Bill splitting apps market 2022-2026: A descriptive analysis of five forces model, market dynamics, and segmentation

NEW YORK, Jan. 30, 2023 /PRNewswire/ — According to Technavio, the global bill splitting apps market size is estimated to grow by USD 349.68 million from 2021 to 2026. The market is estimated to grow at a CAGR of 10.84% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for 46% of the market’s growth during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. To know more, buy the report!

Global bill splitting apps market – Five forces
The global bill splitting apps market is fragmented, and the five forces analysis covers–

• Bargaining power of buyers

• The threat of new entrants

• Threat of rivalry

• Bargaining power of suppliers

• Threat of substitutes

• For interpretation of Porter’s five forces model – Request a sample report

Global bill splitting apps market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global bill splitting apps market – Segmentation assessment

Segment overview
Technavio has segmented the market based on platform (Android and iOS).

• The Android segment will account for a significant share of the market’s growth during the forecast period. The rising use of Android smartphones across the world has increased the demand for Android OS, which is driving the growth of the market. The Google Play Store is a major platform for developers owing to the growing use of Android smartphones. The availability of bill-splitting apps such as Splitwise, Splid, and Tricount will further support the market growth during the forecast period. Moreover, the launch of new Android software and app upgrades is adding to the demand for Android-based bill splitting apps across the world.

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Geography overview
Based on geography, the global bill splitting apps market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global bill splitting apps market.

• APAC will account for 46% of the market’s growth during the forecast period. China, India, and Japan are the key countries for the bill splitting apps market in the region. Moreover, market growth in APAC will be faster than the growth of the market in other regions. Countries such as China and India have a large customer base of smartphones, which will drive the bill-splitting apps market growth in the region during the forecast period.

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Global bill splitting apps market – Market dynamics
Key factor driving market growth

• The growing penetration of smartphones is driving the growth of the market.

• The increasing use of smartphones globally has provided potential growth opportunities for bill splitting apps.

• Low-priced smartphones account for the majority of the growth of the smartphone market across the world.

• This has increased their high demand in APAC countries such as India, Vietnam, the Philippines, Sri Lanka, and Pakistan.

• The high penetration of affordable smartphones and the launch of high-end new smartphones will increase the potential user base for several mobile apps, including bill splitting apps.

• These factors will fuel the growth of the market during the forecast period.

Leading trends influencing the market 

• The development of bill splitting apps for smartwatches is a key trend in the market.

• The adoption of smart devices, such as smartwatches, is increasing steadily across the world.

• Hence, vendors are developing applications that are compatible with smartwatches.

• Integrated applications allow sharing of data among all smart devices, which is expected to have a positive impact on expense management applications, including bill splitting apps.

• These factors will support market growth during the forecast period.

Major challenges hindering market growth

• The costs associated with bill splitting app development and operation are challenging market growth.

• With the increasing demand for bill splitting apps, the need for associated activities such as administrative support has increased.

• The associated support activities cover app deployment throughout its operational lifecycle and incur high costs.

• This will, in turn, add to the overall costs of developing, deploying, and maintaining the operation of bill splitting apps.

• These factors will impede the market growth during the forecast period

Drivers, trends, and challenges have an impact on market dynamics, which can impact
businesses. Find more insights in a sample report!

What are the key data covered in this bill splitting apps market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the bill splitting apps market between 2022 and 2026

• Precise estimation of the size of the bill splitting apps market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the bill splitting apps market across APAC, North America, Europe, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of bill splitting apps market vendors

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Platform

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us
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Email: media@technavio.com
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SOURCE Technavio