Global Financial Planning Software (Solutions & Services) Market Report 2024-2028 - A $9.29 Billion Industry Opportunity Assessment by Deployment Mode, Application, End-use, and Region

Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Financial Planning Software Global Market Report 2024" report has been added to'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 circumstances. 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:

  1. By Component: Solution; Services
  2. By Deployment Mode: On-Premises; Cloud
  3. By Application: Financial Advice and Management; Portfolio, Accounting and Trading Management; Wealth Management; Personal Banking; Other Applications
  4. 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

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