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18 Aug, 2022, 00:30 BST
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Rise in adoption among high-net individuals, demand for alternative investment opportunities, and digital transformation drive the growth of the global financial consulting software market.
PORTLAND, Ore., Aug. 18, 2022 /PRNewswire/ — Allied Market Research published a report, titled, "Financial Consulting Software Market by Offering (Software, Service), by Deployment Model (On-premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by End-user (Banks, Wealth Management Firms, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global financial consulting software industry generated $4.73 billion in 2021, and is estimated to reach $14.86 billion by 2031, witnessing a CAGR of 12.2% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
Rise in adoption among high-net individuals, demand for alternative investment opportunities, and digital transformation drive the growth of the global financial consulting software market. However, increase in security concerns and lack of sufficient awareness restrict the market growth. On the other hand, innovations in the fintech industry present new opportunities in the coming years.
Scope of the Report:
Revenue forecast in 2031
CAGR of 12.2% from 2022 to 2031
2022 – 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
North America, Europe, Asia Pacific, Latin America, MEA
U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia
Key companies profiled
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 Access Table PDF
The Software Segment to Maintain its Leadership Status during the Forecast Period
Based on offering, the software segment accounted for the highest market share in 2021, contributing to more than three-fourths of the global financial consulting software market, and is expected to maintain its leadership status during the forecast period. This is due to offering of a complete solution and assistance in successfully managing the business process without any sort of accounting system. However, the service segment is estimated to witness the highest CAGR of 14.4% from 2022 to 2031, owing to its vital role in financial planning to achieve future goals of end users.
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The on-premise Segment to maintain its Dominant Share during the Forecast Period
Based on deployment model, the on-premise segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global financial consulting software market, and is expected to maintain its dominant share during the forecast period. This is attributed to analysis of the energy consumption across various facilities & equipment and optimization of energy usage across the organizations. However, the cloud segment is projected to manifest the highest CAGR of 13.2% from 2022 to 2031. This is due to various benefits such as flexibility and convenience in operations and lowered costs of implementation.
The Large Enterprises Segment to continue its Dominance in terms of Revenue During the forecast period
Based on enterprise size, the large enterprises segment held the highest market share in 2021, contributing to more than two-thirds of the global financial consulting software market, and is expected to continue its dominance in terms of revenue during the forecast period. This is attributed to ability to produce precise estimates to aid in the establishment and growth of businesses. However, the SMEs segment is projected to witness the largest CAGR of 13.6% from 2022 to 2031, owing to ability to save time and money by gaining consultation with financial consulting software and simplify the complex financial processes.
The Banks Segment to Continue its Highest Contribution throughout the Forecast Period
Based on end user, the banks segment accounted for the highest market share in 2021, holding more than half of the global financial consulting software market, and is projected to continue its highest contribution throughout the forecast period. This is attributed to focus on digitalization of financial operations. However, the wealth management firms segment is estimated to grow at the highest CAGR of 13.4% from 2022 to 2031, owing to the crucial role of financial consulting software in providing high returns on client investments.
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North America to Maintain its Lead Status by 2031
Based on region, North America held the largest market share in 2021, accounting for nearly two-fifths of the global financial consulting software market, and is expected to maintain its lead status by 2031. This is due to high spending on data analytics and data processing solutions in the region. However, Asia-Pacific is projected to register the fastest CAGR of 14.9% from 2022 to 2031, owing to rise in digital and economic transformation of the region.
Leading Market Players
Key Benefits for Stakeholders
Key Market Segments
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