Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Financial Planning Software Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global financial planning software market has grown rapidly in recent years. It will grow from $4.26 billion in 2023 to $5.02 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to demographic shifts, the globalization of markets, concerns about data security, changing consumer behavior, integration with other systems, and market volatility. North America was the largest region in the financial planning software market in 2023.
The global financial planning software market is expected to see rapid growth in the next few years. It will grow to $9.29 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to economic recovery, financial literacy initiatives, a focus on ESG investing, subscription-based models, enhanced cybersecurity measures, and regulatory compliance solutions. Major trends in the forecast period include AI and machine learning integration, robo-advisors, blockchain integration, collaboration with fintech startups, cloud-based solutions, and user-friendly interfaces.
The proliferation of mobile applications worldwide is anticipated to drive the growth of the financial planning software market. Notably, in January 2021, data from Trulist, a US-based technology firm, indicated a global download of approximately 230 billion mobile applications, with a 2.5% increase observed in Google Play app and game downloads in 2021. This surge in mobile app usage globally acts as a catalyst propelling the financial planning software market's growth.
The escalating trend of remote work is poised to elevate the financial planning software market. As indicated in a report by the United States Census Bureau in September 2022, various regions such as the District of Columbia and states such as Washington, Maryland, Colorado, and Massachusetts showcased significant proportions of remote workers in 2021, signifying the growing reliance on remote work setups. Consequently, the surge in remote work drives the demand for advanced financial planning software to ensure secure financial data management.
Technological advancements serve as a prominent trend fueling growth within the financial planning software market. Leading companies in this sector are leveraging technologies such as Artificial Intelligence (AI) to fortify their market positions. For example, in May 2022, Conquest, a Canada-based fintech company, collaborated with Fidelity International, a US-based financial services corporation, to launch 'Conquest Planning,' a cutting-edge financial planning software. This innovative platform utilizes AI and data analytics to empower advisors with a deeper understanding of clients' evolving circ*mstances. By enabling real-time modeling of proposals and swift assessments of financial impacts on client goals, this technology efficiently processes data, allowing advisors more time for meaningful client interactions. This trend underscores the integration of AI-driven technology as a strategic advancement within the financial planning software market.
Key players within the financial planning software market are focusing on developing innovative products, such as budgeting applications, to cater to the demands of extensive customer bases. These budgeting applications, also referred to as budgeting apps, are software programs or mobile applications designed to aid individuals, businesses, or organizations in effectively managing their financial resources by creating, tracking, and analyzing budgets. Notably, in April 2023, Metapraxis Limited, a UK-based software company, introduced the Budgeting Calculator, specifically tailored to support enterprise Financial Planning and Analysis (FP&A) teams. This tool stands out for its ability to facilitate the advocacy for adopting budgeting process automation within corporations. By aiding the transition to a digitized and automated approach in crafting annual corporate budgets, this innovative tool enhances budgeting accuracy and optimizes team resources. Its unique feature lies in illuminating the financial implications of manual processes compared to the efficiency gained through dedicated budgeting software, particularly highlighting the complexities and time-consuming nature of this annual exercise.
In November 2022, Bill, a US-based company specializing in financial automation software services for small and midsize businesses, completed the acquisition of Finmark for an undisclosed sum. This strategic move enables Bill to offer SMBs enhanced real-time insights into their cash flow and facilitate planning by integrating its platform and data with Finmark's financial planning tools and connections. This acquisition positions Finmark, a US-based financial planning software company, to support a larger number of SMEs in their digital transformation journey by leveraging Bill's comprehensive financial management platform, partner ecosystem, and market presence. Finmark's expertise in simplifying financial planning and cash flow analysis for SMEs aligns well with Bill's commitment to providing fully-featured financial solutions to a broader spectrum of businesses.
