Overview and Scope
Budgeting software refers to a digital tool designed to help individuals and businesses plan, track and manage their financial resources. It allows users to create budgets, set spending goals and monitor expenses, often providing visualizations and reports for better financial decision-making.
Sizing and Forecast
The budgeting software market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing adoption of cloud computing, rising complexity in financial management, regulatory compliance requirements, globalization of businesses, awareness and education.
The budgeting software market size is expected to see strong growth in the next few years. It will grow to $2.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to ai and automation integration, increased focus on data security, expansion of sme adoption, integration with erp systems, emphasis on real-time financial insights. Major trends in the forecast period include technology advancements, focus on cost efficiency, collaborative and remote work trends, integration with erp systems, collaborative budgeting.
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Segmentation & Regional Insights
The budgeting software market covered in this report is segmented –
1) By Type: Web Based Software, Mobile Based Software
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Medium Enterprises, Small Enterprises
North America was the largest region in the budgeting software market in 2023. The regions covered in the budgeting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising adoption of automation in financial processes is expected to propel the growth of the budgeting software market going forward. Financial processes encompass the systematic procedures and activities within an organization for managing and controlling its financial resources, including budgeting, accounting, reporting and analysis, to ensure financial stability and transparency. Budgeting software streamlines financial processes by automating budget creation, expense tracking and forecasting, enhancing accuracy and efficiency, while providing insightful financial insights for informed decision-making. For instance, in March 2023, according to Finance Leaders Survey 2023 of 700 finance executives in North America and Europe by Prophix, a Canada-based financial management platform provider, over 6 in 10 of finance leaders plan on having half of their duties automated by the end of 2023. Additionally, 27% of finance leaders are already automating half of their practices by the end of this year. Therefore, the rising adoption of automation in financial processes will drive the growth of the budgeting software market.
Key Industry Players
Major companies operating in the budgeting software market report are NetSuite Inc., SAP SE, Workday Inc., Wolters Kluwer N.V., Blackbaud Inc., Anaplan Inc., insightsoftware, Deltek Inc., Sage Intacct Inc., Prophix Software Inc., Planful Inc., Vena Solutions Inc., Datarails Ltd., Scoro Software Ltd., Questica Inc., Centage Corporation, Team Labs Inc., Mosaic Tech, Xlerant Inc., Multiview Corporation, CostPerform, Maxiplan Technology Limited, Project Insight Inc., Budgyt Inc., Riskturn Inc., IDU, Jirav Inc., Yooz Inc., PlanGuru LLC, OnPlan
The budgeting software market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
……….
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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