Budgeting Management Software Market Size, Share, Analysis, Trends, Growth Report, 2030

Budgeting Management Software Industry Prospective:

The global budgeting management software market size was evaluated at $7 billion in 2022 and is slated to hit $12 billion by the end of 2030 with a CAGR of nearly 13% between 2023 and 2030. 

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Budgeting Management Software Market: Overview

Budgeting management software is computer software assisting various businesses, individuals, and organizations in effectively managing finances. Reportedly, it assists in tracking income & expenditure, forecasting future budgeting requirements, and creating financial goals. Furthermore, it automates the accounting process as well as other services including billing, accounts payables, manual payment procedures, and account receivables. In addition to this, budgeting management software offers required data for a firm’s internal & external audits, yearly financial reviews, and financial analysis.          

Key Insights

• As per the analysis shared by our research analyst, the global budgeting management software market is projected to expand annually at the annual growth rate of around 13% over the forecast timespan (2023-2030)
• In terms of revenue, the global budgeting management software market size was evaluated at nearly $7 billion in 2022 and is expected to reach $12 billion by 2030.
• The global budgeting management software market is anticipated to grow rapidly over the forecast timeline owing to escalating demand for products along with the growing acceptance of cloud-based services along with the rise in automation.
• In terms of type, the cloud-based segment is slated to register the highest CAGR over the forecast period.
• Based on the application, the large enterprises segment is expected to dominate the segmental growth in the coming seven years.
• Region-wise, the European budgeting management software industry is projected to register the fastest CAGR during the forecast timespan.

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Budgeting Management Software Market: Growth Factors

Growing product penetration in the BFSI sector will steer the global market trends

Escalating demand for products along with growing acceptance of cloud-based services along with rise in automation will steer the expansion of the global budgeting management software industry. Additionally, growing highlights on enhancing & streamlining organizational procedures will steer the demand for building management software in the years ahead. A rise in the digitization of financial processes will steer the global market trends. Surging utilization of budgeting management software in the finance & banking sector will steer the growth of the global market. A massive highlight on the reduction of product costs will open new growth space for the market across the globe. Additionally, new product launches are predicted to contribute notably towards the growth of the market across the globe.

For instance, in September 2023, Euna Solutions™, a key provider of cloud-based solutions to the public sector, declared Budget Book Studio, a new feature in the Euna Budget. Such strategic moves will steer the expansion of the market across the globe.

Budgeting Management Software Market: Restraints

Lack of awareness about the use & benefits of the product to hinder the global industry surge by 2030

Low awareness about budgeting solutions and the huge cost of budgeting management software are the key factors restricting the expansion of the global budgeting management software industry. Restricted compatibility of budgeting management software with various operating systems along with their lesser integration with other software can be a big obstacle in the growth of the industry globally.

Budgeting Management Software Market: Opportunities

An increase in adoption of innovative technologies in the form of AI & deep learning will create new facets of growth for the global market

The rise in the acceptance of new technologies including machine learning and artificial intelligence will open new growth avenues for the global budgeting management software market. Moreover, budgeting management software can also be linked to a bank account and can also act as a digital checkbook & passbook and can demonstrate the balance of the account. Furthermore, it can also recommend ways of saving money to the end-users. The humongous need for real-time data analytics will embellish the expansion of the global market. All these aforementioned factors are likely to chart a profitable growth trajectory for the market across the globe.

Budgeting Management Software Market: Challenges

Less availability of raw materials with supply chain disturbances can create a huge challenge for the global industry surge over 2023-2030

Lack of supply of raw components and disruptions in the supply chain activities is predicted to put up a big challenge for the global budgeting management software industry. Huge costs of the licenses of the product along with poor scalability of budgeting management software solutions can halt the expansion of the global industry. A lower product acceptance rate owing to a lower user-friendly interface can obstruct product penetration across various end-use sectors.

Budgeting Management Software Market: Segmentation

The global budgeting management software market is sectored into the type, application, and region.                                         

In type terms, the budgeting management software market across the globe is divided into cloud-based and on-premises segments. Furthermore, the cloud-based segment, which amassed about 70% of the global market earnings in 2022, is expected to register the fastest CAGR in the upcoming years. The expansion of the segment during 2023-2030 can be subject to a rise in the use of budgeting management software of cloud-based type. Apart from this, these products are secure, cost-efficient, and reliable. In addition to this, cloud-based solutions help various businesses improve the operational efficiency of firms and respond effectively to the changing business dynamics across the globe.

Based on the application, the global budgeting management software industry is sectored into small & medium enterprises and large enterprises segments. Moreover, the large enterprises segment, which dominated the segmental growth in 2022, is anticipated to lead the segmental surge over the forecast timeline. The segmental expansion over the forecasting years can be subject to the large-scale use of budgeting management software in large enterprises.

Budgeting Management Software Market: Report Scope

Budgeting Management Software Market: Regional Insights

North America is expected to retain its global market domination over the forecast timeline

North America, which contributed nearly 55% of the global budgeting management software market revenue in 2022, is expected to be a dominating region in the upcoming years. Moreover, the regional market expansion over the period from 2023 to 2030 can be credited to rising demand for the product in various businesses in countries such as the U.S. Growing acceptance of cloud-based services in countries such as the U.S. and Canada will proliferate the growth of the market in the sub-continent.

The European budgeting management software industry is predicted to record the fastest CAGR in the coming seven years. The growth of the industry in the region over the forecast timeframe can be attributed to a rise in the use of digital services in the financial sector. Firms in countries such as the UK, Germany, and France are looking to reduce operating costs of budgeting processes and hence make use of cloud-based services. This, in turn, has scaled up the demand for budgeting management software in the region.    

Asia-Pacific budgeting management software market is slated to record a massive surge in the next seven years owing to the large-scale presence of key software producers, vendors, and suppliers in countries such as China, Japan, South Korea, Taiwan, and Singapore. Furthermore, emerging economies such as India are likely to be the key regional revenue growth drivers in the coming decade.

Key Developments

• In the second half of 2020, Oracle Corporation introduced Oracle Fusion Cloud Financials, a global financial tool. Such moves will augment the business growth of Oracle in the upcoming years.
• In the third quarter of 2020, SAP SE launched SAP S/4HANA Cloud, a cloud-based ERP solution. The initiative will boost the sale of budgeting management software across the globe.
• In the second half of 2020, Intuit introduced QuickBooks Online, cloud-based accounting services.

 Budgeting Management Software Market: Competitive Space

The global budgeting management software market profiles key players such as:

• TimeCamp
• BOARD
• Solver
• XL Reporting
• IBM Corporation
• SAP SE
• Contractpedia
• Deltek
• Float
• Riskturn
• Microsoft Corporation
• Clearview Software.

The global budgeting management software market is segmented as follows:

By Type

• Cloud-Based
• On-Premises

By Application

• Small & Medium Enterprises
• Large Enterprises

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa