Personal Finance Mobile App Market

Personal Finance Mobile App Market Outlook (2024 to 2034)

The global personal finance mobile app market is expected to reach US$ 2.9 billion in 2024, as revealed in an updated industry analysis by Fact.MR. Worldwide revenue from personal finance mobile apps is projected to increase at a CAGR of 15.8% and reach US$ 12.58 billion by the end of 2034.

One of the key aims of using personal finance mobile apps is tracking spending and pulling out a budget in peer payments, accordance, and investments, which ultimately helps in managing private money instead of institutional funds. These applications are specially designed to assist households and individuals in effectively managing financial resources. Furthermore, these applications help as virtual financial assistants, assisting users in tracking their expenses, income, and overall economic health.

Personal finance mobile apps provide a wide range of features, such as expense categorization, budgeting tools, bill payment reminders, and investment tracking. They empower users to gain better insights into their set financial goals, and spending patterns, and make informed decisions for improving financial well-being. These applications have become popular in recent years because of the convenience they offer in promoting responsible financial habits and simplifying complex financial tasks.

In modern financial management, personal finance mobile apps are playing a vital role, providing access to real-time financial data and a user-friendly interface. These applications enable users to monitor financial progress effortlessly by consolidating information from different sources and accounts.

• North America is approximated to hold a share of 24.3% of the global market by 2034-end.
• Worldwide demand for paid personal finance mobile apps is expected to increase at a CAGR of 15.7% and reach a market value of US$ 6.71 billion by 2034.
• Demand for personal finance apps in South Korea is projected to accelerate at 16.6% CAGR through 2034.
• The market in Japan is forecasted to expand at a CAGR of 16.4% from 2024 to 2034.

Report Attributes	Details
Personal Finance Mobile App Market Size (2024E)	US$ 2.9 Billion
Forecasted Market Value (2034F)	US$ 12.58 Billion
Global Market Growth Rate (2024 to 2034)	15.8% CAGR
Market Share of iOS Finance Apps (2034F)	35.6%
Canada Market Growth Rate (2024 to 2034)	16.3% CAGR
East Asia Market Share (2034F)	23.1%
Key Companies Profiled	Intuit; Digit; Chime; Prism; Albert; Spendee; Splitwise; Personal Capital; DollarBird; IND Money; Google Pay Later; Wallet by BudgetBakers; You Need A Budget; Simplifi by Quicken; PocketGuard

What is Contributing to Mounting Installation of Personal Finance Mobile Apps?

“Highly Valued for Convenience and Seamless Experience in Finance Management”

One of the primary aims of using personal finance mobile applications is tracking spending, budget planning, investments, and peer payments, which ultimately helps in managing funds. It is pivotal to keep personal finance robust, thereby personal finance mobile apps come into the picture. These applications ease out the tasks of managing bills, income, investment, spending, and others. Easy accessibility of these mobile applications creates lucrative opportunities for market players.

Easy access to personal finance at your fingertips makes it more handy for users with a seamless and uninterrupted experience. With a growing population of internet and mobile users, there is an increased demand for applications assisting in fund management, which is further positively impacting personal finance mobile app market trends.

What Challenges are Faced by Personal Finance Mobile App Providers?

“Growing Incidence of Data Breaches Adversely Affecting App Demand and Creating Insecurities”

Incidence of data breaches is one of the key concerns users are encountering, which is adversely impacting a shift to personal finance applications. Exploitation of personal details is leading to severe issues. In addition, old age people are restricting themselves from online financial platforms because of safety concerns and adhering to traditional ways of funds management.

How are Startups Strategizing in This Business Space?

“Investments in R&D to Develop Whole Data Security Models”

Startups need to invest more in R&D activities for developing whole data security models. These applications store only necessary data or information, which need to be recorded on mobile phones. Furthermore, crucial data is closely accessed from the server while working on apps and is deleted even after task completion. The inclusion of these features will help wipe off concerns related to data security, subsequently increasing the installation of personal finance mobile applications.

Country-wise Insights

Fact.MR, a market research and competitive intelligence provider, through its recently updated report, offers a 360-degree regional analysis. According to the report, North America is analyzed to hold 24.3% of the global personal finance mobile app market share by 2034-end. Increasing employment rates and higher per capita income of more individuals are leading to the growing preference for personal finance mobile applications for funds management.

What is Driving Personal Finance Mobile App Market Growth in the United States?

