Personal Finance Apps Market Scope and Size by 2031
The Personal Finance Apps market is expected to register a CAGR of 25.6% in 2023–2031. Multi-platform support and focus on privacy and security are likely to remain key Personal Finance Apps market trends.
Personal Finance Apps Market Analysis
COVID-19 has contributed to a rise in the number of personal finance apps. An entirely understandable pattern in an era of economic uncertainty, with many people concerned about the future and looking to improve their financial conditions. According to a 2022 report by SLA Digital, finance apps were used more than "1 trillion times on Android devices" in 2021 and were downloaded about 1.3 billion times by 2021. The average weekly usage of banking apps increased between December 2019 and March 2021.
Personal Finance Apps Market Overview
Given that the expense of living has increased, many people around the world intend to cut back, invest, or earn more wherever possible. According to a Google study, smartphone users download approximately three personal finance apps to their mobile devices, with 4 in 10 using their devices for managing finances, checking account history, tracking investments, and paying bills, among other financial activities. Technology has attracted a new wave of clients: millennials and even younger customers are embracing a new era of financing powered by mobile technology and offering far more products and services than ever before.
Personal Finance Apps Market Drivers and Opportunities
Rise in Digital Banking to Favor Market
The emergence of digital banking has transformed the traditional banking business, creating new opportunities for individuals to save, invest, and grow their wealth. Online banking has grown in popularity due to its simplicity and accessibility, particularly for savings accounts. Digital banking includes a variety of financial tools and trends. Most Americans have used digital banking services in the last year, and more banks are introducing new, innovative digital solutions, such as AI-powered budgeting and new methods to buy common products. Millions of bank customers now prefer to handle their finances through mobile apps. With increased expectations, digital banking teams understand the importance of regularly iterating their mobile apps to guarantee that their mobile banking experiences are tailored to the demands of their customers.
Integration of AI and advanced analytics – An Opportunity in Personal Finance Apps
Artificial intelligence and machine learning are two of the most important trends in personal finance app development today. AI's ability to evaluate trends, generate forecasts, gather insights, and provide solutions to issues has proven useful in a variety of business domains. Aside from the benefits AI and ML provide to FinTech companies, there is another significant advantage to employing advanced technology: increased interest from venture funds. Investors today see significant promise in the evolution of Artificial Intelligence and are eager to support companies that provide upgraded solutions using new technologies.
Personal Finance Apps Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Personal Finance Apps market analysis are operating system and application.
- Based on the operating system, the Personal Finance Apps market is divided into Android, iOS, and web-based. The Android segment held a larger market share in 2023.
- By application, the market is segmented into mobile phones, tablets, computers, and others. The mobile phones segment held the largest share of the market in 2023.
Personal Finance Apps Market Share Analysis by Geography
The geographic scope of the Personal Finance Apps Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the personal finance apps market. Rapid developments in payment technology in North America countries are driving the demand for banking and personal finance apps in the region. The personal finance apps market is undergoing substantial development in North America, which can be attributed to the rapid digital transformation in the BFSI sector's large customer base.
