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NEW YORK, July 8, 2022 /PRNewswire/ — The Bill-Splitting Apps Market research report extensively covers market segmentation by Platform (Android and iOS). The bill splitting apps market share growth by the android segment will be significant during the forecast period. The growth is attributed to the growing use of Android smartphones across the globe, which increases the demand for Android OS. The availability of bill-splitting apps such as Splitwise, Split, and Tricount will further support the market growth through this segment in the coming years. Moreover, the Bill Splitting Apps Market Share is expected to increase by USD 349.68 million from 2021 to 2026, with an accelerated CAGR of 10.84%- according to the recent market study by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenarios, future market trends, market size & estimations, and major investment pockets.
Look out for more information on market dynamics scenario, demand & supply forces, product offerings, financial information, and SWOT analysis. View Snapshot of the Report
Vendor Insights-
The bill splitting apps market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
- ApTap Ltd.
- Bill.com Holdings Inc.
- Block Inc.
- bring10 LLC
- Cluttr Inc.
- DigiGround Pty Ltd.
- Groupee Pty Ltd.
- Kittysplit UG
- Locatable Ltd.
- Microsoft Corp.
- MWYN TECH Pvt. Ltd.
- National Bank of Kuwait SAKP
- NatWest Group plc
- Paerpay Inc.
- PayPal Holdings Inc.
- Split
- Splittr
- Splitwise Inc.
- Standy Software
- Step Up Labs Inc.
- Thumbworks Technologies Pvt. Ltd.
- Tricount SA
- Billr.me
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Regional Market Outlook
The bill splitting apps market research report extensively covers market segmentation by Geography (APAC, North America, Europe, South Americaand Middle East and Africa). 46% of the market’s growth will originate from APAC during the forecast period. China, Indiaand Japan are the key markets for bill-splitting apps in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The large customer base of smartphones in countries such as China and India will facilitate the bill-splitting apps market growth in APAC over the forecast period.
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Latest Drivers & Challenges of the Market-
- Bill Splitting Apps Market Driver:
- Growing penetration of smartphones:
The increasing use of smartphone opportunities across the world has provided potential growth for bill-splitting apps. The smartphone market has been growing rapidly over the years and the majority of the growth of this market comes from low-priced smartphones. The proliferation of low-priced smartphones has resulted in their high demand in countries such as India, Vietnam, the Philippines, Sri Lankaand Pakistan in APAC. The high penetration of low-cost, affordable smartphones and the new launches of high-end smartphones will increase the potential user base for several mobile apps, including expense management applications such as bill-splitting apps.
- Bill Splitting Apps Market Challenge
- Costs associated with bill splitting app development and operation:
The Bill-splitting apps are designed to facilitate user activities with technological support. Low-cost mobile apps are easy to develop. However, with the increasing demand for bill-splitting apps, there has been an increased need for associated activities, such as administrative support. The associated support activities are needed after the development of the app and cover app deployment throughout its operational lifecycle, which incur higher costs than those involved in application development. The growing load on bill-splitting apps will increase the need for better support activities. This will, in turn, add to the overall costs of developing, deploying, and maintaining the operation of bill-splitting apps during the forecast period.
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