Dublin, Nov. 08, 2024 (GLOBE NEWSWIRE) -- The "Personal Finance Apps Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
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, 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. 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.
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.
Report Scope
Markets Covered:
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
Key Companies Mentioned: Intuit Inc.; Venmo LLC; Acorns LLC; Expensify; Albert
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $133.08 Billion |
| Forecasted Market Value (USD) by 2028 | $330.12 Billion |
| Compound Annual Growth Rate | 25.5% |
| Regions Covered | Global |
Some of the other major companies profiled in this Personal Finance Apps market report include:
- 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
For more information about this report visit https://www.researchandmarkets.com/r/1dlojm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
