Global Personal Finance Tools Market - Growth, Trends ,COVID-19 Impact, and Forecasts (2022-2027)

Global Personal Finance Tools Market is Segmented By Type( Web-Based, Mobile-based Software ), By End-User Industry (Small Businesses Users, Individual Consumers), and Geography.

Market Snapshot

personal finance tools market
Study Period: 2022-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 5.6 %

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Market Overview

The increased need to track and manage consumer income and the surge in mobile applications worldwide are the major factors driving the market growth. Furthermore, an increase in the focus of organizations on digitalizing their financial services and an increase in internet users globally drive market growth. However, security and compliance issues in personal finance tools and the availability of open-source finance software are impeding market growth.

  • Lack of knowledge regarding the market in various countries can hinder the market's growth. Also, the shortage of skilled people in developing countries can hinder growth.
  • The wide availability of digital services and mobile apps that manage your personal finance drives the Personal Finance tools Market. Adoption of personal finance tools bolsters users' financial literacy and eliminates confusion.
  • Covid has impacted positively on the market, owing to the rise in demand for personal finance software to manage bank accounts, credit cards, investments, income, and expenditure of an individual on a smartphone or computer in lockdown conditions. During a raging pandemic, businesses and people scrambled to find viable ways to carry out financial operations. The finance industry was among the first to adopt technology to improve efficiency. As a result, digital transactions have increased in tandem with the growing digitization of financial services. Services have become more accessible and affordable as a result of digitization. The average consumer has embraced these changes, with sharp increases in digital transactions and services observed.

Scope of the Report

Personal finance encompasses the entire reality of managing one's own and one's family's finances, accepting responsibility for one's current and future financial situation, and setting financial goals. It also includes managing personal finances and saving for emergencies. Individual finance software assists in managing investments, tracking them regularly, and ensuring that you are on track to meet your financial objectives.

By Type
Web-based
Mobile-based Software
By End User
Small Businesses Users
Individual Consumers
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle-East and Africa

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Key Market Trends

The Increasing Adoption of Smartphone has Significant Growth Potential on the Market

  • The personal finance industry has been witnessing shifts in trends every year, especially as technology and its applications continue to develop. But the pandemic has put a spotlight on personal finance. It gained higher priority as people realized the importance of financial planning and protection, leading to many experimenting with digital offerings when physical interactions were restricted.
  • Mobile banking app statistics show that the mobile app market is projected to generate USD 693 billion from downloads in 2021. Mobile applications have become an integral part of life for tech-savvy generations. Finances Online statistics show that 244.2 billion apps were downloaded in 2020 – 7,727 installations per second. ( Source- Dataprot)
  • The rise of personal finance apps, the uptake of digitization by the millennials and Gen-Z, and lower entry barriers in terms of investment have democratized the private finance industry.
  • The increased awareness of one’s finances and the rapid adoption of technology will continue to impact the industry and influence the trends one can expect during the next year and beyond.
  • According to AppsFlyer’s State of Finance App Marketing report, India emerged at the top of the global market for finance app downloads last year with 149 crore downloads.
  • The increasing adoption of smartphones has significant growth potential in the market because smartphone penetration is still lower than 70% in many densely populated countries, particularly China and India. Despite stagnant unit sales, the global personal finance tool market's revenue has increased in recent years, owing to an increasing average selling price of smartphones and the use of net banking applications.
personal finance tools market share

Asia Pacific is Expected to be Fastest Growing Region

  • The increase in demand for self-service and the personalization of products and services has fueled the growth of the mobile banking market. Technological advancements have resulted in various useful features in mobile banking: real-time customer assistance, user-friendly interfaces, and immediate transactions. But mobile banking usage statistics over the years show a significant lack of secure network infrastructure in some parts of the world, which has slowed down the expansion of the mobile banking market.
  • Online and mobile banking use is expected to increase steadily between 2021 and 2024, with the Asian market being the largest. In 2020, the Far East and China accounted for over 805 million active online banking users. This figure is predicted to reach nearly one billion by 2024. Although Asia was the largest market for online banking in 2020, the countries with the largest online banking penetration rate were all European. South Korea ranked sixth, with a penetration rate of 74 percent.
 personal finance tools industry

Competitive Landscape

The global personal finance tools market is moderately fragmented. Major players w are focusing on technological advancements and expansions to meet the rising demand for global personal finance tools. Furthermore, recent launches have resulted in the formation of collaborations to develop new products. The private finance tool market is highly competitive, with numerous market participants. Among the major market players are The Infinite Kind, Quicken Inc., Intuit Inc., Betterment, and others.

