Demand for Personal Finance Mobile Apps Driven by Surging Internet Penetration Coupled with Escalating Smartphone Adoption, Evaluates Fact.MR
Published : 23 Sep 2021 Industry: Technology
According to a latest comprehensive study by Fact.MR, a market research and competitive intelligence provider, total yearly transactions through personal finance mobile apps is almost equivalent to 1% of global banks’ AUM (asset under management).
Increasing penetration of smartphones and the Internet across the globe is likely to augment demand over the coming years. Currently, global penetration of smartphones is almost 78%, which is further expected to increase exponentially. Globally, 3.8 Bn people are using smartphones, and more than 6 Bn are in use. The smartphone industry has witnessed 27% CAGR growth during the past half-decade.
By January 2021, it is been reported that more than 4.5 Bn of active Internet users were across the globe, which is almost 60% of the total world’s population. Among these, more than 92% access the Internet through mobile phones, which is roughly 4.3 Bn. As such, increasing number of Internet users on mobile phones will lend further impetus to the demand for personal finance mobile apps.
Integration of artificial intelligence and blockchain are likely to propel demand owing to increased efficiency and personalized service experiences. Blockchain is employed to store data, whereas, artificial intelligence is used for data analysis. Artificial intelligence is the core factor for personalized experience, and AI tracks the spending behavior and income of particular individuals. Then these, in accordance, provide personalized advice or solutions to users.
Key Takeaways from Market Study
- Overall time spent on investment and trading apps increased Y-o-Y more than 50% in 2020.
- In 2019, per capita income was US$ 11,417, which was increase of 0.39% in comparison to 2018, whereas, in 2020, a decline of 4.3% was registered owing to unprecedented outbreak of Covid-19.
- In 2019, smartphone sales hit a high of 1.54 Mn, although they were down to 1.38 Mn in 2020 due to Covid-19.
- Over the next decade, transaction value of personal finance apps is presumed to grow 3X on the back of investing services.
According to a Fact.MR, analyst “Personal finance apps will register exponential growth over the next decade, owing to mounting global economic curve and increasing financial awareness”.
Prominent players providing personal finance mobile apps are inclined towards the integration of a wide horizon of services, including investments, peer payments, budgeting, and more. This aids in cornering a significant chunk of the consumer base, which may uphold the growth trajectory of the market in the medium- and long-term period.
Moreover, partnerships and collaborations are set to increase the regional presence of players across the globe.
Gain More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global personal finance mobile app market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of operating software (Android, iOS and others), subscription (free/premium and paid), and service (tracking expenses, persona budgeting, investments, and others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - ICT