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The financial planning software market size is forecast to increase by USD 8.67 billion at a CAGR of 23.55% between 2023 and 2028.
The financial planning software industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The software segment is estimated to witness significant growth during the forecast period.
The market is experiencing significant growth due to the increasing need for businesses and individuals to effectively manage and organize their financial data. This demand is driven by various entities, including financial education programs and financial literacy initiatives, wealth management firms, financial institutions, and personal finance applications. Risk management, financial coaching, and financial dashboards are also integral components of financial planning software, providing valuable insights into financial literacy, regulations, and cash flow analysis. Moreover, small businesses and individual investors are leveraging financial planning services, financial forecasting, and financial consulting to make informed decisions about their financial future.
Machine learning and data analytics are increasingly being integrated into financial planning software, enabling advanced portfolio management, asset allocation, and open banking solutions. Financial technology, financial independence, investment planning, financial security, and financial services are all areas where financial planning software plays a crucial role. Goal setting, cloud-based solutions, mobile apps, and digital financial services are further enhancing the user experience, while financial modeling, data security, and financial advice ensure that financial strategies are well-informed and effective. API integrations with financial advisors and financial reporting tools enable seamless data sharing and collaboration, making financial planning software an essential tool for businesses and individuals alike.
Retirement planning and tax planning are also important features of financial planning software, helping users to plan for their long-term financial goals and minimize their tax liabilities.
The Software segment was valued at USD 1.53 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market is witnessing significant growth, particularly in North America, where developed countries like the US and Canada lead the way. With high-income levels, there is a rising demand for financial planning solutions to optimize personal finances, reduce taxes, and ensure financial security. In 2021, the US population's total personal income was estimated to be approximately USD 21.06 trillion, with 38% consulting financial advisors. Wealth management, risk management, financial coaching, and financial literacy programs are essential components of this market. Financial institutions, small businesses, and individual investors increasingly rely on financial planning services, financial forecasting, and investment planning to manage their resources effectively.
Digital banking, cloud-based solutions, mobile apps, and open banking facilitate easy access to financial services. Machine learning, data analytics, portfolio management, financial wellness, and asset allocation are key trends driving market growth. Financial regulations and data security are crucial concerns, with financial reporting, financial education programs, and retirement planning essential services. Tax planning and goal setting are also vital aspects of financial planning software. Financial technology, financial independence, and financial security are the primary objectives for users. Artificial intelligence, financial modeling, and api integrations streamline financial advice and financial consulting processes. Financial dashboards provide users with real-time insights into their financial situation, enabling them to make informed decisions.
Cash flow analysis and budgeting tools help manage expenses and income. The market is expected to continue evolving, with a focus on providing comprehensive financial solutions for individuals and businesses.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The financial planning software market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the financial planning software market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, financial planning software market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Accutech Systems Corp. - This company specializes in financial planning solutions, featuring software like Moneytree.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market continues to evolve, integrating various financial solutions to cater to the diverse needs of individuals and businesses. Financial education and literacy programs are at the forefront, empowering users to make informed decisions. Wealth management, financial institutions, and personal finance applications are seamlessly integrated, providing comprehensive financial strategies. Risk management tools offer protection against uncertainties, while financial coaching and dashboard solutions enable real-time monitoring. Financial regulations ensure data security and compliance, with cash flow analysis and financial planning services enabling effective budgeting. Machine learning and data analytics facilitate financial forecasting and consulting, catering to individual investors and small businesses.
Digital banking, open banking, and cloud-based solutions enhance accessibility, while portfolio management and financial wellness programs promote long-term financial security. The ongoing unfolding of market activities reveals evolving patterns in financial technology, including investment planning, asset allocation, and artificial intelligence. API integrations and financial advisors offer customized advice, while financial reporting tools ensure transparency and accountability. Retirement planning and tax planning solutions address specific financial goals, rounding out the comprehensive offerings in the market.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Financial Planning Software Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23.55% |
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Market growth 2024-2028 |
USD 8674.4 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
17.77 |
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Key countries |
US, China, Germany, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this financial planning software market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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