High rate of adoption by financial consulting software among HNIs and increase in demand for alternative investments drive the growth of the financial consulting software market. Moreover, increase in use of digital transformation technology boosts the market growth. However, lack of awareness about financial consulting software and increase in security concerns restrict the growth of the market. On the contrary, rise in innovations in the fintech industry is expected to offer remunerative opportunities for expansion of the market during the forecast period.
The financial consulting software market is segmented on the basis of offering, deployment model, end users, enterprise size, and region. On the basis of offering, the market is categorized into software and service. On the basis of deployment model, the market is bifurcated into on-premise and cloud. On the basis of enterprise size, the market is classified into large enterprise and SMEs. On the basis of end user, it is classified into banks, wealth management firms, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the financial consulting software market are Accenture, Acorns Grow Incorporated, Active Intelligence Pte Ltd., Advicent Solutions, Deloitte, eMoney Advisor, LLC, Finastra Limited, Fiserv, Inc., Moneytree Software, Miles Software, Money Guide Inc., Orion Advisor Technology, Personal Capital Corporation, Quicken Inc., Right Capital Inc., SAP, and Wolters Kluwer. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the financial consulting software market analysis from 2021 to 2031 to identify the prevailing financial consulting software market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the financial consulting software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global financial consulting software market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Offering
- Software
- Service
By Deployment Model
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- SMEs
By End-user
- Banks
- Wealth Management Firms
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Singapore
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Acorns Grow Incorporated
- Active Intelligence Pte Ltd
- Alvarez & Marsal Holdings, LLC
- AlixPartners
- Boston Consulting Group
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Table of Contents
Executive Summary
According to the report, titled, “Financial Consulting Software Market," the financial consulting software market was valued at $4.73 billion in 2021, and is estimated to reach $14.86 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.
Financial consulting software are used to meet current and future financial goals through a financial plan. For instance, software can also be used to manage a client's investments. Furthermore, the key financial consulting software market trends include high rate of adoption by financial consulting software among HNIs and increase in demand for alternative investments are driving the growth of the financial consulting software market. Moreover, increase in use of digital transformation technology boosts the financial consulting software market growth. However, lack of awareness about financial consulting software and increasing security concerns restrict the growth of the financial consulting software market. On the contrary, rise in innovations in the fintech industry is expected to offer remunerative opportunities for the expansion during the financial consulting software market forecast.
By enterprise size, the large enterprise segment holds the largest financial consulting software market share due to high adoption rate of IT tools for surviving in the hypercompetitive market. However, SMEs segment is expected to witness growth at the highest rate during the forecast period as it allows users access to software applications that run on shared computing resources like processing power, memory, and disk storage via the Internet.
Region-wise, the financial consulting software market size was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to growth in demand for adoption of advanced technology such as AI and machine learning. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in adoption of financial consulting software solutions in applications in Asia-Pacific, which encourages players to capitalize on R&D and to introduce innovative products to meet the growing needs of customers.
The COVID-19 pandemic continues to transform the growth of different industry verticals, and the immediate impact of the COVID-19 outbreak is varied. Some of the industries are expected to register decline in growth, while others are to continue to remain unscathed and show promising growth opportunities in the upcoming years. The COVID-19 pandemic is expected to impact the overall economy and financial infrastructure. However, numerous industries are facing significant result and complications across critical processes owing to the Covid-19 pandemic and global economic slowdown. While the financial consulting software market witnessed significant growth over the last few years owing to digitalization and penetration of technology, the pandemic has pushed several economies to the edge of recession. This, in turn, is leading to numerous consulting clients delaying their projects, reducing project scope to reduce costs, or cancelling these projects altogether. The cancellation of multiple client projects has negatively impacted the revenues of vendors and slowed down the growth of the financial consulting software industry in the short term. In addition to this, various financial edge consultants are rapidly adopting oracle financial services consulting to improve their market share and to enhance their profit margin which in turn drives the growth of the market.
Key Findings of the Study
- By offering, the software segment accounted for the largest financial consulting software market share in 2021.
- By region, North America generated highest revenue in 2021.
- By end user, the wealth management segment generated the highest revenue in 2021.
- The key players that operate in the financial consulting software market analysis are Accenture, Acorns Grow Incorporated, Active Intelligence Pte Ltd, Advicent Solutions, Deloitte, eMoney Advisor, LLC, Finastra Limited, Fiserv, Inc, Moneytree Software, Miles Software, Money Guide Inc, Orion Advisor Technology, Personal Capital Corporation, Quicken Inc, Right Capital Inc., SAP, Wolters Kluwer. These players have adopted various strategies to increase their market penetration and strengthen their position in the financial consulting software industry.
Companies Mentioned
- Acorns Grow Incorporated
- Active Intelligence Pte Ltd
- Alvarez & Marsal Holdings, LLC
- Alixpartners
- Boston Consulting Group
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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