The global financial planning software market size is expected to reach USD 14,067.40 million by 2030, according to a new study by Polaris Market Research. The report “Financial Planning Software Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, and Service); By Deployment; By End-Use; By Application; By Region; Segment Forecast, 2022-2030” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
Financial planning is used to help people or businesses manage their finances, company records, and other accounting needs. It can maintain financial accounts, classify income and spending, synchronize transactions with banks and credit card providers, work with schedules, analyze investments and tax reports, and even display snapshots of financial net worth. With various advantages such as reduced portfolio risk, demand for alternative investments continues to increase in the market. Furthermore, money advisors are investing in new methods like artificial intelligence (AI) and digital authentication (ID) to improve client experience, financial performance, and operational efficiency.
As a result, the numerous advantages associated with advanced technologies considerably contribute to the expansion of the global banking planning software market. However, the government's tight laws and regulations for wealth management businesses, as well as a lack of price transparency and increasing fees, are some of the obstacles impeding market expansion. On the contrary, an increasing population of HNWI individuals demanding customized solutions is expected to augment the growth for financial analysts to remain competitive and gain deep insights into the market's products and services.
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However, compliance and security issues associated with this software, as well as the availability of open-source finance software, are impeding the market growth. Furthermore, increased financial software adoption in developing economies, as well as an increase in the number of high-net-worth individuals, are expected to provide a lucrative financial planning software market opportunity.
Financial Planning Software Market Report Highlights
Polaris Market Research has segmented the financial planning software market report based on deployment, component, end-Use, application, and region:
Financial Planning Software, Component Outlook (Revenue - USD Million, 2018 - 2030)
Financial Planning Software, Deployment Outlook (Revenue - USD Million, 2018 - 2030)
Financial Planning Software, Application Outlook (Revenue - USD Million, 2018 - 2030)
Financial Planning Software, End-Use Outlook (Revenue - USD Million, 2018 - 2030)
Financial Planning Software, Regional Outlook (Revenue - USD Million, 2018 - 2030)