Wilmington, Delaware, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Financial Calculators Market by Type (Dual Power Source, and Single Power Source), Application (Tax Calculation, ROI Calculation, Loan Calculation, Investment Calculation, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global financial calculators industry generated $224.0 million in 2022 and is anticipated to generate $615.8 million by 2032, witnessing a CAGR of 10.8% from 2023 to 2032.
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The financial calculator market is the industry that deals with the creation, sale, and use of electronic tools or software programs designed to help individuals or businesses carry out various types of financial calculations. Financial calculators are designed to handle complex financial calculations. For example, a financial calculator is used to calculate mortgage payments, investment returns, tax returns, loan amortization, and retirement planning. The market for financial calculators encompasses a wide range of products, including standalone physical calculators with built-in financial functions, as well as mobile applications and online platforms that offer similar features. These calculators are widely used by individuals, financial professionals, and businesses to streamline financial decision-making, facilitate accurate calculations, and save time.
Prime Determinants of Growth
The global financial calculators market is experiencing growth due to several factors such as increased financial complexity, increase in awareness about personal finance, and rise in disposable income. However, the decline in demand for physical products limits the growth of the financial calculators market. Furthermore, AI-powered virtual assistants and personalized financial planning are expected to provide lucrative opportunities for the growth of the market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $224.0 Million |
| Market Size in 2032 | $615.8 Million |
| CAGR | 10.8% |
| No. of Pages in Report | 329 |
| Segments covered | Type, Application, and Region |
| Drivers | Increased financial complexity |
| Increase in awareness about personal finance | |
| Rise in disposable income | |
| Opportunities | AI-powered virtual assistants |
| Personalized financial planning | |
| Restraints | Decline in demand for physical products |
COVID-19 Scenario:
- The surge in online shopping and e-commerce during the pandemic led to increased online sales of financial calculators. Many consumers turned to online retailers to purchase calculators, compensating for reduced in-store sales. Moreover, some manufacturers used the pandemic as an opportunity to accelerate the integration of digital features into their financial calculators. This aligns with the growing demand for calculators that can connect to mobile apps or online platforms, enhancing their utility in remote work and learning scenarios.
- Overall, many financial institutions and lending companies have digitized their services to cater to the remote and socially distanced customer base. Financial calculators have played a pivotal role on these platforms, enabling borrowers to calculate loan repayment amounts effortlessly. Therefore, the COVID-19 pandemic had a positive impact on the financial calculators industry.
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The dual power source segment to maintain its leadership status throughout the forecast period-
Based on type, the dual power source segment held the highest market share in 2022, accounting for more than three-fifths of the global financial calculators market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 11.8% from 2023 to 2032. This is attributed to the fact that manufacturers have invested in advanced battery technologies for dual power source calculators. Lithium-ion batteries, for example, are being integrated to provide longer-lasting and more reliable battery backup.
The tax calculation segment to maintain its lead position throughout the forecast period-
Based on application, the tax calculation segment held the highest market share in 2022, accounting for nearly two-fifths of the global financial calculators market industry revenue and is estimated to maintain its lead position throughout the forecast period, Because cloud-based tax calculators have gained popularity, allowing users to access tax calculation tools from anywhere with an internet connection. These calculators offer the advantage of automatic updates and data synchronization across devices. However, the ROI calculation segment is projected to manifest the highest CAGR of 14.3% from 2023 to 2032. This is due to the fact that businesses have increasingly used ROI calculations to measure the effectiveness of their marketing and advertising campaigns. This trend has led to the development of ROI calculators specifically tailored for marketing analysis.
North America to maintain its dominance by 2032-
Based on region, North America held the highest market share in 2022, accounting for nearly two-fifths of the global financial calculators revenue. This growth is attributed to factors such as the increase in the use of smartphones, high internet penetration, and the growth in the adoption of cloud-based applications among users. However, the Asia-Pacific region is expected to maintain its dominance by 2032. The same region is expected to display the fastest CAGR of 13.9% from 2023 to 2032. This is because the Asia-Pacific region is adopting AI and ML in the financial calculators market. These calculators now incorporate AI-driven features such as virtual assistants that offer real-time financial advice and predictive analytics for investment planning.
Leading Market Players: -
- Texas Instruments Inc.
- Casio Computer Co. Ltd.
- Hp Inc.
- Sharp Corporation.
- Canon Inc.
- Victor Technology LLC
- Aurora
- Oreva
- Bombalio
- Ajanta Ltd. (Orpat Group)
The report provides a detailed analysis of these key players in the global financial calculator's market. These players have adopted different strategies such as partnerships, product launches, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Financial Calculators Market Key Segments:
By Type
- Dual Power Source
- Single Power Source
By Application
- Tax Calculation
- ROI Calculation
- Loan Calculation
- Investment Calculation
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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