PERSONAL FINANCE APPS Market Report Scope
Personal Finance Apps Market News and Recent Developments
The Personal Finance Apps market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for embedded finance and strategies:
- Doxo, an all-in-one bill payment platform, raised $18.5 million in Series C financing. This helped the company to develop its platform, which allowed consumers to better their financial health by automating recurring bill payments. This allowed the company to hire more people, develop its bill pay provider list, and expedite its doxoDIRECT platform, which allows billers to receive direct electronic payments. (Source: Doxo, Press Release, 2022)
Personal Finance Apps Market Report Coverage and Deliverables
The “Personal Finance Apps Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Personal Finance Apps Market - By Platform
1.3.2Personal Finance Apps Market - By Deployment
1.3.3Personal Finance Apps Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.PERSONAL FINANCE APPS MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTER'S FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.PERSONAL FINANCE APPS MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.PERSONAL FINANCE APPS MARKET - GLOBAL MARKET ANALYSIS
6.1.PERSONAL FINANCE APPS - GLOBAL MARKET OVERVIEW
6.2.PERSONAL FINANCE APPS - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.PERSONAL FINANCE APPS MARKET - REVENUE AND FORECASTS TO 2028 â" PLATFORM
7.1.OVERVIEW
7.2.PLATFORM MARKET FORECASTS AND ANALYSIS
7.3.ANDROID
7.3.1.Overview
7.3.2.Android Market Forecast and Analysis
7.4.IOS
7.4.1.Overview
7.4.2.iOS Market Forecast and Analysis
7.5.OTHERS
7.5.1.Overview
7.5.2.Others Market Forecast and Analysis
8.PERSONAL FINANCE APPS MARKET - REVENUE AND FORECASTS TO 2028 â" DEPLOYMENT
8.1.OVERVIEW
8.2.DEPLOYMENT MARKET FORECASTS AND ANALYSIS
8.3.MOBILE PHONES
8.3.1.Overview
8.3.2.Mobile Phones Market Forecast and Analysis
8.4.TABLETS
8.4.1.Overview
8.4.2.Tablets Market Forecast and Analysis
8.5.DESKTOP
8.5.1.Overview
8.5.2.Desktop Market Forecast and Analysis
8.6.LAPTOPS
8.6.1.Overview
8.6.2.Laptops Market Forecast and Analysis
9.PERSONAL FINANCE APPS MARKET REVENUE AND FORECASTS TO 2028 â" GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Personal Finance Apps Market Overview
9.1.2North America Personal Finance Apps Market Forecasts and Analysis
9.1.3North America Personal Finance Apps Market Forecasts and Analysis - By Platform
9.1.4North America Personal Finance Apps Market Forecasts and Analysis - By Deployment
9.1.5North America Personal Finance Apps Market Forecasts and Analysis - By Countries
9.1.5.1United States Personal Finance Apps Market
9.1.5.1.1United States Personal Finance Apps Market by Platform
9.1.5.1.2United States Personal Finance Apps Market by Deployment
9.1.5.2Canada Personal Finance Apps Market
9.1.5.2.1Canada Personal Finance Apps Market by Platform
9.1.5.2.2Canada Personal Finance Apps Market by Deployment
9.1.5.3Mexico Personal Finance Apps Market
9.1.5.3.1Mexico Personal Finance Apps Market by Platform
9.1.5.3.2Mexico Personal Finance Apps Market by Deployment
9.2.EUROPE
9.2.1Europe Personal Finance Apps Market Overview
9.2.2Europe Personal Finance Apps Market Forecasts and Analysis
9.2.3Europe Personal Finance Apps Market Forecasts and Analysis - By Platform
9.2.4Europe Personal Finance Apps Market Forecasts and Analysis - By Deployment
9.2.5Europe Personal Finance Apps Market Forecasts and Analysis - By Countries
9.2.5.1Germany Personal Finance Apps Market
9.2.5.1.1Germany Personal Finance Apps Market by Platform
9.2.5.1.2Germany Personal Finance Apps Market by Deployment
9.2.5.2France Personal Finance Apps Market
9.2.5.2.1France Personal Finance Apps Market by Platform
9.2.5.2.2France Personal Finance Apps Market by Deployment
9.2.5.3Italy Personal Finance Apps Market
9.2.5.3.1Italy Personal Finance Apps Market by Platform
9.2.5.3.2Italy Personal Finance Apps Market by Deployment
9.2.5.4United Kingdom Personal Finance Apps Market
9.2.5.4.1United Kingdom Personal Finance Apps Market by Platform
9.2.5.4.2United Kingdom Personal Finance Apps Market by Deployment
9.2.5.5Russia Personal Finance Apps Market
9.2.5.5.1Russia Personal Finance Apps Market by Platform
9.2.5.5.2Russia Personal Finance Apps Market by Deployment
9.2.5.6Rest of Europe Personal Finance Apps Market
9.2.5.6.1Rest of Europe Personal Finance Apps Market by Platform
9.2.5.6.2Rest of Europe Personal Finance Apps Market by Deployment
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Personal Finance Apps Market Overview
9.3.2Asia-Pacific Personal Finance Apps Market Forecasts and Analysis
