Out-Look, an independent research firm, conducted a survey during the holiday season, and found that the number of “money-saving” apps has reached a record level. The Internet, telephone, and market based study revealed a 289% increase in such apps over the past 6 months alone.
Of apps in the money-saving paradigm, 40% accounted for cutting down the user’s bills. Another 32% were dedicated to reducing online subscription costs, and 31% were designed to help cut down on credit card payments.
One example cited in the study was Clarity Money, a money management app to help people pay their monthly bills. It’s parent company says the app can save users hundreds of dollars per year.
The Out-Look survey also projected future growth of the money-saving app market. Researchers, based on the current trends, stated they see this app market growing by 500% in the next year, and reach $200 billion by mid-2018.