Personal Finance Software Market Size - By Tool (Budgeting Software, Tax Software, Investment Tracking Software, Retirement Planning Software, Others), End User (Individual, Financial Institutions, Enterprises), Deployment, Type & Global Forecast, 2023 - 2032
Published Date: April - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationPersonal Finance Software Market Size
Personal Finance Software Market size was USD 1.1 billion in 2022 and is projected to hit a CAGR of more than 5% between 2023 and 2032 due to the sustainable digital transformation in the financial sector. Users are more and more adopting digital tools to handle their finances, which has replaced the older methods like pen-and-paper or spreadsheets. This transition is propelled by the ease, accessibility, and automation of digital tools that make it simpler for people to keep track of their financial well-being, manage expenses, and plan, with the aid of their digital devices.
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Increased knowledge of the need for sound financial management is driving market growth. Consumers are seeing the need to manage their financial health such as budgeting, saving, investing, or debt management. Personal finance software offers consumers the tools and information necessary to make intelligent financial choices, align spending with goals, and ultimately enjoy more financial security & success.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Personal Finance Software Market Size in 2022 | USD 1.1 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 5% |
| 2032 Value Projection | USD 1.8 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 250 |
| Tables, Charts & Figures | 332 |
| Segments covered | Tool, Deployment, Type, End User |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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The dependence of institutions on legacy systems based on older technologies can inhibit the growth of the personal finance software market by restricting data accessibility and integration. Legacy systems may not have the required APIs or interoperability, which can complicate users' ability to connect their accounts. Legacy systems are also prone to security breaches, thus inhibiting adoption by users who are sensitive to data security. The sluggish rate of updates and innovation in such organizations can also hinder the use of contemporary personal finance software solutions.
COVID-19 Impact
The COVID-19 pandemic substantially affected the personal finance software industry. The pandemic increased financial consciousness and led to people looking for improved methods of managing their finances owing to the financial uncertainty. Such uncertainty caused enhanced interest in personal finance software. On the contrary, the economic decline resulted in cash flow limitations on some users that could restrict them from investing in high-end software. Generally speaking, the pandemic highlighted the relevance of financial discipline and impacted customers' spending in this market.
Personal Finance Software Market Trends
The expansion of digital transactions is generating the potential for profit growth for the personal finance software market. As online transactions are on the rise, users require effective tools to monitor & manage such transactions. In March 2023, as per a press release by the Press Information Bureau (PIB), Government of India, 45 billion UPI transactions were seen between 2021 - 2022, which is eight times growth in the last three years and a 50 times growth in the last four years.
Personal finance software provides functionality to consolidate and categorize electronic payment information, enabling users to see real-time pictures of their expenditure patterns. With electronic payments on the rise, the need for software that integrates and analyzes these transactions easily is growing, fueling market growth.
Personal Finance Software Market Analysis
Discover more about the most important segments defining this market
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The segment of budgeting software represented 29% of the market share of personal finance software in 2022. Business financial planning budgeting software is on the rise as companies look for efficient means to handle their finances. Budgeting tools are now indispensable for maximizing expenses, predicting revenues, and maintaining financial stability.
For example, in April 2023, Metapraxis released a Budgeting Calculator meant to help finance and planning, and analysis teams within enterprises to justify the introduction of budgeting process automation. The calculator can be accessed at no charge and enables Financial Planning & Analysis (FP&A) teams to measure the cost consequences of maintaining manual processes versus taking on dedicated budgeting software for this complex and often time-intensive activity.
Find more about the major segments driving this market
The cloud segment controlled approximately 60% of the personal finance software market share in 2022. Cloud deployment is driving market expansion through increased accessibility, scalability, and security of data. Cloud-based personal finance software provides users with the ability to access their financial data from any internet-enabled device, improving convenience. It also facilitates smooth updates and scalability, supporting increasing user bases. Further, aggressive security and cloud-based data backups assuage users about the integrity of their financial information, aiding in market size.
Need region-specific data?
The North America personal finance software market captured more than 34% of the revenue in 2022. Financial software investment features in the U.S. are seeing growing popularity, driving the market growth. With more people seeking to manage and grow their investments, these software tools offer easy platforms for monitoring, analysis, and optimization of investment portfolios.
For example, in August 2023, Quicken Inc., which is a U.S.-based personal finance software, launched a complete set of investment tracking functionalities for Simplifi by Quicken, a personal finance deployment. Such upgraded capabilities and insights based on data equip Simplifi users with the information required to make informed & smart investment decisions.
Personal Finance Software Market Share
Major companies operating in the personal finance software market are
- Quicken Inc.
- Intuit Inc. (Mint)
- You Need A Budget LLC
- Doxo Inc.
- Money Dashboards
- Moneyspire Inc.
- Empower (Formerly Personal Capital).
The market features intense competition with numerous players offering diverse solutions leveraging data science, AI, and advanced technologies.
Personal Finance Software Industry News
- In April 2023, P&N Group's division, BCU Bank launched a personal financial management deployment designed to offer customers enhanced control over their finances. It provides features for tracking bills & expenditures, categorizing transactions, and managing budgets, providing users with improved oversight of their financial matters.
The personal finance software market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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Market, By Tool
- Budgeting software
- Tax software
- Investment tracking software
- Retirement planning software
- Others
Market, By Deployment
- Cloud
- On-premises
Market, By Type
- Desktop-based
- Mobile-based
Market, By End User
- Individual
- Financial institutions
- Enterprises
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- Saudi Arabia
- South Africa
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