Growth Curve for Personal Finance Mobile Apps Rises as Global Per Capita Income Standards Surges: Fact.MR

Published April 12, 2023

According to a recent report, the global mobile personal finance apps market is projected to reach $3.22 billion to $3 billion, representing a CAGR of 10.3% over the forecast period of 2021 to 2031. Growing demand for personal finance apps is accessing financial services using mobile devices. It is being driven by an increasing number of people using it.

The prevalence of digital banking and the increasing use of mobile payments are also contributing to the growth of the mobile personal finance app market. Demand for financial management solutions is also increasing, and demand for convenient methods is also increasing. Financial management is further fueling market growth.

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Market Research Highlights

  • Total time spent investing and transacting in apps increased by more than 50% year-over-year in 2020.
  • In 2019, per capita income was $11,417, up 0.39% from 2018, but decreased by 4.3% in 2020 due to the unprecedented spread of COVID-19 infection.
  • Smartphone sales peaked at 1.54 million units in 2019, but declined to 1.38 million units in 2020 due to the impact of COVID-19.
  • Over the next 10 years, the transaction amount of personal finance apps is expected to be tripled by investment services.
  • The market for mobile apps for personal finance is growing rapidly. The market size in 2019 is estimated at $10.55 billion and is expected to reach $32.89 billion by 2027.
  • Filing income tax, tracking investments and budgets, and tracking expenses are some of the most popular personal finance apps.
  • North America is a major region in terms of market size and penetration due to the presence of advanced infrastructure and growing adoption of mobile banking.
  • Increase in smartphone usage is a major factor driving the market growth. Increasing number of mobile banking applications is expected to positively impact the market growth.
  • Rising trend of cashless payments and growing popularity of mobile payments are anticipated to be huge growth opportunities for the market.

List of key players

  1. Mint
  2. acorn
  3. pocket guard
  4. good budget
  5. sharp money
  6. YNAB (requires budget)
  7. personal capital

Winning Strategy

A well-known player in providing personal finance mobile apps, it supports a wide range of service integrations including investments, peer payments, budget organization and more. This helps to secure the majority of the consumer base that can maintain the market growth trajectory in the medium to long term.

Partnerships and collaborations can increase the regional presence of players around the world. Digital technologies are emerging as important determinants of economic growth, national security and international competitiveness. The digital economy has a profound impact on the trajectory of the world and the social well-being of ordinary citizens. It affects everything from the allocation of resources to the distribution and growth of income. Despite global statistical accounting challenges, tracking the growth trajectory of the digital economy is essential as it serves as an integrated future indicator of economic growth and international competitiveness. Conceptually, the digital economy consists of products and services that use or contain digital technologies.

In the digital age, innovation, entrepreneurial dynamics, information and ICT production drive global competitiveness. The ICT industry and its underlying industries are contributing greatly to economic growth. This white paper aims to evaluate these contributions and benchmark the importance of ICT departments in the US economy by assessing their contribution to economic growth and job creation. It examines the sector’s downstream contributions to the SME ecosystem and its investments in retraining and skills enhancement efforts. Finally, we will look at the systemic challenges facing the sector regarding data privacy, trade and immigration.

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Personal finance mobile app market snapshot by Fact.MR

・        By OS (Operating Software):

    • Android
    • iOS
    • wait

· Subscription :

    • Free / Premium
    • paid

・By service:

    • Cost and Budget Tracking
    • Invest
    • universal
    • payment app

· By region:

    • North America
    • Latin America
    • europe
    • East Asia
    • South Asia and Oceania
    • thing

More Valuable Insights

Fact.MR is a new product, providing an unbiased analysis of the global personal finance mobile app market, presenting historical demand data (2016-2020) and forecast statistics for 2021-2031.

Based on operational software (Android, iOS, etc.), subscriptions (free/premium, paid) and services (expense tracking, persona budgeting, investing, etc.), market-critical insights were revealed in six key geographies. World (North America, Latin America, Europe, East Asia, South Asia and Oceania, Middle East and Africa).

Check out more related studies published by Fact.MR Research:

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