PUBLISHER: The Business Research Company | PRODUCT CODE: 1484984
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484984
Expense Tracker Apps Global Market Report 2024
Expense tracker apps are software tools designed to enable individuals or businesses to monitor and manage their financial transactions effectively. Typically, these apps provide functionalities for tracking income, expenses, and various other financial transactions. By offering insights into spending habits, budgeting, and overall financial health, these apps empower users to make informed decisions regarding their finances.
Expense tracker apps are available on two main platforms such as mobile and web-based. Mobile apps are software programs intended for installation and use on mobile devices such as smartphones and tablets. They often offer subscription models such as freemium and premium, providing a range of functionalities such as basic expense tracking, financial analytics, and receipt scanning and management. These apps cater to a diverse range of end-users, including individuals for personal finance management and businesses for expense tracking purposes.
The expense tracker apps market research report is one of a series of new reports from The Business Research Company that provides expense tracker apps market statistics, including expense tracker apps industry global market size, regional shares, competitors with a expense tracker apps market share, detailed expense tracker apps market segments, market trends and opportunities, and any further data you may need to thrive in the expense tracker apps industry. This expense tracker apps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The expense tracker apps market size has grown rapidly in recent years. It will grow from $8.59 billion in 2023 to $9.67 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. During the historic period, growth can be attributed to several factors. These include the proliferation of smartphones, which expanded the user base for expense tracker apps. Additionally, there was an increase in financial awareness among individuals, along with a rise in digital banking services, which facilitated the adoption of such apps. Moreover, concerns surrounding security and privacy in financial transactions drove the demand for trusted expense tracker solutions. Furthermore, the rise of the gig economy, characterized by freelance and independent work, led to a greater need for individuals to manage their finances effectively, further contributing to the growth of expense tracker apps.
The expense tracker apps market size is expected to see rapid growth in the next few years. It will grow to $15.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. In the forecast period, growth is expected to be driven by several key factors. These include the integration of expense tracker apps with the broader financial ecosystem, leveraging the opportunities presented by the emergence of open banking. Furthermore, there will be a significant expansion into emerging markets, coupled with a heightened emphasis on user education and engagement, as well as fostering financial wellness among users.
The expense tracker app market is poised for growth, propelled by the increasing penetration of smartphones. Smartphone user penetration, denoting the percentage of individuals using smartphones within the total population, is on the rise due to various factors such as affordability, internet accessibility, and expanding mobile ecosystems. This trend is fostering a larger user base for expense tracker apps. These apps empower users to manage expenses, create budgets, and gain insights into spending habits conveniently through their smartphones or tablets. They offer functionalities such as expense categorization, budget setting, and notifications for upcoming payments or unusual spending patterns. For example, in February 2024, Uswitch Limited reported a significant increase in mobile connections in the UK, projecting a substantial portion of the population to be smartphone users by 2025. This surge in smartphone user penetration is a key driver behind the expansion of the expense tracker app market.
Leading players in the expense tracker app market are focusing on product innovation to enhance financial control and efficiency. One notable advancement is the development of expense management solutions, which simplify and automate expense tracking, submission, approval, and reimbursement processes. For instance, in July 2023, Justworks introduced Expenses, an expense management tool tailored for its PEO customers. This tool streamlines cost reimbursement and payroll processing, allowing administrators to create approval workflows and unique rules for easier reconciliation. Employees can conveniently create expenses using the Justworks mobile app by capturing photos of receipts. Justworks designed Expenses to integrate seamlessly, reduce errors, and offer an intuitive solution without the need for additional expense management software.
In June 2021, Bill Holdings Inc. strengthened its platform by acquiring DivvyPay Inc., a move aimed at enhancing spend management capabilities. This strategic acquisition, valued at approximately $2.5 billion, enables Bill to offer SMBs a comprehensive solution for automating financial operations and managing B2B spending effectively. DivvyPay Inc.'s expense tracker app provides real-time budget insights, automates expenses, and manages corporate cards, aligning with Bill's mission to simplify and automate financial operations for businesses. Through this acquisition, Bill expands its market presence and enhances its offering, positioning itself as a leading player in the expense tracker app market.
Major companies operating in the expense tracker apps market are Zoho Corporation Pvt. Ltd., SAP SE, Sodexo Motivation Solutions UK Limited, Intuit Inc., Paycom Software Inc., LendingTree LLC, Xero Limited, Expensify Inc., Fresh Books, You Need A Budget LLC, Spendesk, Tiller LLC, Realbyte Inc., Dayspring Technologies Private Limited, Cleevio s.r.o, Everlance Inc., Hurdlr Inc., PocketGuard Inc., WalletIQ Inc., Abacus Labs Inc., Truebill Inc., Wave Financial Inc., Ramsey Solutions Inc., Emburse Holdings Inc., Shoeboxed Inc.
North America was the largest region in the expense tracker apps market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the expense tracker apps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the expense tracker apps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The expense tracker apps market includes revenues earned by entities by providing services such as receipt scanning, bank account integration, reporting and analytics, bill reminders, and customization options. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
- Including: 1) By Platform: Mobile Apps; Web-Based Apps
Table of Contents
1. Executive Summary
2. Expense Tracker Apps Market Characteristics
3. Expense Tracker Apps Market Trends And Strategies
4. Expense Tracker Apps Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On The Market
- 4.2. Ukraine-Russia War Impact On The Market
- 4.3. COVID-19 Impact On The Market
5. Global Expense Tracker Apps Market Size and Growth
- 5.1. Global Expense Tracker Apps Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
6. Expense Tracker Apps Market Segmentation
7. Expense Tracker Apps Market Regional And Country Analysis
8. Asia-Pacific Expense Tracker Apps Market
9. China Expense Tracker Apps Market
10. India Expense Tracker Apps Market
11. Japan Expense Tracker Apps Market
12. Australia Expense Tracker Apps Market
13. Indonesia Expense Tracker Apps Market
14. South Korea Expense Tracker Apps Market
15. Western Europe Expense Tracker Apps Market
16. UK Expense Tracker Apps Market
17. Germany Expense Tracker Apps Market
18. France Expense Tracker Apps Market
19. Italy Expense Tracker Apps Market
20. Spain Expense Tracker Apps Market
21. Eastern Europe Expense Tracker Apps Market
22. Russia Expense Tracker Apps Market
23. North America Expense Tracker Apps Market
24. USA Expense Tracker Apps Market
25. Canada Expense Tracker Apps Market
26. South America Expense Tracker Apps Market
27. Brazil Expense Tracker Apps Market
28. Middle East Expense Tracker Apps Market
29. Africa Expense Tracker Apps Market
30. Expense Tracker Apps Market Competitive Landscape And Company Profiles
31. Expense Tracker Apps Market Other Major And Innovative Companies
32. Global Expense Tracker Apps Market Competitive Benchmarking
33. Global Expense Tracker Apps Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Expense Tracker Apps Market
35. Expense Tracker Apps Market Future Outlook and Potential Analysis
36. Appendix
