Financial Consulting Software Market: Introduction
- Financial consulting software is a type of financial advisory. A financial advisor is expected to conduct an inspection of the current financial condition and help his client plan to reach his future financial goals.
- Financial consulting software are used to meet current and future financial goals through a sound financial plan. Financial consulting software can be classified as wealth growing software and protection tool software.
- Financial consulting software provides a whole picture of a client's financial life, including assets, debts, income, and expenses. The software can also be used to manage a client's investments. If the client is interested in investing but does not want to manage his own portfolio, a robo advisory can help the client to achieve his financial goal.
- Financial consulting software supports the clients in financial matters in the field of property and real-estate management. The software provides information about real-estate valuations, advisory, and optimizes real-estate asset portfolio.
- The rate of adoption of financial consulting software is expected to increase as it provides suggestions about the best strategies to implement in order to improve the client's finances
Financial Consulting Software Market: Dynamics
Financial Consulting Software Market: Key Drivers
- High rate of adoption by financial consulting software among HNIs (High net worth individuals) and widespread digitalization are major factors driving the financial consulting software market
- The software helps a client compound and grow the value of the money over time. It also helps to meet financial goals that require big cash outlays, such as buying a new house or preparing for retirement. The software provides options to invest the client’s or user’s capital in stocks, bonds, or mutual funds.
- Financial consulting software is also utilized by risk management consultants; the software helps analyze risk (confirming a process and governance is in place to mitigate risk), internal audit (taxations aimed at portraying risk profiles and compliance), risk control (setting up the right warning systems that detect risks), and IT risks
- Lack or limited awareness and high initial cost to implement and integrate financial consulting software are expected to hamper the market
Impact of COVID-19 on the Financial Consulting Software Market
- Most companies are adopting the work-from-home module during the pandemic. Companies are decreasing their investment in new technologies and services to manage revenues. Most small businesses closed their business processes due to lack of funds to sustain in the market. Some companies have withheld all investments in advanced business solutions and tools due to the low return on investment. Thus, demand for financial consulting software decreased during the COVID-19 lockdown situation.
North America to Hold Major Share of the Financial Consulting Software Market
- In terms of region, the global financial consulting software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global financial consulting software market in 2020. The U.S. is a key market in the adoption of new technologies. Strong financial position enables the country to invest heavily in the adoption of leading tools and technologies to ensure efficient business operations.
- The financial consulting software market in Asia Pacific is projected to expand at a rapid pace during the forecast period owing to an increase in investment by major players in the region to expand their business operations and industrial consumer base in rapidly expanding economies such as India and China. This, in turn, is likely to increase the demand for financial consulting software during the forecast period.
Key Players Operating in the Global Financial Consulting Software Market
PricewaterhouseCoopers, or PwC, was incorporated in 1998 and is headquartered in London, England. The company is a global provider of accounting, auditing, taxation, and corporate advisory services. The company caters to the banking, energy, aerospace, transportation, health care, insurance, engineering, wealth management, construction, and telecommunication industries worldwide.
- Ernst & Young (EY)
Ernst & Young was incorporated in 1989 and is headquartered in London, England. The company provides auditing, assurance, enterprise risk management, technology and security risk, actuarial, merger and acquisition and real-estate advisory services. The company also offers entrepreneurial services, taxation, and employee benefits plan. EY caters to consumer products, insurance, energy, automotive, retail, and utilities sectors.
Other key players operating in the global financial consulting software market include Fiserv, Wolter Kluwer, KPMG, Mckinsey, AlixPartners, FTI Consulting, OnDeck, Bain & Company, Fisher Investments, Alera Group, Olive Wyman, Abrigo, Concentrix, and Alexander Group.
Financial Consulting Software Market: Research Scope
Financial Consulting Software Market, by Component
- Professional Services
- Support & Maintenance
- Managed Services
- Professional Services
Financial Consulting Software Market, by Deployment
- On Premises
Financial Consulting Software Market, by Enterprise
- Large Enterprises
Financial Consulting Software Market, by End-user
- Financial Institutes
- Personal Purpose
Financial Consulting Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.