Global Personal Finance Software Market to Grow at a CAGR of 5.7% During 2024-2032, Aided by the Increasing Technological Adoption

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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Market Analysis by Product Type, End User, and Region:

• The market, on the basis of product types, can be divided into web-based software and mobile-based software.
• Based on end users, the industry can be divided into small business users and individual consumers.
• The regional markets for personal finance software include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing smartphone penetration and the rising demand for time-effective management of personal finances are augmenting the market growth.
• The market is being driven by the surging adoption of personal finance software by small business users to manage all the liabilities and assets effectively.
• The increasing financial insecurity due to the coronavirus pandemic is increasing the demand for personal finance software to analyse one’s finances, therefore boosting the market growth.
• The integration of the latest technologies such as machine learning and artificial intelligence to improve the experience of consumers is propelling the growth of the personal finance software industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global personal finance software market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, end users, and regions of personal finance software.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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