Budgeting Software Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Key Highlights :
Budgeting software aids in the planning and allocation of personal expenditures. Unlike accounting software, which primarily focuses on tracking what we spent or owe, budgeting software is proactive, allowing one to allocate funds before its spent. Budgeting software organizes and simplifies the storage and use of budgeting data. This software aids in the achievement of financial objectives to make new purchases and provide a long-term perspective on investments. Budgeting software is linked to bank account and functions as a smart cheque book, automatically balancing account and recommending ways to save money. Moreover, a better budgeting software system also includes an integrated workflow management system, which allows the budget manager to keep track of who has updated their information and which budget data has yet to be entered into the system. Therefore, surge in demand for budgeting software is expected to boost the market growth.
COVID-19 Impact Analysis
During the COVID-19 outbreak, businesses are dealing with a variety of operational issues. To deal with this situation, many banks and financial institutions are providing new digital tools and techniques to their customers, including personal finance software, which witnessed significant growth. End-users' increased use of online and mobile banking during the pandemic bodes well for the personal finance software market. Furthermore, many fintech and insurance companies have introduced a variety of appealing strategies to encourage SMEs and consumers to use personal software, resulting in a plethora of market growth opportunities.
Organizations Putting More Emphasis on Digitalizing their Budgeting Services
One of the most widely adopted strategies in budgeting services to improve core processing capabilities and provide better consumer services and insights has been digitalization. Furthermore, by focusing on digitalization of their budgeting services, these banks have consistently increased their sales percentage. Furthermore, more than half of these investments were linked to online lending and payment systems.
Increase in Personal Budgeting Software Among Developed Countries
Budgeting software not only provides data for external & internal assessments, annual financial reviews, and financial analysis of the company but also some advanced software versions to assist in debt reduction, budget management, and even financial advice. The ever-growing use of the internet and mobile phones in developing countries opens up numerous opportunities for the expansion of the market. The need to categorize spending to understand how much and where an individual spends has become critical.
Key Benefits of the Report
This study presents analytical depiction of the global budgeting software market forecast along with the current trends and future estimations to determine the imminent investment pockets. The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the budgeting software market share. The current market is quantitatively analyzed to highlight the global budgeting software market growth scenario. Porter's five forces analysis illustrates the potency of buyers & suppliers in the market. The report provides a detailed budgeting software market analysis depending on the present and future competitive intensity of the market.
Budgeting Software Market Report Highlights
By Type
• Web based software
• Mobile based software
By Deployment
• On-Premise
• Cloud
By Enterprises Size
• Large Enterprise
• Small & Medium Enterprises
By Region
• North America (U.S., Canada)
• Europe (France, Germany, UK, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)
The budgeting software market is expected to witness a significant growth in the coming years, owing to the increasing demand for digitalization and automation of budgeting services. Furthermore, the increasing demand for budgeting software to provide better consumer services and insights is expected to drive the market growth. Additionally, the rise in the number of mobile banking users is expected to fuel the demand for budgeting software. However, the lack of awareness regarding the availability of budgeting software among users is expected to hamper the market growth.
The major players operating in the budgeting software market are Microsoft Corporation, Intuit, Inc., Sage Group plc, YNAB, Inc., The Infinite Kind, LLC, Mvelopes, Quicken Inc., Goodbudget, PocketSmith, MoneyDashboard, and BankTree Software Ltd. These players have adopted various strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and expansions to stay competitive in the market.
