Personal Financial Management (PFM) software records all incoming and outgoing transactions of individuals’ accounts and can ILLUSTRATE the form of income and expenses using analytical and graphical tools. Given that digital financial services have become popular in recent years, these technology-based solutions still do not have a clear revenue model despite their high availability, accuracy, and personalization. Therefore, they are slightly behind the estimated growth.
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Market / Industry segment of the personal financial management market
| Base Year | Market size(B$) | Duration(YEAR) | CAGR(%) | Source Name |
| 2019 | 1.024 | 8 | 5.70% | Allied market research |
| 2020 | 3.8 | 6 | 12.70% | Marketwatch |
| 2018 | 1.21 | 5 | 6.40% | PR news wire |
| 2019 | 1.42 | 7 | 6.29% | Verified market research |
| 2019 | 1.02 | 8 | 5.70% | Globe news wire |
Influencing factors that changes market size of the personal financial management market
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of the personal financial management market
Direct drivers:
- The organization’s focus on digitalization of financial services
- Increase of the acceptance of using personal financial management software
Reverse drivers:
- Cyber attacks
- Insecure networks
- Insecure platforms
This market may also be threatened by following risks:
In all different markets and industries, the risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment, identifying risks in the market to perform risk management. This market may also be threatened by the following risks:
- Technology risk
- Litigation risk
- Reputation risk
- Competition risk
