[July 24, 2017] |
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Global Personal Finance Software Market 2017-2021: Top Drivers and Forecasts by Technavio
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.
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Technavio has published a new report on the global personal finance software market from 2017-2021. (Graphic: Business Wire)
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.
Optimized performance
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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View source version on businesswire.com: http://www.businesswire.com/news/home/20170724006281/en/
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