9.3.3Asia-Pacific Personal Finance Apps Market Forecasts and Analysis - By Platform
9.3.4Asia-Pacific Personal Finance Apps Market Forecasts and Analysis - By Deployment
9.3.5Asia-Pacific Personal Finance Apps Market Forecasts and Analysis - By Countries
9.3.5.1Australia Personal Finance Apps Market
9.3.5.1.1Australia Personal Finance Apps Market by Platform
9.3.5.1.2Australia Personal Finance Apps Market by Deployment
9.3.5.2China Personal Finance Apps Market
9.3.5.2.1China Personal Finance Apps Market by Platform
9.3.5.2.2China Personal Finance Apps Market by Deployment
9.3.5.3India Personal Finance Apps Market
9.3.5.3.1India Personal Finance Apps Market by Platform
9.3.5.3.2India Personal Finance Apps Market by Deployment
9.3.5.4Japan Personal Finance Apps Market
9.3.5.4.1Japan Personal Finance Apps Market by Platform
9.3.5.4.2Japan Personal Finance Apps Market by Deployment
9.3.5.5South Korea Personal Finance Apps Market
9.3.5.5.1South Korea Personal Finance Apps Market by Platform
9.3.5.5.2South Korea Personal Finance Apps Market by Deployment
9.3.5.6Rest of Asia-Pacific Personal Finance Apps Market
9.3.5.6.1Rest of Asia-Pacific Personal Finance Apps Market by Platform
9.3.5.6.2Rest of Asia-Pacific Personal Finance Apps Market by Deployment
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Personal Finance Apps Market Overview
9.4.2Middle East and Africa Personal Finance Apps Market Forecasts and Analysis
9.4.3Middle East and Africa Personal Finance Apps Market Forecasts and Analysis - By Platform
9.4.4Middle East and Africa Personal Finance Apps Market Forecasts and Analysis - By Deployment
9.4.5Middle East and Africa Personal Finance Apps Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Personal Finance Apps Market
9.4.5.1.1South Africa Personal Finance Apps Market by Platform
9.4.5.1.2South Africa Personal Finance Apps Market by Deployment
9.4.5.2Saudi Arabia Personal Finance Apps Market
9.4.5.2.1Saudi Arabia Personal Finance Apps Market by Platform
9.4.5.2.2Saudi Arabia Personal Finance Apps Market by Deployment
9.4.5.3U.A.E Personal Finance Apps Market
9.4.5.3.1U.A.E Personal Finance Apps Market by Platform
9.4.5.3.2U.A.E Personal Finance Apps Market by Deployment
9.4.5.4Rest of Middle East and Africa Personal Finance Apps Market
9.4.5.4.1Rest of Middle East and Africa Personal Finance Apps Market by Platform
9.4.5.4.2Rest of Middle East and Africa Personal Finance Apps Market by Deployment
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Personal Finance Apps Market Overview
9.5.2South and Central America Personal Finance Apps Market Forecasts and Analysis
9.5.3South and Central America Personal Finance Apps Market Forecasts and Analysis - By Platform
9.5.4South and Central America Personal Finance Apps Market Forecasts and Analysis - By Deployment
9.5.5South and Central America Personal Finance Apps Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Personal Finance Apps Market
9.5.5.1.1Brazil Personal Finance Apps Market by Platform
9.5.5.1.2Brazil Personal Finance Apps Market by Deployment
9.5.5.2Argentina Personal Finance Apps Market
9.5.5.2.1Argentina Personal Finance Apps Market by Platform
9.5.5.2.2Argentina Personal Finance Apps Market by Deployment
9.5.5.3Rest of South and Central America Personal Finance Apps Market
9.5.5.3.1Rest of South and Central America Personal Finance Apps Market by Platform
9.5.5.3.2Rest of South and Central America Personal Finance Apps Market by Deployment
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.PERSONAL FINANCE APPS MARKET, KEY COMPANY PROFILES
11.1.INTUIT, INC.
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.PERSONAL CAPITAL CORPORATION
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.LAMPO LICENSING, LLC.
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.YOU NEED A BUDGET
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.WALLY YACHTS S.A.
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.ACORNS GROW, INC.
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.ROBINHOOD FINANCIAL, LLC
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.CAPITAL ONE FINANCIAL CORPORATION
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.WEALTHFRONT INC
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.CREDIT KARMA, INC.
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
The List of Companies
1. Intuit, Inc.
2. Personal Capital Corporation
3. Lampo Licensing, LLC.
4. You Need a Budget
5. Wally Yachts S.A.
6. Acorns Grow, Inc.
7. Robinhood Financial, LLC
8. Capital One Financial Corporation
9. Wealthfront Inc
10. Credit Karma, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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