LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global personal finance software market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global personal finance software market for 2017-2021. The report also lists web-based software and mobile-based software as the two major segments, with web-based personal finance software dominating the market with a share of more than 54% in 2016.
One of the major reasons for this is the high adoption rate of this technology among home business users. Personal finance software helps home business users to easily manage their business operations and funding as it enables the effective planning and management of the inflow and outflow of monetary funds.
According to Amrita Choudhury, a lead analyst at Technavio for enterprise application research, “The budget for investing in personal finance software is high for business users when compared to individual users, who mainly opt for freeware. The availability of mobile applications has also boosted the rate of adoption of personal finance software.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global personal finance software market:
- Growing dependency on the Internet
- Need to track and manage income
- Optimized performance
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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 or home accounting software helps to keep track of such transactions and manage money flow.
Need to track and manage income
Personal finance software helps in tracking and managing the income flow of an individual or of a small business. This has made handling financial details easy as it can track investments and every small transaction. Personal finance software can even be linked with Internet banking to give live updates of transactions. This can help individual consumers and home business users in money management. The benefits of tracking and managing finances will boost the adoption of this technology in the market.
In the increasingly competitive market landscape, vendors are giving importance to the enhancement of operational efficiency to gain a competitive advantage over competitors. End-users face constant issues with monetary fund management because of which they require advanced software solutions to track them. Managing and maintaining day-to-day monetary transactions as well as fund inflow and outflow is difficult for end-users. As a result, they adopt personal finance software on web-based platforms or as mobile applications to ensure efficient operations across different areas of operation.
“The adoption of personal finance software has helped numerous end-users to save funds and minimize unnecessary expenditure, due to which both home business users and individual consumers are adopting personal finance software to analyze real-time and historical trends about monetary fund flows to ensure optimized performance,” says Amrita.
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