Prominent Personal Finance Apps Market have raised significant amounts of funding to enhance their technology by integrating artificial intelligence. Many app developing companies are inclining towards the financial sector, person finance apps, and proactive money management apps, which were never the subject of interest. However, companies have analyzed the strength of artificial intelligence and entered into this space to provide better platforms for managing personal finance.
Chime, in August 2021, raised nearly US$ 750 Mn and further buckled up for initial public offering by next year (2022). The company is set employ funds in the growth and expansion of services and products, wherein, prime focus is becoming a market frontrunner in developing the most reliable application.U.S.
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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.
Android Vs iOS: Who is Leading the Race?
Android and iOS are basically operating software primarily used in smartphones and tablets. Android is a Linux-based OS (operating software) marking its dominance with a market share of more than 73%, owing to partly open source.
iOS accounts for 27% market share, deploying across only Apple products. Android is one of the most commonly used OS that is being used by most prominent smartphone and tablet manufacturers.
Pricing of personal finance mobile apps on Android (Google Play) is way less in comparison to iOS (Apple Store). Increasing penetration of Android OS coupled with affordable pricing will lead to fuel the growth curve of the personal finance mobile app industry. Although, iOS is gradually gaining pace and presumed to contribute subsequently to the growth trajectory of the market.
Winning Strategy:
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.
Key Segments:
- 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
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Questionnaire answered in the Market outlook Report of Personal Finance Mobile App include:
- What is the key strategy deployed by large players to maximize Personal Finance Mobile App Market growth?
- What are the main challenges faced by players in the Personal Finance Mobile App market Demand?
- With the advent of technological advancement, how will the Personal Finance Mobile App market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Personal Finance Mobile App market size?
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