What Has Been The Evolution of the AI-Powered Personal Finance Management Market in Recent Years?
The ai-powered personal finance management market has seen considerable growth due to a variety of factors.
• The AI-powered personal finance management market is projected to grow from $1.48 billion in 2024 to $1.63 billion in 2025, with a compound annual growth rate (CAGR) of 10.1%.
This growth is driven by the increased use of smartphones and tablets, the rise of fintech companies, big data expansion, the shift from traditional to digital banking, and the growing demand for personalized financial guidance.
What Is the Forecasted Market Size and Growth Rate for The AI-Powered Personal Finance Management Market By 2029?
The ai-powered personal finance management market is expected to maintain its strong growth trajectory in upcoming years.
• The AI-powered personal finance management market is projected to grow significantly, reaching $2.37 billion by 2029, with a CAGR of 9.8%.
This growth is driven by economic uncertainties, increasing demand for financial planning, a growing number of tech-savvy consumers, wider mobile and internet access, concerns about financial security, and integration with other financial services. Key trends include the incorporation of wearable tech, voice-activated financial management, advanced fraud detection, financial health monitoring, and blockchain technology.
What Are The Leading Drivers Of Growth In The AI-Powered Personal Finance Management Market?
The adoption of online banking services is expected to drive the growth of the AI-powered personal finance management market. Online banking allows customers to manage their financial transactions over the internet, offering convenience, accessibility, and enhanced security. AI-powered personal finance management helps by automating financial tasks and providing personalized insights. For example, in January 2024, E-commerce Tips reported that the use of digital payments in the United States increased from 51% in 2021 to 62% in 2022, with e-commerce contributing to a $6.310 trillion market in 2023. This growth in online banking adoption is driving the AI-powered personal finance management market.
What Are The Main Segments Of The Global AI-Powered Personal Finance Management Market?
The AI-powered personal finance management market covered in this report is segmented –
1) By Technology Type: Machine Learning (ML), Predictive Analytics, Natural Language Processing (NLP)
2) By Service Type: Budgeting And Expense Tracking, Investment Management, Credit Score Monitoring
3) By Platform Type: Mobile Apps, Web-Based Platforms
4) By End-User: Individual Consumers, Financial Institutions
Subsegments:
1) By Machine Learning (ML): Supervised Learning, Unsupervised Learning, Reinforcement Learning, Deep Learning, Neural Networks
2) By Predictive Analytics: Financial Forecasting, Credit Risk Prediction, Investment Strategy Optimization, Cash Flow And Budgeting Predictions, Fraud Detection And Prevention
3) By Natural Language Processing (NLP): Voice-Activated Financial Assistance, Text Mining For Financial Insights, Chatbots For Customer Support, Financial Sentiment
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What Emerging Trends Are Influencing The Growth Of The AI-Powered Personal Finance Management Market?
Companies in the AI-powered personal finance management market are developing solutions to streamline financial services like transaction dispute resolution. In April 2024, Salesforce introduced a suite of AI-powered capabilities for banks to enhance transaction dispute management. By automating tasks and integrating customer data, this solution improves dispute resolution efficiency, reduces errors, and strengthens customer service through a unified platform.
Who Are the Key Players In The AI-Powered Personal Finance Management Market?
Major companies operating in the AI-powered personal finance management market are:
• Goldman Sachs Group Inc.
• BBVA USA
• Intuit Inc.
• Robinhood Markets Inc.
• Chime Financial Inc.
• NerdWallet Inc.
• MoneyLion Inc.
• Acorns Grow Incorporated
• Personal Capital Corporation
• Betterment LLC
• Koho Financial Inc.
• Stash Financial Inc.
• Quicken Inc.
• Albert Corporation
• You Need A Budget LLC
• Wealthfront Inc.
• Toshl Inc.
• Wally Technologies Inc.
• PocketGuard Inc.
• Tiller Inc.
• Zeta Help Inc.
• Emma Technologies Ltd.
• Qapital Inc.
What Is The Most Dominant Region In The AI-Powered Personal Finance Management Market?
North America was the largest region in the AI-powered personal finance management market in 202. The regions covered in the AI-powered personal finance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
