The personal finance software market is expected to grow at a CAGR of 4% during the forecast period. Growing dependency on the internet, drivers.2, and drivers.3 are some of the significant factors fueling personal finance software market growth.
Growing dependency on the internet
A major driver for this segment is the user-friendliness of personal finance software. It helps in easy management of monetary funds and budget. It eases the revenue inflow and outflow for home businesses in a secure way. It assures data privacy as the vendors offer advanced security features in their personal finance software products. Further, the availability of cost-effective solutions is driving the market for home business users.
The shutdown of countless businesses and the subsequent effects of COVID-19 have negatively affected the global economy. Several months into the COVID-19 crisis, some countries have managed to control new cases, while in others, the spread remains extensive. Many countries have reopened their economies, allowing a cautious return to work and economic life. Similarly, home business users are also dealing with financial crises due to the disruption of supply chain and transportation. Such factors have increased the demand for personal finance software. The halt of various business activities has negatively impacted many individuals' income, which, in turn, has put pressure on monthly budgets, EMI outflow, insurance premiums, and investments. In such situations, personal finance software has emerged as a key solution in managing business and other personal financial crisis. This software functions as a dashboard; it tracks the user's transactions and gives an early warning when problems arise. Such factors are expected to drive market growth during the forecast period.
