What Has Been the Progress and Growth of the Expense Tracker Apps Market in Recent Years?
The expense tracker apps market has seen considerable growth due to a variety of factors.
• The market size for expense tracker apps has seen considerable growth in the past few years. It is projected to expand from $9.67 billion in 2024 to $10.93 billion in 2025, maintaining a compound annual growth rate (CAGR) of 13.1%.
The growth that has taken place in the historic period is due to factors like the increase in smartphone usage, heightened financial consciousness, the surge in digital banking, particular concerns for security and privacy, along with the growth of the gig economy.
How Does the Forecast Look for the Expense Tracker Apps Market?
The expense tracker apps market is expected to maintain its strong growth trajectory in upcoming years.
• In the few years ahead, the market size for expense tracker apps is projected to witness swift expansion. The market is slated to go up to a value of $17.75 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 12.9%.
Factors like its integration in the financial ecosystem, the rise of open banking, entrance into developing markets, emphasis on end-user engagement and learning, and a focus on financial well-being are contributing to the growth in this forecast period. Key trends to observe in this forecast period include insights powered by Artificial Intelligence, the use of Blockchain, management of subscriptions, features of Augmented Reality (AR), voice-activated assistants, and joint budget planning.
What Are The Leading Drivers Of Growth In The Expense Tracker Apps Market?
The rise in the expense tracker app market is anticipated to be driven by the increasing penetration of smartphone users. The term 'smartphone user penetration' denotes the proportion of the total population that utilises smartphones. Various elements like affordability, internet connectivity, cultural and social trends, as well as burgeoning mobile ecosystems account for the escalating number of smartphone users. Expense tracker apps, which can be used on smartphones or tablets, enable users to log and classify expenses, formulate budgets, and gain insights into their expenditure patterns. Users can configure the app to send reminders and notifications about impending payments, budget constraints, and irregular spending trends. A report by Uswitch Limited, a UK service and switching website, revealed in February 2024 that mobile links had increased by 3.8% from 2021 to reach 71.8 million in 2022. By 2025, the UK population is expected to reach 68.3 million and roughly 65 million (95%) will be smartphone users. Consequently, the amplified penetration of smartphone users contributes to the growth of the expense tracker app market.
How Are The Segments Defined Within The Global Expense Tracker Apps Market?
The expense tracker apps market covered in this report is segmented –
1) By Platform: Mobile Apps, Web-Based Apps
2) By Subscription Model: Freemium, Premium
3) By Functionality: Basic Expense Tracker, Finance Analytics, Receipt Scanning And Management
4) By End User: Personal, Business
Subsegments:
1) By Mobile Apps: Operating System, App Type, User Target, Features
2) By Web-Based Apps: Access Type, Business Model, User Target, Features
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How Are New Trends Impacting The Size Of The Expense Tracker Apps Market?
In an attempt to enhance their financial oversight and efficiency, top-notch firms in the expense tracker apps market are concentrating on innovations like expense management solutions, which give them a competitive advantage. Expense management solutions, being software platforms, make the tracking, submission, authorization, and reimbursement of business-related expenses easier and more automated. An example of this is the US software company Justworks, which in July 2023, launched Expenses, an expense management tool catered to its PEO (Professional Employer Organization) clientele, aiming to streamline cost reimbursement and payroll processing. This tool grants administrators the authority to construct approval processes and exclusive rules, smoothing the reconciliation procedures for accountants. Using the Justworks mobile app, employees can quickly generate expenses by photographing receipts. The inception of Expenses was to merge tools, minimize errors, and offer a straightforward, intuitive solution that eliminates the need for separate expense management software.
Who Are the Key Players In The Expense Tracker Apps Market?
Major companies operating in the expense tracker apps market are:
• Zoho Corporation Pvt. Ltd.
• SAP SE
• Sodexo Motivation Solutions UK Limited
• Intuit Inc.
• Paycom Software Inc.
• LendingTree LLC
• Xero Limited
• Expensify Inc.
• Fresh Books
• You Need A Budget LLC
• Spendesk
• Tiller LLC
• Realbyte Inc.
• Dayspring Technologies Private Limited
• Cleevio s.r.o
• Everlance Inc.
• Hurdlr Inc.
• PocketGuard Inc.
• WalletIQ Inc.
• Abacus Labs Inc.
• Truebill Inc.
• Wave Financial Inc.
• Ramsey Solutions Inc.
• Emburse Holdings Inc.
• Shoeboxed Inc.
What Is The Most Dominant Region In The Expense Tracker Apps Market?
North America was the largest region in the expense tracker apps market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the expense tracker apps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
