Financial Planning Software Global Market Report 2024

The financial planning software market size 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.

The financial planning software market size 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. Mobile applications, designed for smartphones and tablets, play a pivotal role in aiding individuals to manage expenditures, create budgets, and track revenue, while professionals use these apps to oversee client assets and conduct research. 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. Remote work, conducted outside traditional office setups, emphasizes the crucial need for secure financial data management. Financial planning software, equipped with robust security features, addresses data integrity and compliance concerns. 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.

Major companies operating in the financial planning software market report are 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.

North America was the largest region in the financial planning software market in 2023. The regions covered in the financial planning software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the financial planning software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main components of financial planning software include solutions and services. Solutions refer to specialized financial software solutions offering services such as AIS architecture, the development of accounting applications, API programming, and integration. These solutions can be deployed on-premises or in the cloud, catering to various financial areas such as financial advice and management, portfolio management, accounting and trading management, wealth management, personal banking, and others. The end-users of financial planning software span small and medium-sized enterprises (SMEs), large enterprises, individual purposes, and others.

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.

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.


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