What Has Been the Progress and Growth of the Budgeting Software Market in Recent Years?
The budgeting software market has seen considerable growth due to a variety of factors.
• In recent years, the market size for budgeting software has seen substantial growth. Projected growth indicates an increase from $1.55 billion in 2024 to $1.66 billion in 2025, maintaining a compound annual growth rate (CAGR) of 6.9%.
This growth during the historic period has likely been driven by factors such as the rising uptake of cloud computing, increased complexity in financial management, regulatory compliance necessities, business globalization, and improvements in awareness and education.
What Can Be Expected from the Budgeting Software Market Size?
The budgeting software market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of budgeting software is predicted to witness substantial expansion in the forthcoming years, escalating to $2.16 billion by 2029 with a compound annual growth rate (CAGR) of 6.7%.
The growth during the anticipated period could be linked to the incorporation of AI and automation, a heightened concentration on data security, burgeoning adoption from small and medium-sized businesses, synergy with ERP systems, and emphasis on instantaneous fiscal insights. Dominant trends in the predicted period encompass advancements in technology, focus on cost-effectiveness, the emergence of cooperative and remote work trends, amalgamation with ERP systems, and collective budgeting.
What Are the Critical Driver Fuelling The Budgeting Software Market's Growth?
The surge in the adoption of automation for financial tasks is anticipated to fuel the expansion of the budgeting software market in the coming time. Financial processes include the orderly methods within a business for the regulation and management of its financial assets, encompassing budgeting, accounting, reporting and scrutinizing, all aimed at ensuring financial steadiness and clarity. Budgeting software enhances these processes by automating elements like budget creation, expense monitoring and forecasting, thus improving accuracy and efficiency and providing valuable financial insights for well-informed decision-making. For example, as reported by the World Bank Group, a US-based global financial organization, in July 2024, the total project cost for 156 investments was around $6.172 billion, inclusive of co-financing by borrowers. The World Bank has allocated $5.283 billion of this sum, which covers projects that go beyond mere financial management information systems (FMIS). Specifically, the FMIS components account for about $1.226 billion of these investments. Thus, the growing adoption of automation within these tasks is set to spur the expansion of the budgeting software market.
How Is The Budgeting Software Market segmented?
The budgeting software market covered in this report is segmented –
1) By Type: Web Based Software, Mobile Based Software
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Medium Enterprises, Small Enterprises
Subsegments:
1) By Web-Based Software: SaaS (Software As A Service) Budgeting Solutions, Online Collaborative Budgeting Tools, Cloud-Based Financial Planning Software
2) By Mobile-Based Software: Mobile Apps For Personal Budgeting, Mobile Financial Management Tools, Mobile Enterprise Budgeting Solutions
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What Trends Are Shaping The Budgeting Software Market?
Leading firms in the budgeting software market are advancing their product offerings with innovative features to enhance user satisfaction, streamline automation, and provide real-time data accessibility to better financial decision making. The concept of streamlined automation and real-time data access involves the utilization of technological and software capabilities to automate operations and enable businesses to both access and examine data in real or near-real time. For instance, in August 2023, Navan, a US-based enterprise and corporate management firm, introduced Budgets. This novel budgeting tool aimed at finance leaders allows user-friendly creation, management, and tracking of budgets within the platform, facilitating efficient cost monitoring and identification of potential cost-saving opportunities. With this novel feature, finance departments can frame budgets and set spending limits directly in their dashboard, allocate budget accessibility to managers or budget holders, and track expenditure profitability in real-time.
Who Are the Key Players In The Budgeting Software Market?
Major companies operating in the budgeting software market report are:
• NetSuite Inc.
• SAP SE
• Workday Inc.
• Wolters Kluwer N.V.
• Blackbaud Inc.
• Anaplan Inc.
• insightsoftware
• Deltek Inc.
• Sage Intacct Inc.
• Prophix Software Inc.
• Planful Inc.
• Vena Solutions Inc.
• Datarails Ltd.
• Scoro Software Ltd.
• Questica Inc.
• Centage Corporation
• Team Labs Inc.
• Mosaic Tech
• Xlerant Inc.
• Multiview Corporation
• CostPerform
• Maxiplan Technology Limited
• Project Insight Inc.
• Budgyt Inc.
• Riskturn Inc.
• IDU
• Jirav Inc.
• Yooz Inc.
• PlanGuru LLC
• OnPlan
What Is The Most Dominant Region In The Budgeting Software Market?
North America was the largest region in the budgeting software market in 2024. The regions covered in the budgeting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
