Public Financial Management Software: Introduction
- The public financial management software includes data visualization such as budgets, net worth, and spending trends. The software helps the government to create a systematic fund flow system as well as payment cum accounting network.
- The public financial management software is a cloud based process that help local government to better line up the people and actions to risk and compliance, strategic plans management.
- The public financial management software helps to identify the reporting and risk management that helps the government to strengthen asset management practices, accounting standards and improve the internal audits.
- The public financial management software helps to integrate with core banking system that provides the unique capability to push online payment to every vendor and beneficiary.
- The public financial management software enables real time monitoring of utilization of funds and disbursements and its helps to improve financial management by reducing the float in the financial system by enabling ‘just in time’ release.
Public Financial Management Software Market: Dynamics
Public Financial Management Software Market: Key Drivers
- The main function of public financial management software is to create a well-organized fund flow system as well as a payment cum accounting network.
- The public financial management software market provides several stakeholders with a real time, significant, and reliable management information system and an operational decision support system for the public
- The public financial management software helps to cut the paper works and it also tracks the unnecessary parking of funds by implementing pending payments and minimizing the delay.
- The public financial management software helps to manage enhanced cash management for government transparency in public outflow and real-time information on resource utilization and availability across schemes.
Impact of COVID-19 on the Global Public Financial Management Software Market
- Most companies are adopting the work from home module during the pandemic period. Companies are decreasing their investment in new technologies and services to manage their profitability. Most small businesses closed their business process 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 and public financial management operations. Thus, demand for financial management software is decreasing during the COVID-19 lockdown situation.
North America to Hold Major Share of the Global Public Financial Management Software Market
- In terms of region, the global network probe market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the global financial management 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 business operations.
- The financial management software market in Asia Pacific is projected to expand at a rapid pace during the forecast period attributed to increasing investment by major players in the region to expand their business operations and industrial consumer base in growing countries such as India, China, and Japan. This in turn is likely to increase demand for financial management software during the forecast period.
Key Players Operating in Public Financial Management Software Market
- Cleargov, Inc.
Cleargov, Inc. was incorporated in 2015 and has headquarters in Massachusetts, U.S. The company provides financial services. It uses data to make sense of municipal finance for public and taxpayer officials. The company serves customers in the United States.
- Central Square
Central Square is a company that develops administrative software It provides a public administration suite that delivers community development, municipal services, property tax, and citizen engagement capabilities.
Others key players operating in the global public financial management software market include Tyler Technologies, Incode Technology, Inc., Cogitate, Inc., Salesforce.com, Inc., Accela, Inc., Accounting Plus Financial Services, Inc., Pulse Software, Light 4, MagiQ Technologies, Inc., Harris Local Government, Questica, and WaveGRP.
Public Financial Management Software Market: Research Scope
Public Financial Management Software Market, by Product Type
- Web-based Software
- Mobile-based Software
Public Financial Management Software Market, by End-user
- Large Enterprises
- Small Business
Public Financial Management Software, 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.