What Has Been the Progress and Growth of the Personal Finance Apps Market in Recent Years?
The personal finance apps market has seen considerable growth due to a variety of factors.
• The personal finance apps market has grown exponentially in recent years. It will increase from $132.92 billion in 2024 to $167.09 billion in 2025, with a compound annual growth rate (CAGR) of 25.7%.
Growth is driven by rising user engagement, the emergence of open banking, increased financial awareness, and the growing popularity of digital banking and personal finance management.
How Does the Forecast Look for the Personal Finance Apps Market?
The personal finance apps market is expected to maintain its strong growth trajectory in upcoming years.
• The personal finance apps market is projected to experience exponential growth, reaching $412.22 billion by 2029, at a CAGR of 25.3%.
Growth is driven by digitalization, increased money management awareness, smartphone penetration, growing demand for financial services, and mobile banking. Trends include integration with financial institutions, personalized features, AI technology, product innovations, and predictive analytics for risk management.
What Are The Leading Drivers Of Growth In The Personal Finance Apps Market?
Increased digital banking is forecasted to stimulate the expansion of the personal finance apps market. Essentially, digital banking is the digitization of all traditional banking activities and programs, which were previously only available to customers inside a bank setup. The surge in digital banking can be linked to several factors like ease and availability, increased interest rates, smooth account maintenance, and financial involvement. Personal finance apps support digital banking by equipping users with extensive tools for finance management, augmenting their banking interactions, and encouraging increased participation with digital banking services. For instance, as reported by E-commerce Tips (a US-based company providing e-commerce guides and insights) in January 2024, the volume of people in United States utilizing two or more methods of digital payments increased from 51% in 2021 to 62% in 2022. Additionally, e-commerce - the largest component of the global digital payments market - amounted to $6.310 trillion in 2023 and is forecasted to grow to $6.913 trillion by the end of 2024. As digital wallets like PayPal, Venomo, and ApplePay gain popularity, usage of credit cards and checks for B2B transactions in the United States still constitute 39% and 26%, respectively. Therefore, the escalating popularity of digital banking is fueling the expansion of the personal finance apps market.
How Are The Segments Defined Within The Global Personal Finance Apps Market?
The personal finance apps market covered in this report is segmented –
1) By Type: Android, iOS, Web-based
2) By Pricing Model: Free, Freemium, Subscription, One-Time Purchase
3) By Functionality: Budgeting, Investment Tracking, Tax Planning, Debt Management
4) By Application: Mobile Phones, Tablets, Computers, Other Applications
Subsegments:
1) By Android: Budgeting Apps, Expense Tracking Apps, Investment and Savings Apps
2) By iOS: Personal Finance Management Apps, Credit Score Tracking Apps, Bill Payment and Reminder Apps
3) By Web-Based: Online Budgeting Tools, Cloud-Based Finance Management Platforms, Investment and Portfolio Tracking Websites
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What Trends Are Shaping The Personal Finance Apps Market?
Leading firms within the personal finance apps industry, such as Saarthi 2.0, are developing applications that offer users with cutting-edge financial management tools and heightened financial literacy. Saarthi 2.0 comes with an array of advanced features for finance management that covers crucial areas such as KYC processes, mutual funds, ETFs, and procedures for buying and selling shares. For example, Saarthi 2.0 was launched in June 2024 by the Securities and Exchange Board Of India, a regulatory organization based in India. This application provides vital information about the securities market, helping investors make informed decisions. It’s designed with a user-friendly interface, a beneficial aspect for younger, novice investors. Moreover, the app comes with financial calculators, learning modules, educational videos, and investor assistance.
Who Are the Key Players In The Personal Finance Apps Market?
Major companies operating in the personal finance apps market are:
• Intuit Inc.
• Venmo LLC
• Acorns LLC
• Expensify
• Albert
• You Need a Budget LLC
• Doxo Inc.
• WalletHub
• Dayspring Technologies Inc.
• Spendee A.S.
• Toshl Finance Inc.
• OfficeTime
• EveryDollar
• Money Smart
• Wally
• Prism
• Personal Capital Ltd.
• PocketGuard
• Wallet Engine
• UK Salary Calculator
• Tiller Money
• Honeydue
What Is The Most Dominant Region In The Personal Finance Apps Market?
North America was the largest region in the personal finance apps market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal finance apps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
