Personal Finance Apps Market Report 2024

This Personal Finance Apps market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The personal finance apps market size has grown exponentially in recent years. It will grow from $106.15 billion in 2023 to $133.08 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The growth during the historic period can be attributed to increasing user engagement and the promotion of sound financial practices, the emergence of open banking and the payment services directive (PSD2), growing awareness of personal finance management, rising financial literacy, and the expansion of digital banking.

The personal finance apps market size is expected to see exponential growth in the next few years. It will grow to $330.12 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The anticipated growth in the forecast period can be attributed to the increasing acceptance of digitalization, a growing understanding of the importance of sound money management, rising penetration of smartphones and digital devices, growing demand for financial services and digital payments, and a higher need for convenience and mobile banking. Major trends expected during this period include seamless integration with various financial institutions, personalized features as users seek more comprehensive and user-friendly solutions, the emergence of artificial intelligence (AI) technology, product innovations, and the use of predictive analytics for risk management.

The growth in digital banking is expected to drive the expansion of the personal finance apps market in the future. Digital banking involves the transition of traditional banking services to online platforms, making them accessible beyond physical bank branches. This rise in digital banking is driven by factors such as convenience, improved accessibility, higher interest rates, seamless account management, and increased financial inclusion. Personal finance apps enhance the digital banking experience by offering users comprehensive tools to manage their finances, thereby fostering greater engagement with digital banking services. For example, Worldmetrics, a UK-based organization, reported in July 2024 that online banking transactions reached $9.8 billion in 2024 and are projected to grow to $161.6 billion by 2028. Consequently, the growth in digital banking is propelling the personal finance apps market.

Key players in the personal finance apps market are focusing on developing advanced applications such as Saarthi 2 to offer users sophisticated tools for financial management and improved financial literacy. Saarthi 2 provides a range of features, including Know Your Customer (KYC) processes, mutual funds, exchange-traded funds (ETFs), and stock trading functionalities. For instance, in June 2024, the Securities and Exchange Board of India (SEBI), a regulatory body based in India, launched Saarthi 2.0. This app provides valuable insights into the securities market and aids investors in making informed decisions. It features a user-friendly interface tailored for new investors and includes financial calculators, educational content, informative videos, and investor support.

In May 2021, Mission Lane LLC, a US-based financial services firm, acquired Honeydue for an undisclosed sum. This acquisition represents Mission Lane's strategic effort to expand its offerings by integrating Honeydue's advanced digital banking features, particularly in debit cards and personal finance management tools. Honeydue is a personal finance app based in the US.

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.

North America was the largest region in the personal finance apps market in 2023. 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.

The countries covered in the personal finance apps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Personal finance apps are software applications designed to assist individuals in managing their personal finances. Available for installation on smartphones, tablets, or computers, these apps offer a range of features to help users track and manage their money.

The main types of personal finance apps are Android, iOS, and web-based. Android personal finance apps are tailored for smartphones and tablets running the Android operating system. Pricing models vary and include free, freemium, subscription, and one-time purchase options. These apps provide functionalities such as budgeting, investment tracking, tax planning, and debt management, and can be used on mobile phones, tablets, computers, and other devices.

The personal finance apps market research report is one of a series of new reports that provides personal finance apps market statistics, including personal finance apps industry global market size, regional shares, competitors with a personal finance apps market share, detailed personal finance apps market segments, market trends, and opportunities, and any further data you may need to thrive in the personal finance apps industry. This personal finance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The personal finance apps market includes revenues earned by entities by providing bank accounting integration, credit score monitoring, and investment tracking. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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