PORTLAND, Oregon, July 24, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "U.S. Personal Finance Software Market by Product (Web-based Software and Mobile-based Software) and End User (Small Businesses Users and Individual Consumers): Opportunity Analysis and Industry Forecast, 2019–2026." The report provides a detailed analysis of drivers & opportunities, changing market trends, competitive market scenario, and market size & estimates. According to the report, the U.S. personal finance software market was estimated at $232 million in 2018 and is anticipated to hit $343 million by 2026, registering a CAGR of 5.0% during 2019-2026.
Increase in need to track & manage income, rise in dependency on the Internet and surge in the use of mobile applications propel the growth of the U.S. personal finance software market. On the other hand, availability of open-source solutions restrains the growth to some extent. Nevertheless, growing awareness among people towards usage of personal finance monitoring is expected to create multiple opportunities for the key players in the industry.
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The mobile based software segment to dominate during 2018-2026
Based on product type, the mobile based software segment accounted for more than half of the total market revenue in 2018 and is expected to maintain its dominance till 2026. Increased customer preferences to use mobile-based software, which is portable and enhances flexibility in managing personal finance software spurs the growth. The same segment is also anticipated to grow at the fastest CAGR of 5.8% throughout the forecast period. The research also analyzes web-based software.
The small business users segment to lead the trail during the study period
Based on end-users, the small business users segment generated the major share in 2018, contributing to more than half of the total market. The software helps small business users to make smarter money decisions by highlighting spending trends, and tracking financial goals. The individual consumers segment, on the other hand, is projected to showcase the fastest CAGR of 6.1% by 2026. The fact that the use of personal finance software has now become quite prevalent in managing bank accounts, credit cards, investments, income, and expenditure of an individual has driven the growth of the segment.
Key players in the industry
The key market players analyzed in the report include doxo Inc., IGG Software, Inc., Microsoft Corporation, Quicken Inc., You Need a Budget LLC, Moneyspire Inc., Buxfer, Inc., Personal Capital Corporation, CountAbout Corporation, and Qapital, Inc. Adhering to a number of high-end strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to heighten their stand in the industry.
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