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With new research on how this pandemic has affected the economy at individual level, to developing new technologies to cope with the downfalls market players are contributing their part in saving the world.įor instance, in May 2020, Doxo Inc., one of the leading companies in personal finance software market, reported the impact of COVID-19 pandemic on the American household financial bill payment behaviour. The new advertisement-free app is the most comprehensive and powerful solution, yet a simple and intuitive smart tool, that manages monetary inflows and outflows with profound efficacy.Ģ020 is the year where the whole world has united to fight against the COVID-19 pandemic. With the development and deployment of advanced technologies, and launch of new products equipped with up-to-date features, market players are undergoing various business strategies to sustain their position in the personal finance software market.įor instance, in January 2020, Quicken Inc., one of the major players of personal finance software market, announced the launch of ‘Simplifi,’ a next-gen personal finance managing tool, designed to offer consumers with a consolidated view of all accounts synchronized with the expense tracker.
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Some of the major market players include The Infinite Kind, Quicken Inc., Microsoft, You Need a Budget LLC, doxo Inc., Moneyspire Inc., BUXFER Inc., Money Dashboard, Personal Capital Corporation, and PocketSmith Ltd. The personal finance software market is highly competitive and consists of various market players. Moreover, increasing advancements in IoT and API technologies, development of telecommunication infrastructures, and rise in the number of tax payable citizens, shall enhance the growth of global personal finance software market in coming future. However, concerns related to availability of open-source solutions, and lack of awareness regarding personalized financial products are likely to impede the growth of global personal finance software market.
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Upsurge in demand from small-businesses, along with soaring demand for safe, secure, and efficient finance tracking solutions at individual level, are the factors driving the growth of personal finance software market.Īdditionally, digitization in BFSI sector, booming IT industry, and increasing inclination towards budget-oriented lifestyle, are expected to propagate the growth of personal finance software market throughout the forecast period. It can also send an alert if any suspicious activity is detected. Personal finance software can manage payrolls and is proficient at organizing monthly expenses. Personal finance software API is either web-based or mobile-based, depending on the type of gadget. This software is compatible with smart phones, laptops, PCs or any other electronics gadgets. In addition to this, the software tracks expenditure, keeps the record of investments, creates budget, and manages future expenses. Personal finance software is utilized to track the inflow and outflow of money. The Global Personal Finance Software Market size was valued at USD 0.94 billion in 2019 and is predicted to reach USD 1.80 billion by 2030, with a CAGR of 6.1% from 2020-2030.