Dublin, Nov. 06, 2024 (GLOBE NEWSWIRE) -- The "Financial Wellness Software Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The financial wellness software market size has grown rapidly in recent years, from $2.41 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth during the historic period can be attributed to employers recognizing the importance of financial wellness, a heightened focus on employee well-being, increasing 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 anticipated growth during the forecast period can be attributed to increasing financial literacy, a rising demand for comprehensive financial wellness solutions, greater adoption of mobile-friendly financial wellness apps, growing financial stress, and expanding debt management programs.
Major trends for this period include the integration of extended reality (XR), the expansion of edge computing, customization for diverse demographic needs, innovations in cybersecurity and hyper-automation, and the use of robotic process automation (RPA).
The growing financial stress is expected to drive the expansion of the financial wellness software market. Financial stress refers to the emotional strain and pressure individuals or households experience due to financial difficulties or uncertainties. The increase in financial stress is caused by factors such as economic uncertainty, high personal debt, rising living costs, job insecurity, lack of financial literacy, escalating healthcare costs, societal pressures, and psychological factors.
Financial wellness software helps mitigate financial stress by providing personalized action plans, benchmarking insights, financial planning tools, and access to coaching, thereby improving financial health and reducing stress levels. For example, in November 2022, a report from the Australian National University, an Australian-based non-governmental organization, noted that the proportion of Australians considering price rises a major issue grew from 37.4% in January 2022 to 56.9% by October 2022. Thus, increasing financial stress is driving the growth of the financial wellness software market.
Leading companies in the financial wellness software market are focusing on developing advanced solutions, such as AI-driven virtual coaches, to enhance personalized financial wellness by offering tailored financial guidance and support. An AI-driven virtual coach for personalized financial wellness is a sophisticated digital tool that uses artificial intelligence (AI) to provide customized financial advice and support. This software utilizes machine learning, data analysis, and natural language processing to offer personalized 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 offer personalized financial wellness guidance to employees participating in retirement plans. Developed in partnership with Financial Finesse, a US-based provider of unbiased financial wellness benefits, Aimee uses machine learning to deliver real-time, tailored advice, helping users build short-term financial resilience while focusing on long-term goals. This launch underscores Ascensus's commitment to integrating advanced technology into its services to enhance financial wellness for retirement plan advisors and empower employees to achieve financial security.
In February 2024, Aztec Software LLC, a US-based software company, acquired Financial Fitness Group for an undisclosed amount. This acquisition aims to develop a more comprehensive financial education platform by integrating Financial Fitness Group's interactive financial wellness solutions with iGrad's established educational resources. This merger aligns with their shared mission to enhance financial literacy and wellness across various sectors. Financial Fitness Group is a US-based developer of online tools and software applications focused on financial health.
Major companies operating in the financial wellness software market are Intuit, Voya Financial, Alight Solutions, MoneyLion, PlanSource Holdings, DailyPay, Wealthfront, PayActiv, Tapcheck, Wellable Labs, ZayZoon, BrightPlan, Ramsey Solutions SmartDollar, SmartPath, Aztec Software, Sum180, LearnLux, Savology, Edukate, LearnLux, Your Money Line, Best Money Moves, HoneyBee HR, Enrich Financial Wellness and BrightDime.
This report focuses on financial wellness software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered:
- By Type: On Premise; Cloud-Based; Web-Based
- By Application: Small Business; Midsize Enterprise; Large Enterprise; Other Application
- By End Use: Corporate; Institutional; Government; Other End Uses
Key Companies Mentioned: Intuit Inc.; Voya Financial Inc.; Alight Solutions LLC; MoneyLion Inc.; PlanSource Holdings Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $2.68 Billion |
| Forecasted Market Value (USD) by 2028 | $4.12 Billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Financial Wellness Software Market Characteristics
3. Financial Wellness Software Market Trends and Strategies
4. Financial Wellness Software Market - Macro Economic Scenario
5. Global Financial Wellness Software Market Size and Growth
5.1. Global Financial Wellness Software Market Drivers and Restraints
5.2. Global Financial Wellness Software Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Financial Wellness Software Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Financial Wellness Software Market Segmentation
6.1. Global Financial Wellness Software Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- on Premise
- Cloud-Based
- Web-Based
6.2. Global Financial Wellness Software Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Small Business
- Midsize Enterprise
- Large Enterprise
- Other Application
6.3. Global Financial Wellness Software Market, Segmentation by End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Corporate
- Institutional
- Government
- Other End Uses
7. Financial Wellness Software Market Regional and Country Analysis
7.1. Global Financial Wellness Software Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Financial Wellness Software Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8-29. Regional Financial Wellness Software Markets
30. Financial Wellness Software Market Competitive Landscape and Company Profiles
30.1. Financial Wellness Software Market Competitive Landscape
30.2. Financial Wellness Software Market Company Profiles
- Intuit
- Voya Financial
- Alight Solutions
- MoneyLion
- PlanSource Holdings
31. Financial Wellness Software Market Other Major and Innovative Companies
- DailyPay
- Wealthfront Corporation
- PayActiv
- Tapcheck
- Wellable Labs
- ZayZoon
- BrightPlan
- Ramsey Solutions SmartDollar
- SmartPath
- Aztec Software
- Sum180
- LearnLux
- Savology
- Edukate
- LearnLux
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
For more information about this report visit https://www.researchandmarkets.com/r/f061rl
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