NEW YORK, Sept. 8, 2023 /PRNewswire/ — The financial planning software market by component (software and services), application (financial advice and management, portfolio/accounting/trading management, wealth management, and personal banking), and geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027″ report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the financial planning software market between 2022 and 2027 is USD 4.69 billion, according to Technavio. The increasing complexity of financial management is a key factor driving market growth. The complicated management of finance is becoming more complex for individuals and businesses, as they are required to navigate a labyrinthine set of rules, regulations, and investment strategies. This complexity is greatly simplified and managed using finance planning software. Furthermore, with the ability to automatically generate calculations and processes, which reduce management complexity, Financial Planning Software provides a centralized platform for managing all finance in one place. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Dynamics

Significant Challenge

Data privacy and security concerns are significant challenges restricting market growth. The ability to track, retrieve, and analyze data from connected servers is provided by big data and artificial intelligence. These technologies also modify the functioning of servers through algorithm changes based on AI capabilities. In addition, because the Cloud is a multitenant environment and could affect different applications that are hosted within it, its infrastructure is more prone to errors caused by source code. The hackers will be able to easily access cloud-based data storage systems. Hence, these factors are expected to restrict market growth during the forecast period.

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Segmentation

The financial planning software market is segmented by component (software and services), application (financial advice and management, portfolio/accounting/trading management, wealth management, and personal banking), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the software segment will be significant during the forecast period. The growth of the software segment’s revenue is being driven by factors such as data storage and organization to make better decisions, planning, budget forecasting, or expense classification. In addition to cash flow analysis, the software also provides plans for tax strategies and longer-term planning. Several key companies are active in the market and offer finance planning software. Hence, these factors are expected to drive segment growth during the forecast period.

• North America is estimated to contribute 36% to the growth of the global market during the forecast period. 

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Key Companies in the financial planning software market:

Accutech Systems Corp., AssetBook LLC, BlackRock Inc., Ebix Inc., Economic Security Planning Inc., eMoney Advisor LLC, Empower Annuity Insurance Co. of America, Envestnet Inc., Fin365 Pty Ltd., Instream Solutions LLC, InvestCloud Inc., Morningstar Inc., Nest Wealth Asset Management Inc., Orion Advisor Solutions Inc., Quicken Inc., RightCapital Inc., SAP SE, Wealthcare Capital Management LLC, WealthTec LLC, and WealthTrace LLC

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio