High security provided by web-based personal finance software as it is supported by anti-virus and anti-malware solutions drives the growth of the market. Furthermore, increased adoption of personal finance software among developing economies is expected to provide lucrative opportunities for the market growth.īy product type, the global personal finance software market share was led by the web-based software segment in 2019 and is projected to maintain its dominance during the forecast period. However, security and compliance issues in personal finance software and availability of open source finance software hamper the growth of the market. In addition, increase in focus of organizations on digitalizing their financial services and upsurge in internet users across the globe fuel the growth of the market. Rise in need to track & manage income of consumers and surge in mobile application across the globe are the major factors that drive the growth of the market. This software tool utilizes variety of financial data as input and can be implemented for various tasks such as financial transactions, bank records management, investment tracking, budget management, portfolio management, and others.ĭuring COVID-19, individuals segment is expected to attain significant growth, owing to rise in demand of personal finance software to manage bank accounts, credit cards, investments, income, and expenditure of an individual on a smartphone or computer in lockdown conditions.

Personal finance software is a tool designed to integrate the financial data of a user and segregate this information to deliver a desired analytical output for improved financial planning.

The global personal finance software market size was valued at $1,024.35 million in 2019 and is projected to reach $1,576.86 million by 2027, growing at a CAGR of 5.7% from 2020 to 2027. Personal Finance Software Market Outlook - 2027

Personal finance software wikipedia