The global personal finance software market was estimated at USD 1.12 billion in 2022 and it is expected to surpass around USD 1.85 billion by 2032, poised to grow at a CAGR of 5.14% from 2023 to 2032. The personal finance software market in the United States was accounted for USD 258.8 million in 2022.
Key Pointers
Report Scope of the Personal Finance Software Market
Report Coverage | Details |
Revenue Share of North America in 2022 | 29% |
Revenue Forecast by 2032 | USD 1.85 billion |
Growth Rate from 2023 to 2032 | CAGR of 5.14% |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Companies Covered | Quicken Inc.; The Infinite Kind; Intuit, Inc. (Mint); You Need A Budget LLC; Buxfer Inc.; Doxo Inc.; Money Dashboards; Moneyspire Inc.; Personal Capital Corp.; Pocket Smith Ltd |
The growth of the market can be attributed to the growing adoption of digital banking services across the globe. The rise in financial awareness among consumers has driven the market’s growth. For instance, several companies and banking firms, such as Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), a financial service company, have launched programs to boost financial education among the people at a global level. The increasing launches of software embedded with personal finance management tools are anticipated to drive growth further. For instance, in April 2023, P&N Group’s BCU Bank division announced the launch of a personal financial management application.
This launch aimed to offer its customers an oversight of their money through the application. It offered various tools like spend tracking, budgeting, and categorizing transactions. Technological advancement in data visualization has enabled personal finance software to present financial data in visually appealing and easily understandable formats. Using charts, graphs, and interactive dashboards has made it easy for users to adopt and understand such personal finance software. Furthermore, digitalization in the banking industry has made it possible to introduce features, such as Automated Bill Payments, that offer time-saving and reduces the chances of missing payments.
Moreover, personal finance software enables businesses and individuals to track income and expenses in budgeting. The increasing investments in the market are one of the other major factors driving the market growth. For instance, in June 2021, Truebill, a personal finance start-up, announced that it raised USD 45 million through a Series D funding round. The company in November 2020 also raised USD 17 million through a series C funding round. The existing investors in the series D funding round were Cota Capital, Bessemer Venture Partners, and Eldridge Industries. The company aimed to utilize these funds for adding new tools and upgrading its personal finance application.
Though the market is anticipated to grow significantly, some challenges, such as low financial literacy among individuals across the globe, are expected to restrain the market's growth. For instance, as per the article published on Annuity.org, a company providing insights related to finance, nearly 75% of teens need more confidence in their knowledge of personal finance. Similarly, according to a 2018 Financial Industry Regulatory Authority (FINRA) study, more than 53% of adults say that thinking about their finances makes them feel anxious. Furthermore, the limited accessibility and affordability of personal finance software is another major factor hindering the market's growth.
Tools Insights
The budget planner segment accounted for the second-largest share of more than 29% of the overall revenue in 2022. The budget planner helps individuals and business owners to plan and budget their expenses. It enables them to achieve financial stability by paying bills on time and saving funds for other major expenses, such as a car or home. Furthermore, the increasing launches of such budget planner across the globe is anticipated to drive the segment’s growth. For instance, in November 2022, Santander UK, a financial services company, announced the launch of its financial support hub, a budget calculator, and financial health check.
The investment tracker segment is projected to register the fastest CAGR from 2023 to 2032. The growth of this segment can be attributed to the increasing awareness about investments among customers. Various organizations, such as The Securities and Exchange Commission's Office of Investor Education and Advocacy (OIEA), promote investment awareness among individuals. Furthermore, various personal finance software, such as Quicken Inc., Buxfer Inc., and Intuit, provide investment tracking tools that bode well with the segment’s growth.
Type Insights
The desktop-based software segment dominated the market in 2022 accounting for a share of more than 54% of the overall revenue. The dominance of the desktop-based software segment is primarily due to the accessibility of maximum features, including charts and graphs, over a desktop compared to mobile phones. Desktop-based software may be of more utility to institutions due to the complex nature of their cash flow. Several personal finance software, such as Moneydance, a desktop-based personal finance software, can be accessed using Windows, Mac, or Linux desktops.
