Artificial Intelligence
Financial Planning Software Global Market Report 2023
New York, June 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Financial Planning Software Global Market Report 2023” – https://www.reportlinker.com/p06464213/?utm_source=GNW
, RightCapital Inc., Razor Logic Systems, Futurewise Technologies Private Limited., ESPlanner Inc., iSoftware Limited, and Cheshire Software Inc.
The global financial planning software market is expected to grow from $3.61 billion in 2022 to $4.28 billion in 2023 at a compound annual growth rate (CAGR) of 18.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The financial planning software market is expected to reach $7.92 billion in 2027 at a CAGR of 16.7%.
The financial planning software market includes of revenues by entities providing cash flow planning, retirement planning, and investment planning.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Financial planning software is a system that offers businesses the ability to control their overall financial management, estimating, and budgeting procedures. Financial Planning Software is used to support analytics, modelling, collaboration, and performance-reporting features, all of which are utilized to improve a user’s capacity to manage financial performance efficiently.
North America was the largest region in the financial planning software market in 2022. The regions covered in the financial planning software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main financial planning software components are solution, and services.The solution refers to the financial software solutions that provide specialized services for the creation of accounting solutions, such as AIS architecture, the creation of accountancy apps, API programming, and integration.
They are deployed through on-premises, and cloud applied in financial advice and management, portfolio, accounting and trading management, wealth management, personal banking, others. The end users are small and medium-sized enterprises (SMEs), large enterprises, individual purpose, and others.
The surge in mobile applications across the globe is expected to propel the growth of the financial planning software market going forward.Mobile application refers to the application software created specifically for mobile devices like smartphones and tablets.
Many financial planning apps on the market assist investors to keep track of their expenditures and revenue, creating budgets, and more, enabling professionals to manage clients’ assets and conduct other research with knowledge.Hence, surge in mobile applications across the globe will propel the market growth.
For instance, in January 2021, according to the data published by Trulist, a US-based, web and software development, technology company, 2021, the total number of mobile applications downloaded worldwide reached several 230 billion from 218 billion in 2020, however, the google play app, as well as game downloads, increased by 2.5% in 2021. Therefore, the surge in mobile applications across the globe is driving the growth of the financial planning software market, going forward.
Technological advancement is a key trend gaining popularity in the financial planning software market.Major companies operating in the financial planning software market are adopting new technologies such as AI to sustain their position in the market.
For instance, in May 2022, Conquest, a Canada-based, fintech company, engaged in financial planning technology, launched “Conquest Planning”, a financial planning software in partnership with Fidelity International, a US-based financial services corporation.Conquest Planning gives advisers a better understanding of clients’ shifting circumstances through the use of data and Artificial Intelligence (AI).
This enables advisers to model proposals in real time and quickly assess the effect of the financial circumstances on the client’s goals. The technology crunches data in a variety of ways, instantly constructing and contrasting several plans to free up advisers’ time to interact with customers.
In November 2022, Bill, a US-based, company engaged in financial automation software services for small and midsize businesses acquired Finmark, for an undisclosed amount.This acquisition enables Bill, to provide the SMBs with more thorough, real-time insight into their respective cash flow and aid them in making plans because of the combination of its platform and data, with Finmark’s financial planning tools and connections.
The acquisition also enables, Finmark to assist a great number of SMEs on their road toward digital transformation because of BILL’s fully-featured financial management platform, partner ecosystem, and size. Finmark is a US-based financial planning software company that makes financial planning and cash flow analysis for SMEs simple.
The countries covered in the financial planning software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The financial planning software market research report is one of a series of new reports that provides financial planning software market statistics, including financial planning software industry global market size, regional shares, competitors with a financial planning software market share, detailed financial planning software market segments, market trends and opportunities, and any further data you may need to thrive in the financial planning software industry. This financial planning software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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