Portland, September 09, 2020 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the personal finance software market was set at $ 1.02 billion in 2019 and is expected to reach $ 1.57 billion by 2027, more and more 5.7% CAGR from 2020 to 2027.
The rise of mobile applications across the globe and the increase in the need to track and manage consumer income is driving the global personal finance software market. However, security and compliance issues in personal finance software and the availability of open source finance software are hampering market growth. On the contrary, the rapid adoption of personal finance software in developing countries is expected to create lucrative opportunities for market players in the years to come.
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Covid-19 scenario:
- In these uncertain times, there is a significant increase in the demand for personal finance software to manage bank accounts, investments, expenses, and credit cards on personal computer and smartphone.
- However, soaring unemployment across the world has had a negative impact on the market.
The global personal finance software market is divided on the basis of product type, end user, and geography. Based on the type of product, the market is segmented into web software and mobile software. The web software segment held the largest share in 2019, accounting for more than half of the market. However, the mobile software segment is expected to post the highest CAGR of 6.4% during the forecast period.
Based on the end user, the market is categorized into Small Businesses and Individuals. The small business segment dominated the market in 2019, contributing more than half of the market. However, the individual consumer segment is expected to exhibit the highest CAGR of 6.2% during the forecast period.
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The global personal finance software market is analyzed across various regions including North America, Europe, Asia-Pacific, and LAMEA. The North American market dominated in 2019 in terms of revenue, holding more than two-fifths of the market. However, the Asia-Pacific market is expected to register the highest CAGR of 7.0% during the forecast period.
The Global Personal Finance Software Market Report Includes A in-depth analysis of the main market players such as Buxfer Inc., Money Dashboard, Doxo Inc., Moneyspire Inc., Microsoft Corporation, PocketSmith Ltd., Personal Capital Corporation, You Need a Budget LLC, The Infinite Kind and Quicken Inc.
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We have professional relationships with various companies which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
