In addition, the increasing remote investments to ensure financial security due to the pandemic is further invigorating the growth of the personal finance software industry growth. This is increasing the demand for personal finance software as more people are analysing their spending habits. The pandemic has severely impacted the economies of major countries, leading to rising unemployment rates and surging financial insecurity. The COVID-19 pandemic has significantly boosted the reliability of technology owing to stay-at-home orders and stringent lockdown regulations. The integration of blockchains in the software to increase the security and safety of confidential information of personal finances, credit cards, and investments, among others, is expected to augment the market growth for personal finance software. Moreover, the use of artificial intelligence to interact with consumers and provide instant response and quick complaint resolution, and to improve the experience of consumers is increasing the adoption of personal finance software, therefore propelling the industry growth. This is increasing the deployment of artificial intelligence (AI) and Big Data to understand consumers’ behaviour to deliver a personalised experience to the consumer. It enables developers to personalise and customise the software as per consumers’ demands, which is consequently aiding the market growth.
The integration of the latest technologies in personal finance software is revolutionising the industry. Technological Advancements to Bolster the Market Growth for Personal Finance Software The EMR report looks into the regional markets of personal finance software like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The market can be broadly categorised on the basis of its end users into: The major product types of personal finance software are: Personal finance software can prevent interest on late payments by providing scheduled reminders for deposits, bills, and paychecks, among others. It assesses one’s financial situation and provides details for accomplishing financial goals effectively. It can also aid in banking, mortgages, retirement planning, budgeting, and tax and estate planning. Personal finance software is software that manages one’s savings, investments, and spending automatically. Personal Finance Software: Market Segmentation In addition, the use of various anti-virus and anti-malware solutions in personal finance software to enhance security is also increasing its adoption, therefore fuelling the market growth. The rising demand to manage personal finance owing to the increasing asset ownerships by the emerging middle class is also propelling the market growth. Moreover, it reviews consumers’ transactions to ensure legitimacy and prevent fraud. Personal finance software enables consumers to discover all their transactions and accounts simultaneously. The increasing smartphone penetration and the growing demand for effective financial solutions are augmenting the market growth for personal finance software. Hence, it can speed up the workflow, due to which it is increasingly used in managing small businesses, therefore providing further impetus to the industry growth. It tracks bills and invoices automatically as receivables and payables. Moreover, it can aid in creating a custom report for tax schedules, which is invigorating the growth of the personal finance software industry. It also enables business owners to focus on business without spending much time on taxes as personal finance software can create tax reports on business income, deductions, and expenses, thereby accelerating the market growth. Personal finance software can track all the liabilities and assets effectively in a balance sheet.
The surging adoption of personal finance software in managing small businesses is propelling the industry growth. Rising Adoption of Personal Finance Software in Small Business is Augmenting the Personal Finance Software Industry
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Read more about this report - REQUEST FREE SAMPLE COPY IN PDF The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 5.7% to reach nearly USD 1.49 billion by 2026. The global personal finance software market attained a value of about USD 1.07 billion in 2020. Global Personal Finance Software Market Outlook
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