Cloud-based Financial Management Software Market by Type (Web-based Software and Mobile-based Software), Application (Payroll Management Systems, Billing & Invoice Systems, Enterprise Resource Planning Systems, Revenue Management, Account Management, and Others), Enterprise (Small & Medium Enterprises and Large Enterprises), End-user (Corporate, Government, Investment Institutions, and Individuals), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global cloud-based financial management software market size was USD 2.56 Bn in 2022 and is likely to reach USD 12.68 Bn by 2031, expanding at a CAGR of 19.40% during 2023–2031. The market growth is attributed to the rising adoption of cloud-based solutions and the increasing demand for integrated financial management software.
Financial management software offers a wide range of features such as banking, insurance, investment, budgeting, forecasting, and cash flow management that are used to manage expenses, income, and assets in an organization. It involves strategic planning, evaluating, invoicing, billing, and controlling all financial activities, which allows users to manage all retail-related activities under one roof.
Financial management software is an essential tool for business as it helps in daily financial operations. This software utilizes all financial data as input and can be implemented for various tasks including bank records management, financial transactions, budget management, and investment tracking.
This software is beneficial for both individuals and corporations as it helps to track expenses, budgets, and revenue. It maximizes profits and ensures long-term enterprise sustainability. It optimizes cash flow by reducing accounting errors.
The COVID-19 pandemic positively impacted on the cloud-based financial management software market, due to the rising popularity of mobile banking. Many banks and FinTech industries introduced several banking strategies during the pandemic to ease the flow of transactions. However, online and mobile payment activities increased among consumers and end-users, which boosted the market growth.
Cloud-Based Financial Management Software Market Dynamics
Major Drivers
Growing usage of cloud-based services is a major factor driving the market growth in the coming years. The demand for cloud-based solutions increases, due to the increasing requirement for timely and efficient management of work. Cloud computing technology offers scalability and flexibility. Furthermore, the rising trend of digital transformation across various industries boosts the market growth.
Rising adoption of banking and insurance systems in developing countries is another major factor driving the growth of the market. Cloud-based financial management software offers several benefits for banks such as increased security and faster processing speeds. However, the rapid expansion of several small & medium-sized businesses, commercial banks, and insurance companies demands for financial management software, due to the growing requirement for operational efficiency & transparency in business processes.
Existing Restraints
Higher investment and maintenance costs associated with cloud-based software hinder the market growth during the projected period. Moreover, a lack of awareness among consumers regarding financial management software and the wide availability of free and open sources may restrain the growth of the market at a certain limit.
Emerging Opportunities
Increasing technological advancement and the emergence of several payment-related apps create an immense growth opportunity in the market. Rising internet penetration activities and the rapid expansion of corporate banks encouraged prominent players to launch an innovative financial management solution to streamline the payment process.
Scope of Cloud-Based Financial Management Software Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Cloud-based Financial Management Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2020–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Type (Web-based Software and Mobile-based Software), Application (Payroll Management Systems, Billing & Invoice Systems, Enterprise Resource Planning Systems, Revenue Management, Account Management, and Others), Enterprise (Small & Medium Enterprises and Large Enterprises), End-user (Corporate, Government, Investment Institutions, and Individuals) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
SAP; IBM; Microsoft; Oracle; Tyler Technologies; Intuit Inc.; Infor; SAS Institute Inc.; Sage Group plc; FinancialForce.com; SYSPRO; NetSuite Inc.; CountAbout®; Moneyspire Inc.; YNAB; Epicor Software Corporation; FreshBooks; OneStream; and Wave Financial Inc. |
Cloud-Based Financial Management Software Market Segment Insights
On the basis of type, the cloud-based financial management software market is bifurcated into web-based software and mobile-based software. The mobile-based software segment is projected to register a considerable CAGR in the coming years, owing to the rising usage of mobile banking. It allows users to access the company’s financial data from remote locations.
The ease of use and faster operation of this software encouraged consumers to use mobile-based software. Growing adoption of smart devices is anticipated to boost the segment growth. However, the web-based segment is expected to grow at a rapid pace as it offers easier access to data and improved security.
Based on application, the market is segmented into payroll management systems, billing & invoice systems, enterprise resource planning systems, revenue management, account management, and others. The account management segment is estimated to expand at a sustainable growth rate during the projected period, due to its ability to track transaction activities. The segment growth is further attributed to the growing requirement for maintaining accurate investment records and reporting on investment gains and losses.
