What is the Historic and Current Scenario of the Financial Consulting Software Market?
The financial consulting software market has seen considerable growth due to a variety of factors.
•The market size for financial consulting software has experienced significant growth lately. The sector is projected to rise from a value of $5.49 billion in 2024 to a worth of $6.09 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.0%.
The surge during the historical period can be linked to the increased demand for financial planning software, the expansion of financial consulting services in emerging markets, the escalating significance of data analytics, the growing demand for financial consulting solutions on mobile platforms, and the rising need for tailored financial advice.
What are the Forecasted Growth and Key Factors of the Financial Consulting Software Market?
The financial consulting software market is expected to maintain its strong growth trajectory in upcoming years.
• The market for financial consulting software is projected to witness significant expansion in the upcoming years, potentially reaching a value of $9.93 billion by 2029 with a compound annual growth rate (CAGR) of 13.0%.
This acceleration in growth during the forecast period is largely due to factors such as the rise in the use of cloud-based financial consulting software, more emphasis on compliance and risk management, increased need for mobile financial consulting solutions, and growing demand for financial planning software, along with the escalating significance of data analytics. Pivotal trends during this forecast period are expected to include continual technological innovation, augmented use of artificial intelligence and machine learning, the creation of mobile-compatible interfaces, an upsurge in collaboration and client engagement, and the integration of robo-advisory features and automation.
What Main Forces Are Fueling Expansion In The Financial Consulting Software Market?
The growth of the financial consulting software market is anticipated to be fueled by an increase in software-as-a-service (SaaS) usage. SaaS is a cloud-based software delivery model that enables end users to access software programs over the internet. The adoption of SaaS can lend a higher degree of accessibility to financial consulting software through features like cloud deployment, subscription-based models, and automatic updates. This not only raises the acceptance and scalability for financial consulting firms but also cuts down on initial expenses and IT complexities. The proliferation of SaaS is also expected to boost the application of financial consulting software. A report by US-based SaaS management platform BetterCloud in May 2023 revealed an upward shift in the average number of SaaS applications per company, from 110 in 2021 to 130 in 2022. Currently, approximately 70% of the total software usage in companies is attributed to SaaS applications, a proportion expected to grow and reach an estimated 85% by 2025. As a result, the increasing reliance on SaaS is stimulating the financial consulting software market.
What Are The Primary Segments In The Global Financial Consulting Software Market?
The financial consulting software market covered in this report is segmented –
1) By Offering: Software, Services
2) By Deployment: On-Premise, Hosted
3) By Application: Large Enterprises, Small And Medium Enterprises
4) By End-User: Banks, Wealth Management Firms, Other End-Users
Subsegments:
1) By Software: Financial Planning And Analysis Software, Budgeting And Forecasting Software, Risk Management Software, Accounting And Compliance Software, Investment Management Software, Performance Management Software
2) By Services: Implementation Services, Consulting Services, Training And Support Services, Maintenance And Upgrades, Customization Services
Pre-Book The Financial Consulting Software Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Key Trends Are Driving Changes In The Financial Consulting Software Market?
The increasing prominence of cloud-based innovations is a significant trend in the financial consulting software market. Firms in this sector are evolving their cloud-based solutions to maintain their competitiveness. For example, Snowflake, a U.S. data cloud company, unveiled its Financial Services Data Cloud in September 2023. This platform, which consolidates Snowflake's tailored governance features, solutions provided by Snowflake and its partners, and critical industry datasets, aids financial service firms. It provides opportunities for banking, insurance, fintech, and investment management sectors to roll out customer-focused products and services, develop innovative fintech platforms, and improve compliance and regulatory procedures. Furthermore, this platform facilitates businesses in maximizing data utilization, spurring innovation, and ensuring compliance with industry standards.
Who Are the Key Players in the Financial Consulting Software Market?
Major companies operating in the financial consulting software market include:
• Accenture plc
• International Business Machines Corporation
• Deloitte Consulting LLP
• PricewaterhouseCoopers LLP
• Ernst & Young Global Limited
• KPMG International Limited
• SAP SE
• BlackRock Inc.
• The Bank of New York Mellon Corporation
• Intuit Inc.
• Boston Consulting Group
• McKinsey & Company
• Bloomberg L.P
• Thomson Reuters Corporation
• Oracle Financial Services Software
• Bain & Company Inc.
• Wolters Kluwer N.V.
• Broadridge Financial Solutions Inc
• FTI Consulting Inc.
• SEI Investments Management Corp.
• Envestnet Inc.
• Temenos AG
• QlikTech International AB
• SimCorp A/S
• Murex S.A.S.
• Charles River Development Inc.
• SS&C Advent
• Numerix LLC
• FinancialCAD Corporation
• Turnkey Lender Pte. Ltd.
What Is The Most Dominant Region In The Financial Consulting Software Market?
North America was the largest region in the financial consulting software market in 2024. The regions covered in the financial consulting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