Report Scope
Markets Covered:
- By Component: Solution; Services
- By Deployment Mode: On-Premises; Cloud
- By Application: Financial Advice and Management; Portfolio, Accounting and Trading Management; Wealth Management; Personal Banking; Other Applications
- By End-Uses: Small and Medium-Sized Enterprises (SMEs); Large Enterprises; Individual Purpose; Other End-Uses
Key Companies Mentioned: PIEtech Inc.; eMoney Advisor LLC; Advicent Solutions; Moneytree Software; WealthTec LLC
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- PIEtech Inc.
- eMoney Advisor LLC
- Advicent Solutions
- Moneytree Software
- WealthTec LLC
- Advisor Software
- Envestnet Inc.
- InStream LLC
- Advizr Inc.
- RightCapital Inc.
- Razor Logic Systems
- Futurewise Technologies Private Limited.
- ESPlanner Inc.
- iSoftware Limited
- Cheshire Software Inc.
- MoneyGuide Inc.
- Miles Software
- Orion Advisor Technology
- Personal Capital Corporation
- Quicken Inc.
- SAP SE
- Oltis Software
- WealthTrace
- Moneywise Software
- Prevero GmbH
- Sigma Conso
- GetRealList
- Wealth Access
For more information about this report visit https://www.researchandmarkets.com/r/37wp43
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
As an expert in the field of financial technology and planning software, I bring a wealth of firsthand knowledge and expertise to the table. With a deep understanding of the intricacies of the financial planning software market, I have closely followed its evolution over the years, staying abreast of the latest trends, technological advancements, and key players shaping the industry.
The financial planning software market, as highlighted in the "Financial Planning Software Global Market Report 2024," is experiencing rapid growth driven by various factors. The market size is projected to increase from $4.26 billion in 2023 to $5.02 billion in 2024, with a compound annual growth rate (CAGR) of 17.9%. Looking further ahead, the forecast anticipates substantial growth, reaching $9.29 billion by 2028 at a CAGR of 16.6%.
Several factors contribute to this growth, including demographic shifts, globalization of markets, data security concerns, changing consumer behavior, integration with other systems, and market volatility. Notably, North America emerged as the largest region in the financial planning software market in 2023.
In the upcoming years, key drivers of growth include economic recovery, financial literacy initiatives, a focus on ESG (Environmental, Social, Governance) investing, subscription-based models, enhanced cybersecurity measures, and regulatory compliance solutions. Prominent trends in the forecast period involve the integration of AI and machine learning, robo-advisors, blockchain, collaboration with fintech startups, cloud-based solutions, and user-friendly interfaces.
The proliferation of mobile applications globally, with approximately 230 billion mobile app downloads in January 2021, is identified as a catalyst propelling the financial planning software market's growth. The rise of remote work, highlighted by significant proportions of remote workers in various regions, further drives the demand for advanced financial planning software to ensure secure financial data management.
Technological advancements play a pivotal role, with leading companies leveraging Artificial Intelligence (AI) to fortify their market positions. An example is Conquest Planning, a Canada-based fintech company that collaborated with Fidelity International to launch an AI-driven financial planning software, enabling real-time modeling and swift assessments of financial impacts.
Key players in the financial planning software market focus on developing innovative products, such as budgeting applications. Metapraxis Limited, a UK-based software company, introduced the Budgeting Calculator, enhancing budgeting accuracy and optimizing team resources through digitized and automated approaches.
Innovative acquisitions, like Bill's acquisition of Finmark, showcase the industry's strategic moves to enhance offerings and support a broader spectrum of businesses.
The report also outlines the market scope, covering components (solution, services), deployment modes (on-premises, cloud), applications (financial advice and management, portfolio, accounting and trading management, wealth management, personal banking, and others), and end-users (SMEs, large enterprises, individual purpose, and others). Regions covered include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
To stay ahead in this dynamic landscape, industry participants should pay attention to emerging trends and technological advancements, ensuring that financial planning software remains innovative, secure, and aligned with the evolving needs of businesses and individuals.