The revenue management segment is expected to expand at a rapid pace in the coming years, owing to the rising demand from large enterprises. Revenue management software enables to adjust the prices across various distribution channels. It helps to maximize revenue and profitability. Increasing need to calculate the profit and losses boosting the segment growth.
On the basis of enterprise, the cloud-based financial management software market is divided into small & medium enterprises and large enterprises. The small & medium enterprises segment holds a large market share, due to the rapid expansion of small-scale businesses in developing countries. Financial management software helps in managing the money flowing in and out of business. Rising demand for automated billing features from small-scale businesses accelerates the market growth in the coming years.
Based on end-user, the market is fragmented into corporate, government, investment institutions, and individuals. The corporate segment is anticipated to account for a key share of the market during the projection period. Expansion of commercial banks and insurance companies across the globe fuels the market at a rapid pace. The segment growth is further attributed to the increasing security concerns and the need for disaster recovery from the corporate sector.
In terms of region, the global cloud-based financial management software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, due to the rising demand for financial advisors to reduce unnecessary taxes.
Financial management gaining traction in developed countries such as US and Canada, owing to the rising disposable income, which creates potential growth opportunities for the market in the region. Furthermore, growing internet penetration activities and the existing access to several insurance policies have increased the usage of financial management software, which accelerates the regional market growth.
The market of Asia Pacific is expected to register a robust growth rate during the projection period. Increasing government initiatives towards digitization encouraged consumers to adopt digitalized financial services. Moreover, rising demand from small and mid-sized businesses in developing countries fuels the market growth.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Cloud-based Financial Management Software Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Cloud-based Financial Management Software Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Cloud-based Financial Management Software Market - Supply Chain
4.5. Global Cloud-based Financial Management Software Market Forecast
4.5.1. Cloud-based Financial Management Software Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Cloud-based Financial Management Software Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Cloud-based Financial Management Software Market Absolute $ Opportunity
5. Global Cloud-based Financial Management Software Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Cloud-based Financial Management Software Market Size and Volume Forecast by Types
5.3.1. Web-based Software
5.3.2. Mobile-based Software
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Cloud-based Financial Management Software Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Cloud-based Financial Management Software Market Size and Volume Forecast by Applications
6.3.1. Payroll Management Systems
6.3.2. Billing & Invoice Systems
6.3.3. Enterprise Resource Planning Systems
6.3.4. Revenue Management
6.3.5. Account Management
6.3.6. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Cloud-based Financial Management Software Market Analysis and Forecast by End Users
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by End Users
7.2.2. Y-o-Y Growth Projections by End Users
7.3. Cloud-based Financial Management Software Market Size and Volume Forecast by End Users
7.3.1. Corporate
7.3.2. Government
7.3.3. Investment Institutions
7.3.4. Individuals
7.4. Absolute $ Opportunity Assessment by End Users
7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Cloud-based Financial Management Software Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Cloud-based Financial Management Software Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Cloud-based Financial Management Software Demand Share Forecast, 2019-2026
9. North America Cloud-based Financial Management Software Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Cloud-based Financial Management Software Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Cloud-based Financial Management Software Market Size and Volume Forecast by Types
9.4.1. Web-based Software
9.4.2. Mobile-based Software
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. North America Cloud-based Financial Management Software Market Size and Volume Forecast by Applications
9.7.1. Payroll Management Systems
9.7.2. Billing & Invoice Systems
9.7.3. Enterprise Resource Planning Systems
9.7.4. Revenue Management
9.7.5. Account Management
9.7.6. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. North America Cloud-based Financial Management Software Market Size and Volume Forecast by End Users
9.10.1. Corporate
9.10.2. Government
9.10.3. Investment Institutions
9.10.4. Individuals
9.11. Basis Point Share (BPS) Analysis by End Users
9.12. Y-o-Y Growth Projections by End Users
9.13. Market Attractiveness/Growth Potential Analysis
