Global AI in Personal Finance Market Size To Exceed USD 3.88 Billion By 2033: Forecast Analysis Report

Global AI in Personal Finance Market Size To Exceed USD 3.88 Billion By 2033 

According to a research report published by Spherical Insights & Consulting, the Global AI in Personal Finance Market Size Expected to Grow from USD 0.72 Billion in 2023 to USD 3.88 Billion by 2033, at a CAGR of 18.35% during the forecast period 2023-2033.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global AI in Personal Finance Market Size, Share, and COVID-19 Impact Analysis, By Technology (Machine Learning (ML), Predictive Analytics, and Natural Language Processing), By Component (Software and Services), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033  

The market for AI-powered personal finance management comprises the money that businesses make from offering services like automated bill payment, savings optimization, fraud detection and prevention, and personalized financial advising. An increasing number of tech-savvy users, increased mobile and internet access, growing financial security concerns, economic instability and financial planning, and integration with other financial services are all factors contributing to the rise during the predicted period. Wearable technology integration, voice-activated financial management, sophisticated fraud detection, financial health monitoring, and blockchain technology integration are some of the major themes for the predicted year. Additionally, digital platforms that enable users to manage their bank accounts and perform financial transactions online are referred to as online banking services. Convenience, accessibility, enhanced security measures, and the increasing use of digital devices are the main factors driving the popularity of online banking services. By offering individualized insights, automating repetitive financial processes, and enhancing the user experience through natural language processing and predictive analytics, AI-powered personal finance management encourages the uptake of online banking services. However, significant privacy and security issues are brought up while handling sensitive financial data. It is essential to provide strong encryption, adherence to rules, and defense against data breaches.

The machine learning segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.                

Based on technology, the global AI in personal finance market is categorized as machine learning (ml), predictive analytics, and natural language processing. Among these, the linear ram segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The personal finance sector is significantly impacted by machine learning and predictive analytics. Machine learning (ML) and predictive analytics are leaders in the market because of their ability to provide highly tailored financial information.

The software segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.       

Based on the component, the global AI in personal finance market is categorized as software and services. Among these, the software segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The main goals of these software platforms are to improve personal financial management, automate financial advice, and optimize investment strategies using tailored insights and predictive analytics.

North America is projected to hold the largest share of the global AI in personal finance market over the forecast period.

North America is projected to hold the largest share of the global AI in personal finance market over the forecast period. The region's high levels of digital literacy, sophisticated technology infrastructure, and substantial investments in AI research and development are the main drivers of this dominance. The existence of significant technological firms and a thriving banking industry that actively incorporates AI for improved client experiences and operational efficiency further reinforce North America's leadership.

Europe is expected to grow at the fastest CAGR growth of the global AI in personal finance market during the forecast period. In Europe, the GDPR and other regulations are driving a greater adoption of AI solutions for risk evaluation and compliance administration, and the region's high consumer awareness of financial services and strict data protection laws are driving the growth of AI in personal finance.

Competitive Analysis

Major vendors in the global AI in personal finance market are Intuit Inc., Envestnet, Inc., Cleo AI Ltd., Wizely, Wally, NerdWallet, Inc., Magnifi, Dovly AI, and Other

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global AI in personal finance market based on the below-mentioned segments: 

Global AI in Personal Finance Market, By Technology

• Machine Learning (ML)
• Predictive Analytics
• Natural Language Processing

Global AI in Personal Finance Market, By Component

• Software
• Services

Global AI in Personal Finance Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa