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North America holds a significant share of the market owing to the rapid adoption of the latest technologies. The presence of the leading companies in the region is also augmenting the growth of the personal finance software industry in the region. Moreover, increasing investments by the government and various companies to support local businesses is leading to the surge of small businesses, therefore invigorating the industry growth. Apart from this, the Asia Pacific region is anticipated to witness robust growth owing to the increasing reliance on technology in the region. The rapid digitisation of various small-sized enterprises to improve productivity and cost-effectiveness is also aiding the market growth. Moreover, strong economic growth and the inflating disposable income of the masses are increasing the demand for efficient management of personal finances, which is invigorating the industry growth, hence contributing to the overall market growth.
Microsoft Corporation (NASDAQ: MSFT), one of the leading companies in the market, launched Money in Excel for Microsoft 365 Personal and Family subscribers in June 2020 to aid in managing personal finance. Money in Excel is a template and add-in for Excel to enable users to securely connect bank, credit card, loan accounts, and investments to Excel in order to automatically import transaction and account information in an Excel spreadsheet. It eliminates the time consumed in manually setting and updating personal finance spreadsheet; users can click on the Update button to get the latest snapshots of transactions and accounts without leaving Excel. It eases the accessibility to transaction information, therefore allowing users to track their spending habits. Moreover, Money in Excel can be easily customised as per one’s demands and goals. The development of such software is projected to propel the market growth for personal finance software.
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The major players in the global market for personal finance software are Quicken Inc., The Infinite Kind, You Need A Budget LLC, Microsoft Corporation, Moneyspire INC., and Pocketsmith Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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