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.
- The financial consulting software market impacted negatively due to the lockdown restrictions and reduction in investments in finance solutions by various organizations & individuals across the globe. The economic uncertainty led investment firms, organizations, and individual investors to hold their investments.
- Many small businesses closed their business operations due to lack of availability of funds for sustaining in the market and many people withheld the investments in advanced business tools and solutions due to low percentage of returns on investments.
- The investments in cutting-edge technology tools will increase post-pandemic as the economy stabilizes and the business operations return to normalcy. Innovations in the fintech industry will accelerate as the need for new solutions to manage finances of businesses and individuals emerge.
Scope of the Report:
|Revenue forecast in 2031||$14.86 billion|
|Growth rate||CAGR of 12.2% from 2022 to 2031|
|Forecast period||2022 – 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Regional scope||North America, Europe, Asia Pacific, Latin America, MEA|
|Country scope||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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