  • September 2020- Wealthfront has introduced Autopilot, an exciting new service that automates a client's savings plan so that they no longer need to monitor accounts and move money around manually. This is a significant step toward Wealthfront's ultimate goal of providing a next-generation banking service that fully automates their clients' finances or Self-Driving MoneyTM.

Recent Development

  • January 2020-Quicken Inc., a major personal finance software market, announced the release of 'Simplifi,' a next-generation unique finance management tool designed to provide consumers with a consolidated view of all accounts synchronized with the expense tracker. The new ad-free app is the most comprehensive and powerful solution. Yet, it is also a simple and intuitive smart tool for managing monetary inflows and outflows with great efficiency.
  • June 2020-Personal Capital Corporation, one of the key players in the personal finance software market, launched a new product feature, ‘Recession Simulator,’ that provides insights into the impact of past market recessions in the wake of market volatility due to the COVID-19 pandemic. Recession Simulator is the first-ever free tool available to all Personal Capital users and wealth management clients in the Americas.

Table of Contents

  1. 1. Table of Contents

  2. 2. INTRODUCTION

    1. 2.1 Study Assumptions and Market Definition

    2. 2.2 Scope of the Study

  3. 3. RESEARCH METHODOLOGY

  4. 4. EXECUTIVE SUMMARY

  5. 5. MARKET INSIGHTS

    1. 5.1 Market Overview

    2. 5.2 Industry Value Chain Analysis

    3. 5.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 5.3.1 Bargaining Power of Suppliers

      2. 5.3.2 Bargaining Power of Consumers

      3. 5.3.3 Threat of New Entrants

      4. 5.3.4 Intensity of Competitive Rivalry

      5. 5.3.5 Threat of Substitutes

    4. 5.4 COVID-19 Impact on the Market

  6. 6. MARKET DYNAMICS

    1. 6.1 Market Drivers

      1. 6.1.1 Growing Adoption of the Digitalization in Developing Region

      2. 6.1.2 Rise of Personal Financial Apps

    2. 6.2 Market Restraints

      1. 6.2.1 Lack of Knowledge to Operate the Tool

  7. 7. MARKET SEGMENTATION

    1. 7.1 By Type

      1. 7.1.1 Web-based

      2. 7.1.2 Mobile-based Software

    2. 7.2 By End User

      1. 7.2.1 Small Businesses Users

      2. 7.2.2 Individual Consumers

    3. 7.3 By Geography

      1. 7.3.1 North America

      2. 7.3.2 Europe

      3. 7.3.3 Asia-Pacific

      4. 7.3.4 Latin America

      5. 7.3.5 Middle-East and Africa

  8. 8. COMPETITIVE LANDSCAPE

  9. 9. Company Profiles

    1. 9.1 Intuit Inc

    2. 9.2 Quicken Inc.​

    3. 9.3 Blackrock (FutureAdvisor)​

    4. 9.4 Finicity Corporation (Mvelopes)​

    5. 9.5 Personal Capital​

    6. 9.6 PayU Money​

    7. 9.7 Revolut​

    8. 9.8 Paypal​

    9. 9.9 Qube Money

    10. 9.10 YNAB

    11. 9.11 Betterment

  10. *List Not Exhaustive
  11. 10. INVESTMENT ANALYSIS

  12. 11. FUTURE OF THE MARKET

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Frequently Asked Questions

The Global Personal Finance Tools and Market - market is studied from 2022 - 2027.

The Global Personal Finance Tools and Market - is growing at a CAGR of 5.6% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Intuit Inc, Quicken Inc, Personal Capital, Betterment, YNAB are the major companies operating in Global Personal Finance Tools and Market - .

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