The Financial Wellness Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Financial Wellness Software Global Market Report 2024, The financial wellness software market size has grown rapidly in recent years. It will grow from $2.41 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to employer recognition of financial wellness, increased focus on employee well-being, rising personal debt levels, regulatory support and incentives, and a shift towards digital transformation.
The financial wellness software market size is expected to see rapid growth in the next few years. It will grow to $4.12 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to growing financial literacy, increasing demand for holistic financial wellness solutions, rising adoption of mobile-friendly financial wellness apps, rising financial stress, and increasing debt management programs. Major trends in the forecast period include the integration of extended reality (XR), the expansion of edge computing, customization for diverse demographic needs, cybersecurity innovation and hyper-automation, and robotic process automation (RPA).
The rising financial stress is expected to propel the growth of the financial wellness software market going forward. Financial stress refers to the emotional strain and pressure individuals or households experience due to financial difficulties or uncertainty. The rising financial stress is due to economic uncertainty, high personal debt levels, an increasing cost of living, job insecurity, a lack of financial literacy, rising healthcare costs, societal pressures, and psychological factors. Financial wellness software alleviates rising financial stress through personalized action plans, benchmarking insights, financial planning tools, and access to coaching, enhancing financial health and reducing stress levels. For instance, in November 2022, according to a report published by the Australian National University, an Australian-based professional non-governmental organization, in Australia, the proportion of people viewing price rises as a major issue increased from 37.4% in January 2022 to 56.9% by October 2022. Therefore, increasing financial stress is driving the growth of the financial wellness software market.
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The financial wellness software market covered in this report is segmented –
1) By Type: On Premise, Cloud-Based, Web-Based
2) By Application: Small Business, Midsize Enterprise, Large Enterprise, Other Application
3) By End Use: Corporate, Institutional, Government, Other End Uses
Major companies operating in the financial wellness software market are focusing on developing technologically advanced solutions, such as AI-driven virtual coaches for personalized financial wellness to enhance the user experience by providing tailored financial guidance and support. An AI-driven virtual coach for personalized financial wellness is an advanced digital tool that leverages artificial intelligence (AI) to provide tailored financial guidance and support to individuals. This software combines machine learning, data analysis, and natural language processing to offer personalized advice and insights based on a user’s unique financial situation, goals, and behaviors. For instance, in May 2021, Ascensus LLC., a US-based financial services company, launched Aimee, an AI-driven virtual coach designed to deliver personalized financial wellness guidance to employees participating in retirement plans in partnership with Financial Finesse, a US-based provider of unbiased financial wellness benefits. This AI-driven virtual coach leverages machine learning to deliver real-time, tailored guidance, helping users build short-term financial resilience while focusing on long-term goals. This launch represents Ascensus’s ongoing commitment to integrating advanced technology into its services and enhancing its financial wellness offerings to support retirement plan advisors and empower employees to achieve financial security.
The financial wellness software market report table of contents includes:
1. Executive Summary
2. Financial Wellness Software Market Characteristics
3. Financial Wellness Software Market Trends And Strategies
4. Financial Wellness Software Market – Macro Economic Scenario
5. Global Financial Wellness Software Market Size and Growth
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32. Global Financial Wellness Software Market Competitive Benchmarking
33. Global Financial Wellness Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Financial Wellness Software Market
35. Financial Wellness Software Market Future Outlook and Potential Analysis
36. Appendix
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