Report Code : A17212
The cloud segment is expected to experience fastest growth in the coming years, owing to increased data generated from big data analytics, social media platforms, business applications, and financial services, which have generated the need for huge data storage.
Pramod Borasi- Team Leader ICT & BFSI at Allied Market Research
According to a new report published by Allied Market Research, titled, “Financial Consulting Software Market," The financial consulting software market was valued at $4.73 billion in 2021, and is estimated to reach $14.86 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.
Financial consulting software are used to meet current and future financial goals through a financial plan. For instance, software can also be used to manage a client's investments. Furthermore, the key financial consulting software market trends include high rate of adoption by financial consulting software among HNIs and increase in demand for alternative investments are driving the growth of the financial consulting software market. Moreover, increase in use of digital transformation technology boosts the financial consulting software market growth. However, lack of awareness about financial consulting software and increasing security concerns restrict the growth of the financial consulting software market. On the contrary, rise in innovations in the fintech industry is expected to offer remunerative opportunities for the expansion during the financial consulting software market forecast.
By enterprise size, the large enterprise segment holds the largest financial consulting software market share due to high adoption rate of IT tools for surviving in the hypercompetitive market. However, SMEs segment is expected to witness growth at the highest rate during the forecast period as it allows users access to software applications that run on shared computing resources like processing power, memory, and disk storage via the Internet.
Region-wise, the financial consulting software market size was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to growth in demand for adoption of advanced technology such as AI and machine learning. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in adoption of financial consulting software solutions in applications in Asia-Pacific, which encourages players to capitalize on R&D and to introduce innovative products to meet the growing needs of customers.
The COVID-19 pandemic continues to transform the growth of different industry verticals, and the immediate impact of the COVID-19 outbreak is varied. Some of the industries are expected to register decline in growth, while others are to continue to remain unscathed and show promising growth opportunities in the upcoming years. The COVID-19 pandemic is expected to impact the overall economy and financial infrastructure. However, numerous industries are facing significant result and complications across critical processes owing to the Covid-19 pandemic and global economic slowdown. While the financial consulting software market witnessed significant growth over the last few years owing to digitalization and penetration of technology, the pandemic has pushed several economies to the edge of recession. This, in turn, is leading to numerous consulting clients delaying their projects, reducing project scope to reduce costs, or canceling these projects altogether. The cancellation of multiple client projects has negatively impacted the revenues of vendors and slowed down the growth of the financial consulting software industry in the short term. In addition to this, various financial edge consultants are rapidly adopting oracle financial services consulting to improve their market share and to enhance their profit margin which inturn drives the growth of the market.
KEY FINDINGS OF THE STUDY
The key players that operate in the financial consulting software market analysis are 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, Wolters Kluwer. These players have adopted various strategies to increase their market penetration and strengthen their position in the financial consulting software industry.
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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
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