“High Population of Tech-savvy Individuals and Rising Financial Literacy”

Attribute	United States
Market Value (2024E)	US$ 308.7 Million
Growth Rate (2024 to 2034)	16.3% CAGR
Projected Value (2034F)	US$ 1.39 Billion

The United States is projected to hold a share of 45.6% of the market in North America by 2034. The country is one of the prominent hubs for personal finance mobile apps owing to the rising population of tech-savvy people and increasing emphasis on financial literacy. Moreover, the rising adoption of mobile banking and a focus on economic empowerment are creating prospects for market players in the country.

What is Pushing Personal Finance Mobile App Market Size in China?

“High Use of Smartphones Benefiting Personal Finance Mobile App Companies”

Attribute	China
Market Value (2024E)	US$ 317.9 Million
Growth Rate (2024 to 2034)	15.8% CAGR
Projected Value (2034F)	US$ 1.38 Billion

China is evaluated to possess a share of 47.5% of East Asia by 2034. There is a noteworthy increase in the demand and use of smartphones among different age groups, especially millennials from the burgeoning middle class. This leads to the increased adoption of personal finance applications for managing finances with more convenience.

Why is There Booming Demand for Personal Finance Mobile Apps in Japan?

“High Level of Digitalization Creating User-friendly and Customized Banking Experience”

Attribute	Japan
Market Value (2024E)	US$ 187.9 Million
Growth Rate (2024 to 2034)	16.4% CAGR
Projected Value (2034F)	US$ 854.6 Million

Japan is approximated to capture 29.4% of the market in East Asia by the end of 2034. Increasing digitalization in the country is leading to the development of user-friendly and customized banking experiences. Several individuals benefit from the use of financial applications equipped with technological improvements in the financial sectors, such as digital lending, digital banking, and other areas. The development of user-friendly and dynamic interfaces for websites is catalyzing demand for customized mobile finance applications.

Category-wise Insights

As stated in the Fact.MR report, increased demand for paid personal finance mobile applications is due to their assistance in simplifying financial management. Their features, such as automated savings, budgeting, and expense tracking are empowering users to achieve fiscal responsibility.

Why Does iOS Hold a Higher Market Share in Personal Finance Mobile Apps?

“Enhanced Security and Data Protection Features”

Attribute	iOS
Segment Value (2024E)	US$ 1.08 Billion
Growth Rate (2024 to 2034)	15.2% CAGR
Projected Value (2034F)	US$ 4.48 Billion

iOS and Android are commonly used software in tablets and smartphones. Between these, iOS operating system-based personal finance mobile apps are forecasted to account for 35.6% share of the global market by 2034. With the adoption of iOS platform-based finance applications, users benefit from the well-developed security infrastructure of Apple as a foundation. For instance, several features of these apps, such as data encryption libraries and user permission prompts will help in data security.

Why are Paid Personal Finance Mobile Apps Still Ruling the Charts?

“Personalized Navigation - Key Demand of Customers”

Attribute	Paid Subscription Apps
Market Value (2024E)	US$ 1.56 Billion
Growth Rate (2024 to 2034)	15.7% CAGR
Projected Value (2034F)	US$ 6.71 Billion

Personal finance mobile apps are projected to contribute a share of 53.3% of global market revenue by 2034. The increasing use of paid finance mobile applications is attributed to their advantages for users, such as data backup, exclusive service, and personalized navigation. These features result in increased security for users, who tend to switch between paid platforms.

Competitive Landscape

Key players in the personal finance mobile app industry are actively taking several initiatives, such as mergers, acquisitions, collaborations, partnerships, and new product launches for their portfolio expansion and ensuring reach to the larger consumer base.

For instance

• Credit Karma was acquired by Intuit in January 2023. This acquisition will help Inuit expand its offerings in the personal finance space while competing with several other leading market players such as NerdWallet and Mint.
• Finicity was acquired by Microsoft in March 2023. This gave Microsoft easy access to APIs of Finicity, which are utilized in banks and several other financial institutions to offer financial data to consumers.
• Google, in April 2023, came up with a new personal finance application, Google Pay Later. This application enables users to make purchases and complete payments over time, without any fees or interest.

Fact.MR provides detailed information about the price points of leading personal finance mobile app providers positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Segmentation of Personal Finance Mobile App Market Research

• By O.S. (Operating Software):

  • Android
  • iOS
  • Others

• By Subscription:

  • Free/Premium
  • Paid

• By Service:

  • Tracking Expenses & Budgeting
  • Investments
  • Universal
  • Payment Apps

• By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • MEA