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The global financial planning software market size was US$ 3.5 billion in 2021. The global financial planning software market is expected to grow to US$ 13.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 15.1% during the study period from 2022 to 2030.
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Software for financial planning is a device created to combine and separate a user’s financial data in order to produce the appropriate analytical results for better financial planning. This software program uses a range of financial data as input and can be used for a number of functions, including managing bank records, and investments, tracking investments, budgets, portfolios, etc.
COVID-19 Impact Analysis
In the wake of the COVID-19 pandemic, businesses were trying to tackle operational challenges. As a result, various banks & financial institutions included digital tools & techniques in their offerings in order to help the customers. Therefore, it led to a substantial rise in online and mobile banking. Apart from that, various banks and FinTech industries have introduced various attractive banking strategies to support SMEs and consumers to adopt financial planning software. The pandemic is expected to have a long-term positive impact on the global financial planning software market as people are now more inclined toward digital payment methods.
Factors Influencing the Market
The rising awareness about the benefits of financial planning software will fuel the growth of the financial planning software market during the analysis period. The industry is expected to expand at an unexpected rate as a result of the growing trend of vast customization and personalization of goods and services. Further, the rising adoption of digitalized offers will boost the demand for financial planning software providers, because it helps in formulating strategies in accordance with an individual’s particular requirements. Additionally, the demand for financial planning services from retirees has grown significantly as more people have access to large pensions that can be used to pay bills and daily expenses.
Various financial advisors are increasingly investing in new technologies like Robo-advisors, artificial intelligence (AI), robotic process automation, and digital identification (ID) technologies for improving customer experience. FinTech also encompasses a broad range of fresh technologies applied to enhance and automate the provision of financial planning services. FinTech development improves the effectiveness and transparency of financial adviser software, which will have a positive impact on the financial planning software market growth.
Regional Analysis
Based on Region, North America is expected to lay hold of the largest market share during the study period. The growth of the regional financial planning software market is attributed to factors like increased internet dependence, the growing proliferation of mobile apps, and the rising trend of personal finance software. Further, the availability of open-source solutions is expected to present attractive prospects for market growth during the study period.
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Competitors in the Market
Advicent Solutions (NaviPlan)
eMoney Advisor, LLC.
Moneytree Software
MoneyGuide, Inc.
Miles Software
MoneyGuide, Inc. (Envestnet)
Personal Capital Corporation
RightCapital Inc.
Quicken inc.
SAP
Other Prominent Players
Market Segmentation
The global financial planning software market segmentation focuses on Component, Deployment Mode, Application, End-User, and Region.
By Component
Solution
Services
By Deployment Mode
On-premises
Cloud
By Application
Financial Advice and Management
Portfolio, Accounting, and Trading Management
Wealth Management
Personal Banking
Others
By End User
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
Individuals
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
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Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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