Overview and Scope
Financial consulting software refers to a type of computer software that offers expert advice and counselling to clients on financial concerns such as investment strategies, risk management, and financial planning in order to help them accomplish their financial goals and make educated decisions. The software offers automated data consolidation, planning, efficiency, and other benefits.
Sizing and Forecast
The financial consulting software market size has grown rapidly in recent years. It will grow from $5 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to growth in demand for financial planning software, increased demand for financial consulting services in emerging markets, growth importance of data analytics, rise in demand for mobile financial consulting solutions, growth in demand for personalized financial advice.
The financial consulting software market size is expected to see rapid growth in the next few years. It will grow to $8.69 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to increasing adoption of cloud-based financial consulting software, increasing focus on compliance and risk management, rising demand for mobile financial consulting solutions, rising demand for financial planning software, growing importance of data analytics. Major trends in the forecast period include ongoing technological advancements, increasing use of artificial intelligence and machine learning, development of mobile-friendly interfaces, rising collaboration and client engagement, incorporation of robo-advisory features and automation.
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Segmentation & Regional Insights
The financial consulting software market covered in this report is segmented –
1) By Offering: Software, Services
2) By Deployment: On-Premise, Hosted
3) By Application: Large Enterprises, Small And Medium Enterprises
4) By End-User: Banks, Wealth Management Firms, Other End-Users
North America was the largest region in the financial consulting software market in 2023. The regions covered in the financial consulting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the number of software-as-a-service (SaaS) is expected to propel the growth of the financial consulting software market going forward. Software as a service (SaaS) refers to a software delivery platform based on the cloud that allows end users to receive software programs via the internet. Software as a service (SaaS) makes financial consulting software more accessible by providing cloud-based deployment, subscription models, and seamless updates, allowing for greater acceptance and scalability for financial consulting firms while decreasing upfront costs and IT complexity. The rise of SaaS will also drive the use of financial consulting software. For instance, in May 2023, according to a report by BetterCloud, a US-based SaaS management platform, the average number of SaaS applications per company increased from 110 in 2021 to 130 in 2022. Moreover, the utilization of software-as-a-service (SaaS) applications by companies has reached approximately 70% of their overall software usage. This percentage is expected to increase further and reach an estimated 85% by the year 2025. Therefore, the rise in the amount of software as a service (SaaS) is driving the financial consulting software market.
Key Industry Players
Major companies operating in the financial consulting software market report are Accenture plc, International Business Machines Corporation, Deloitte Consulting LLP, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, KPMG International Limited, SAP SE, BlackRock Inc., The Bank of New York Mellon Corporation, Intuit Inc., Boston Consulting Group, McKinsey & Company, Bloomberg L.P, Thomson Reuters Corporation, Oracle Financial Services Software, Bain & Company Inc., Wolters Kluwer N.V., Broadridge Financial Solutions Inc, FTI Consulting Inc., SEI Investments Management Corp., Envestnet Inc., Temenos AG, QlikTech International AB, SimCorp A/S, Murex S.A.S., Charles River Development Inc., SS&C Advent, Numerix LLC, FinancialCAD Corporation, Turnkey Lender Pte. Ltd.
The financial consulting software market report table of contents includes:
1. Executive Summary
2. Financial Consulting Software Market Characteristics
3. Financial Consulting Software Market Trends And Strategies
4. Financial Consulting Software Market - Macro Economic Scenario
5. Global Financial Consulting Software Market Size and Growth
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32. Global Financial Consulting Software Market Competitive Benchmarking
33. Global Financial Consulting Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Financial Consulting Software Market
35. Financial Consulting Software Market Future Outlook and Potential Analysis
36. Appendix
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