The mobile-based software segment is projected to register the fastest growth rate over the forecast period. The growth of this segment can be attributed to the high penetration rate of mobile phones worldwide. For instance, in 2022, according to Newzoo International B.V., a video games and gamer data company, the smartphone penetration rate across China, the U.S., and Japan has climbed to 68.4%, 81.6%, and 78.6%, respectively. Furthermore, various desktop-based personal software companies have already started introducing applications based on Android and iOS operating systems.
Deployment Insights
The cloud segment dominated the market in 2022 and accounted for a share of more than 52% of the overall revenue. An increase in the adoption of the cloud by several enterprises across the globe is expected to drive the segment's growth. Furthermore, the cloud allows syncing of the data and offers multi-device access to the users. For instance, a person can easily switch between a mobile device and a desktop with cloud deployment; thereby, such benefits are expected to fuel the segment's growth over the forecast period.
The on-premise deployment segment is anticipated to register the second-fastest growth rate from 2023 to 2032. The growth of on-premise personal finance software can be attributed to its highly secured nature. The on-premise deployments provide control over software upgrades and their frequency. As a result, it can be a preferred choice for many small enterprises, as it offers the best way to secure and manage their financial data.
End-user Insights
The individuals segment dominated the market in 2022 accounting for a share of more than 58% of the overall revenue. The growth of this segment can be attributed to the increasing adoption of personal finance software by individuals to track their financial data. A rise in the adoption of personal finance software can be attributed to the rising financial awareness among individuals. For instance, according to the FINRA survey, around 71% of adult Americans believe they have high financial literacy levels. The small businesses segment is expected to register the fastest CAGR from 2023 to 2032.
The growth can be attributed to the increasing adoption of personal finance software by small business owners. The adoption can be attributed to the benefits provided by the software, which include allowing small business owners to do expense tracking and budgeting, invoicing & payment management, and managing cash flow. Furthermore, the increasing number of small businesses across the globe is anticipated to fuel the segment's growth. For instance, according to advocacy.sba.gov and Oberlo, in 2022, the number of small businesses reached 33.2 million across the U.S.
Regional Insights
North America dominated the global market in 2022 accounting for a share of more than 29% of the overall revenue. The presence of prominent personal finance software providers, such as Quicken Inc., Intuit, Inc. (Mint), and Buxfer Inc., is anticipated to fuel the regional market's growth. Furthermore, the rising campaigns and financial literacy programs are expected to fuel the regional market's growth over the forecast period. In addition, the rising investments in personal finance software companies also bode well for regional market growth.
Asia Pacific is expected to be the fastest-growing region over the forecast period. The region's growth can be attributed to the increasing adoption of personal finance software across countries, including China and India. Furthermore, a rise in the population of these countries creates growth opportunities for the regional market. In addition, the increasing financial awareness among individuals in this region is expected to drive regional market growth over the forecast period.
Personal Finance Software Market Segmentations:
By Tools
By Type
By Deployment
By End-user
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Personal Finance Software Market
5.1. COVID-19 Landscape: Personal Finance Software Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Personal Finance Software Market, By Tools
8.1. Personal Finance Software Market, by Tools, 2023-2032
8.1.1. Budget Planner
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Retirement Planner
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Investment Tracker
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Personal Finance Software Market, By Type
9.1. Personal Finance Software Market, by Type, 2023-2032
9.1.1. Desktop-based Software
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Mobile-based Software
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Personal Finance Software Market, By Deployment
10.1. Personal Finance Software Market, by Deployment, 2023-2032
10.1.1. Cloud
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. On-premise
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Personal Finance Software Market, By End-user
11.1. Personal Finance Software Market, by End-user, 2023-2032
11.1.1. Small Businesses
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. Individuals
11.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Personal Finance Software Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Tools (2020-2032)
12.1.2. Market Revenue and Forecast, by Type (2020-2032)
12.1.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.1.4. Market Revenue and Forecast, by End-user (2020-2032)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Tools (2020-2032)
12.1.5.2. Market Revenue and Forecast, by Type (2020-2032)
