Financial planning includes wide-ranging factors for evaluation of an enterprises or businesses or individual’s current pay and future financial state. This process involves current known assets or variables which help it to predict future asset values, income, and withdrawal plans. This process is widely used to estimate the capital required and help in determining its competition in the market.
Financial planning software is used in this process due to the requirement of high-performance computations on a large volume of data. Financial planning software also makes sure to display the outcomes in a user-friendly format. Financial planning plays a key role in analyzing the growth of any organization or enterprise. Thus making it a crucial element to be maintained by enterprises. Therefore, increasing inclination towards maintaining the finances of organizations business assets are expected to drive the growth of the financial planning software market in the near future.
Increasing data silos by banking, financial services and insurance (BFSI) organizations is a factor that will proliferate high adoption rate of financial planning software in BFSI sector across the globe. In addition, the volume of data that needs to be handled on a daily basis by the BFSI sector is increasing due to the increasing proliferation of digitalization. Thus, raising the demand for financial planning software due to its ability to compute a large amount of data with the minimum required time. Moreover, these solutions are developed with high responsive rates and with zero-time tolerance of errors.
Growing demand for financial planning software among various industry verticals owing to its capability to determining capital requirements and capital structure, to frame financial policies, and to ensure maximum utilization of scarce financial resources which in turn is expected to support growth market in the coming 10 years. In terms of adoption and implementation, the market in North America is dominating with major revenue share. This high growth is primarily contributed mostly by countries such as Canada and the US. The increasing need for technological advanced systems in financial planning and rising integration of emerging technologies with legacy BFSI systems are two major reasons for high demand and adoption of financial planning software in North America.
The financial planning software market in Asia Pacific and Europe will register substantial growth rate over the next 10 years. Increasing digitalization and a growing number of SMEs in countries such as Japan, China, and India is expected to result in high demand for financial planning applications to record the growth of the organization. Furthermore, the market in Latin America and Middle East & Africa is projected to register increase growth in the market, owing to increasing awareness and rising industrialization in countries in this region.
Key market players operating in the global financial planning software market includes, PIEtech Inc., eMoney Advisor, Wealthcare Capital Management, SunGard WealthStation (FIS), Oltis Software, Advisor Software, Advicent, Money Tree, WealthTec, Envestnet, inStream Solutions, Advizr, RightCapital, Cheshire Software, Razor Logic Systems, and Moneywise Software.