith Ltd., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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