Reportocean.com have announced the addition of a new report titled "Global Personal Finance Software Market and Forecast to 2023"
Delhi, Delhi/NCR -- (SBWIRE) -- 12/02/2019 -- Based on the latest insights in the report title "Global Personal Finance Software Market by Product Type (Web-based Software and Mobile-based Software) and End User (Small Businesses Users and Individual Consumers) - Global Opportunity Analysis and Industry Forecast, 2017-2023", by Report Ocean, the Market is projected to reach $1,213 million by 2023 by 2026, growing at a CAGR of 6.4%.
Driven by the surging demand for advanced financial tools, the personal financial software market is anticipated to attain massive gains over the forecast period. High availability of low-cost products coupled with advancing technologies associated with latest product development are some of the prime factors likely to propel the market share in the coming years. Moreover, personal finance software is highly being adopted among the developing countries, which is anticipated to create lucrative growth opportunities for the market worldwide. As per a published report, the personal finance software market will record robust growth over the anticipated timeframe.
Personal finance software aids in credit card management, bank accounts, investments, expenditure, and income of an individual in a PC or smartphone. It can also help to manage monetary transactions and payrolls and assist an individual to manage their monthly expenses in an effective manner. They function the way a dashboard does for the user's money that aids in altering the user tracking transactions when an issue occurs. The personal finance software market is highly driven by the rising need for advanced financial tools, surging dependency on the internet, increasing need to manage and track income, and rising use of mobile applications.
On the contrary, low awareness regarding personalized financial services and products is predicted to slowdown the growth of the personal finance software market across the globe. Moreover, increased availability of open-source solutions will restrict the market growth over the forecast period. Despite these constraints, developing countries across the world are highly embracing personal finance software, which is estimated to offer potential growth opportunities for the market during the assessment period.
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The global personal finance software market has been segmented on the basis of product type and end user.
By product type, the global personal finance software market is segmented into mobile-based software and web-based software. Of these, the mobile-based personal finance software market is likely to garner massive revenue in the coming years as it is handy and can be accessed easily from anywhere and anytime.
By end user, the global personal finance software market is segmented into individual consumers and small business users. Of these, the personal finance software market is highly adopted by the small business users.
The global personal finance software market is geographically segmented across North America, Europe, Asia Pacific, and LAMEA.
Developing countries of LAMEA and Asia Pacific are anticipated to emerge as potential regions for the expansion of financial services, which is likely to bolster the market growth over the estimated timeframe. Constant rise in mobile phones and internet in developing economies will further offer several growth opportunities for the market in the coming years. Also, China has been predicted to outperform other economies in financial technology services.
The global personal finance software market is competitive due to the presence of several startup companies, domestic, and large-scale organizations. The players involves in the particular market are highly investing in money as well as time to encourage the development of financial technology so that the market can garner a competitive edge. Some of the chief players include The Infinite Kind, Quicken Inc., Microsoft, You Need a Budget LLC, doxo Inc., Moneyspire Inc., Personal Capital Corporation, BUXFER INC., PocketSmith Ltd., and Money Dashboard.
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