Financial Consulting Software Global Market Report 2024

The financial consulting software market size has grown rapidly in recent years. It will grow from $5 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth observed in the historic period can be ascribed to an increased need for financial planning software, rising demand for financial consulting services in emerging markets, growing significance of data analytics, heightened demand for mobile financial consulting solutions, and an increased appetite for personalized financial advice.

The financial consulting software market size is expected to see rapid growth in the next few years. It will grow to $8.69 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be linked to the rising adoption of cloud-based financial consulting software, a heightened emphasis on compliance and risk management, an increased demand for mobile financial consulting solutions, a growing need for financial planning software, and an enhanced significance of data analytics. Noteworthy trends expected in the forecast period encompass continual technological advancements, an increased utilization of artificial intelligence and machine learning, the creation of mobile-friendly interfaces, a growing focus on collaboration and client engagement, and the integration of robo-advisory features and automation.

The growth of the financial consulting software market is expected to be propelled by the increasing prevalence of Software as a Service (SaaS). Software as a Service (SaaS) denotes a cloud-based software delivery model enabling end-users to access software applications through the internet. SaaS enhances the accessibility of financial consulting software through features such as cloud-based deployment, subscription models, and seamless updates. This approach fosters greater acceptance and scalability for financial consulting firms while reducing upfront costs and IT complexity. The surge in SaaS adoption is anticipated to drive the utilization of financial consulting software. For example, a report by BetterCloud, a US-based SaaS management platform, revealed an increase in the average number of SaaS applications per company from 110 in 2021 to 130 in 2022. The utilization of Software as a Service (SaaS) applications by companies has already reached approximately 70% of their overall software usage and is projected to further increase to an estimated 85% by 2025. Consequently, the rising prevalence of Software as a Service (SaaS) is steering the financial consulting software market.

The growth of small- and medium-sized businesses (SMEs) is poised to drive the financial consulting software market. Small- and medium-sized businesses (SMEs) are characterized by limited employees and moderate annual revenues, and financial consulting software plays a crucial role in supporting them. By offering tailored solutions to enhance financial management, streamline operations, and optimize decision-making, financial consulting software contributes to the overall growth and success of SMEs in the market. According to a report by The Office of Advocacy (Advocacy), an independent office within the U.S. Small Business Administration (SBA), SMEs continue to be a significant force in the U.S. economy, representing 99.9% of American businesses, employing 61.7 million people, and contributing 46.4% to private sector employment as of the latest available data in 2022. Over the period from 1995 to the present, SMEs have generated 17.3 million net new jobs, constituting 62.7% of the total net jobs created during this timeframe. Hence, the growth of small- and medium-sized businesses (SMEs) is steering the financial consulting software market.


Cloud-based innovation emerges as a prominent trend gaining traction in the financial consulting software market. Companies within this market are actively embracing cloud-based solutions to maintain their competitive positions. For example, in September 2023, Snowflake, a data cloud company based in the United States, introduced the Financial Services Data Cloud. This solution integrates Snowflake's platform governance features, industry-tailored solutions from Snowflake and its partners, and crucial datasets specific to the financial services sector. The Financial Services Data Cloud by Snowflake empowers businesses in banking, insurance, fintech, and investment management to launch customer-centric products, foster innovative fintech platforms, and enhance compliance and regulatory practices. It provides a platform for efficient data utilization, driving innovation while ensuring adherence to industry regulations.

Prominent companies in the financial consulting software market are strategically focusing on innovative launches, such as the customer acquisition solution, to deliver personalized experiences for marketing partners. The customer acquisition solution encompasses a comprehensive strategy and set of tools aimed at attracting, converting, and retaining new customers. For instance, in March 2023, EquiTrust, a US-based life insurance company, unveiled a new Customer Acquisition solution powered by Sapiens’ technology. This solution introduces personalized experiences, swift calculations, and an intuitive interface, offering a cost-effective toolkit that significantly enhances the agent and customer experience in the financial consulting software market, particularly within the insurance industry. The launch addresses industry challenges by streamlining digital application processes, reducing errors, and supporting EquiTrust’s digital transformation through seamless integration into their platforms.

In November 2022, Bill.com LLC, a financial automation software company based in the United States, completed the acquisition of Finmark for an undisclosed amount. This strategic move enhanced Bill.com LLC's financial operations platform for small and midsize businesses (SMBs), providing these businesses with more detailed, real-time visibility into their financial flow and assistance in planning for the future. Finmark, a US-based financial management and analysis software provider, played a key role in augmenting Bill.com LLC's capabilities.

Major companies operating in the financial consulting software market report are Accenture plc, International Business Machines Corporation, Deloitte Consulting LLP, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, KPMG International Limited, SAP SE, BlackRock Inc., The Bank of New York Mellon Corporation, Intuit Inc., Boston Consulting Group, McKinsey & Company, Bloomberg L.P, Thomson Reuters Corporation, Oracle Financial Services Software, Bain & Company Inc., Wolters Kluwer N.V., Broadridge Financial Solutions Inc, FTI Consulting Inc., SEI Investments Management Corp., Envestnet Inc., Temenos AG, QlikTech International AB, SimCorp A/S, Murex S.A.S., Charles River Development Inc., SS&C Advent, Numerix LLC, FinancialCAD Corporation, Turnkey Lender Pte. Ltd.

North America was the largest region in the financial consulting software market in 2023. The regions covered in the financial consulting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the financial consulting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary components of financial consulting software include software itself and associated services. The software component comprises a set of instructions, data, or programs utilized to operate computers and perform specific activities. In the context of financial consulting, this software is employed to analyze data, automate processes, and provide accurate insights, thereby enhancing productivity and decision-making. Deployment modes for this software include both on-premises and hosted options, catering to various applications such as large enterprises and small to medium enterprises. It finds application among end-users such as banks, wealth management firms, and other entities.

The financial consulting software research report is one of a series of new reports that provides financial consulting software market statistics, including the financial consulting software industry's global market size, regional shares, competitors with a financial consulting software market share, detailed financial consulting software market segments, market trends and opportunities, and any further data you may need to thrive in the financial consulting software industry. This financial consulting software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The financial consulting software market consists of revenues earned by entities through providing financial analysis, financial planning and forecasting, reporting and visualization, and client collaboration and communication services. The market value includes the value of related goods sold by the service provider or included within the service offering. The financial consulting software market also includes sales of risk management software, and compliance and regulatory software that are used in providing financial consulting services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.