According to a latest comprehensive study by Fact.MR, a market research and competitive intelligence provider, total yearly transactions through personal finance mobile apps is almost equivalent to 1% of global banks’ AUM (asset under management).
Increasing penetration of smartphones and the Internet across the globe is likely to augment demand over the coming years. Currently, global penetration of smartphones is almost 78%, which is further expected to increase exponentially. Globally, 3.8 Bn people are using smartphones, and more than 6 Bn are in use. The smartphone industry has witnessed 27% CAGR growth during the past half-decade.
By January 2021, it is been reported that more than 4.5 Bn of active Internet users were across the globe, which is almost 60% of the total world’s population. Among these, more than 92% access the Internet through mobile phones, which is roughly 4.3 Bn. As such, increasing number of Internet users on mobile phones will lend further impetus to the demand for personal finance mobile apps.
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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.
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Integration of artificial intelligence and blockchain are likely to propel demand owing to increased efficiency and personalized service experiences. Blockchain is employed to store data, whereas, artificial intelligence is used for data analysis. Artificial intelligence is the core factor for personalized experience, and AI tracks the spending behavior and income of particular individuals. Then these, in accordance, provide personalized advice or solutions to users.
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