12.1.5.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.1.5.4. Market Revenue and Forecast, by End-user (2020-2032)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Tools (2020-2032)
12.1.6.2. Market Revenue and Forecast, by Type (2020-2032)
12.1.6.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.1.6.4. Market Revenue and Forecast, by End-user (2020-2032)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Tools (2020-2032)
12.2.2. Market Revenue and Forecast, by Type (2020-2032)
12.2.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.2.4. Market Revenue and Forecast, by End-user (2020-2032)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Tools (2020-2032)
12.2.5.2. Market Revenue and Forecast, by Type (2020-2032)
12.2.5.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.2.5.4. Market Revenue and Forecast, by End-user (2020-2032)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Tools (2020-2032)
12.2.6.2. Market Revenue and Forecast, by Type (2020-2032)
12.2.6.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.2.6.4. Market Revenue and Forecast, by End-user (2020-2032)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Tools (2020-2032)
12.2.7.2. Market Revenue and Forecast, by Type (2020-2032)
12.2.7.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.2.7.4. Market Revenue and Forecast, by End-user (2020-2032)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Tools (2020-2032)
12.2.8.2. Market Revenue and Forecast, by Type (2020-2032)
12.2.8.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.2.8.4. Market Revenue and Forecast, by End-user (2020-2032)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Tools (2020-2032)
12.3.2. Market Revenue and Forecast, by Type (2020-2032)
12.3.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.3.4. Market Revenue and Forecast, by End-user (2020-2032)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Tools (2020-2032)
12.3.5.2. Market Revenue and Forecast, by Type (2020-2032)
12.3.5.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.3.5.4. Market Revenue and Forecast, by End-user (2020-2032)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Tools (2020-2032)
12.3.6.2. Market Revenue and Forecast, by Type (2020-2032)
12.3.6.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.3.6.4. Market Revenue and Forecast, by End-user (2020-2032)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Tools (2020-2032)
12.3.7.2. Market Revenue and Forecast, by Type (2020-2032)
12.3.7.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.3.7.4. Market Revenue and Forecast, by End-user (2020-2032)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Tools (2020-2032)
12.3.8.2. Market Revenue and Forecast, by Type (2020-2032)
12.3.8.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.3.8.4. Market Revenue and Forecast, by End-user (2020-2032)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Tools (2020-2032)
12.4.2. Market Revenue and Forecast, by Type (2020-2032)
12.4.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.4.4. Market Revenue and Forecast, by End-user (2020-2032)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Tools (2020-2032)
12.4.5.2. Market Revenue and Forecast, by Type (2020-2032)
12.4.5.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.4.5.4. Market Revenue and Forecast, by End-user (2020-2032)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Tools (2020-2032)
12.4.6.2. Market Revenue and Forecast, by Type (2020-2032)
12.4.6.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.4.6.4. Market Revenue and Forecast, by End-user (2020-2032)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Tools (2020-2032)
12.4.7.2. Market Revenue and Forecast, by Type (2020-2032)
12.4.7.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.4.7.4. Market Revenue and Forecast, by End-user (2020-2032)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Tools (2020-2032)
12.4.8.2. Market Revenue and Forecast, by Type (2020-2032)
12.4.8.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.4.8.4. Market Revenue and Forecast, by End-user (2020-2032)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Tools (2020-2032)
12.5.2. Market Revenue and Forecast, by Type (2020-2032)
12.5.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.5.4. Market Revenue and Forecast, by End-user (2020-2032)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Tools (2020-2032)
12.5.5.2. Market Revenue and Forecast, by Type (2020-2032)
12.5.5.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.5.5.4. Market Revenue and Forecast, by End-user (2020-2032)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Tools (2020-2032)
12.5.6.2. Market Revenue and Forecast, by Type (2020-2032)
12.5.6.3. Market Revenue and Forecast, by Deployment (2020-2032)
12.5.6.4. Market Revenue and Forecast, by End-user (2020-2032)
Chapter 13. Company Profiles
13.1. Quicken Inc.
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. The Infinite Kind
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Intuit, Inc. (Mint)
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. You Need A Budget LLC
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Buxfer Inc.
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Doxo Inc.
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Money Dashboards
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Moneyspire Inc.
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Personal Capital Corp.
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Pocket Smith Ltd
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms