Global Personal Finance Software Market 2017-2021
About Personal Finance Software
Personal finance software helps to manage credit cards, investments, bank accounts, income, and expenditure of an individual in a smartphone or PC. It has the capability to manage payrolls and monetary transactions by helping an individual to manage monthly expenses efficiently. These software function like a dashboard for the user's money that helps in tracking transactions and alerting the user when a problem arises.
Technavio’s analysts forecast the global personal finance software market to grow at a CAGR of 5.14% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global personal finance software market for 2017-2021. To calculate the market size, the report considers the installations of personal finance software, which are downloaded as mobile applications or on a computer system.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Personal Finance Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global personal finance software market: Quicken, The Infinite Kind, YNAB, and BUXFER.
Other Prominent Vendors in the market are: Alzex software, Microsoft, Doxo, Personal Capital, Money Dashboard, Prosper Funding, PocketSmith, CountAbout, Finicity, Moneyspire, CoinKeeper, BankTree Software, NCH Software, Easy Life, and MechCAD Software.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is availability of mobile applications. The increasing reach of mobile networks has led to an increased penetration of mobile phones. Thus, the adoption of mobile communication services in rural areas has increased significantly. This encourages the organizations to adopt mobile collaboration services that will help in increasing the profitability of their business. In addition, the availability of low-cost handsets is accelerating the adoption of mobile phones among people.”
According to the report, one of the major drivers for this market is Growing dependency on the Internet. One of the key drivers of this market is the increased use of the Internet for day-to-day activities and critical operations. People tend to post personal information on the Internet as Internet penetration is growing worldwide. Further, companies are offering storage services on the cloud, which is leading to the storage of critical information on the web. Moreover, banks and payment card companies are enabling customers to make transactions, such as online transactions and payments, using the Internet. Although online methods have benefits over traditional methods, they come with high-security risks. Personal finance software helps to keep track of such transactions and manage the money flow.
Further, the report states that one of the major factors hindering the growth of this market is Availability of open-source solutions. Open-source software is posing a serious threat to the market because of technological developments. The global personal finance software market is witnessing increased adoption of open-source personal finance software solutions. Most of the small-scale enterprises and individual users worldwide have low capital and cannot invest in expensive personal finance software solutions. Hence, they adopt open-source solutions to manage their business operations and day-to-day expenditure with no capital investment. It tends to be an extremely economical solution for organizations with limited resources and expertise at their disposal.
Quicken, The Infinite Kind, YNAB, BUXFER, Alzex software, Microsoft, Doxo, Personal Capital, Money Dashboard, Prosper Funding, PocketSmith, CountAbout, Finicity, Moneyspire, CoinKeeper, BankTree Software, NCH Software, Easy Life, and MechCAD Software.
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