9.13.1. By Country
9.13.2. By Product Type
9.13.3. By Application
9.14. North America Cloud-based Financial Management Software Demand Share Forecast, 2019-2026
10. Latin America Cloud-based Financial Management Software Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Cloud-based Financial Management Software Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Cloud-based Financial Management Software Market Size and Volume Forecast by Types
10.4.1. Web-based Software
10.4.2. Mobile-based Software
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Latin America Cloud-based Financial Management Software Market Size and Volume Forecast by Applications
10.7.1. Payroll Management Systems
10.7.2. Billing & Invoice Systems
10.7.3. Enterprise Resource Planning Systems
10.7.4. Revenue Management
10.7.5. Account Management
10.7.6. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Latin America Cloud-based Financial Management Software Market Size and Volume Forecast by End Users
10.10.1. Corporate
10.10.2. Government
10.10.3. Investment Institutions
10.10.4. Individuals
10.11. Basis Point Share (BPS) Analysis by End Users
10.12. Y-o-Y Growth Projections by End Users
10.13. Market Attractiveness/Growth Potential Analysis
10.13.1. By Country
10.13.2. By Product Type
10.13.3. By Application
10.14. Latin America Cloud-based Financial Management Software Demand Share Forecast, 2019-2026
11. Europe Cloud-based Financial Management Software Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Cloud-based Financial Management Software Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Cloud-based Financial Management Software Market Size and Volume Forecast by Types
11.4.1. Web-based Software
11.4.2. Mobile-based Software
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Europe Cloud-based Financial Management Software Market Size and Volume Forecast by Applications
11.7.1. Payroll Management Systems
11.7.2. Billing & Invoice Systems
11.7.3. Enterprise Resource Planning Systems
11.7.4. Revenue Management
11.7.5. Account Management
11.7.6. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Europe Cloud-based Financial Management Software Market Size and Volume Forecast by End Users
11.10.1. Corporate
11.10.2. Government
11.10.3. Investment Institutions
11.10.4. Individuals
11.11. Basis Point Share (BPS) Analysis by End Users
11.12. Y-o-Y Growth Projections by End Users
11.13. Market Attractiveness/Growth Potential Analysis
11.13.1. By Country
11.13.2. By Product Type
11.13.3. By Application
11.14. Europe Cloud-based Financial Management Software Demand Share Forecast, 2019-2026
12. Asia Pacific Cloud-based Financial Management Software Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Cloud-based Financial Management Software Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Cloud-based Financial Management Software Market Size and Volume Forecast by Types
12.4.1. Web-based Software
12.4.2. Mobile-based Software
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Asia Pacific Cloud-based Financial Management Software Market Size and Volume Forecast by Applications
12.7.1. Payroll Management Systems
12.7.2. Billing & Invoice Systems
12.7.3. Enterprise Resource Planning Systems
12.7.4. Revenue Management
12.7.5. Account Management
12.7.6. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Asia Pacific Cloud-based Financial Management Software Market Size and Volume Forecast by End Users
12.10.1. Corporate
12.10.2. Government
12.10.3. Investment Institutions
12.10.4. Individuals
12.11. Basis Point Share (BPS) Analysis by End Users
12.12. Y-o-Y Growth Projections by End Users
12.13. Market Attractiveness/Growth Potential Analysis
12.13.1. By Country
12.13.2. By Product Type
12.13.3. By Application
12.14. Asia Pacific Cloud-based Financial Management Software Demand Share Forecast, 2019-2026
13. Middle East & Africa Cloud-based Financial Management Software Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Middle East & Africa Average Pricing Analysis
13.2. Middle East & Africa Cloud-based Financial Management Software Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Cloud-based Financial Management Software Market Size and Volume Forecast by Types
13.4.1. Web-based Software
13.4.2. Mobile-based Software
13.5. Basis Point Share (BPS) Analysis by Types
13.6. Y-o-Y Growth Projections by Types
13.7. Middle East & Africa Cloud-based Financial Management Software Market Size and Volume Forecast by Applications
13.7.1. Payroll Management Systems
13.7.2. Billing & Invoice Systems
13.7.3. Enterprise Resource Planning Systems
13.7.4. Revenue Management
13.7.5. Account Management
13.7.6. Others
13.8. Basis Point Share (BPS) Analysis by Applications
13.9. Y-o-Y Growth Projections by Applications
13.10. Middle East & Africa Cloud-based Financial Management Software Market Size and Volume Forecast by End Users
13.10.1. Corporate
13.10.2. Government
13.10.3. Investment Institutions
13.10.4. Individuals
13.11. Basis Point Share (BPS) Analysis by End Users
13.12. Y-o-Y Growth Projections by End Users
13.13. Market Attractiveness/Growth Potential Analysis
13.13.1. By Country
13.13.2. By Product Type
13.13.3. By Application
13.14. Middle East & Africa Cloud-based Financial Management Software Demand Share Forecast, 2019-2026
14. Competition Landscape
14.1. Global Cloud-based Financial Management Software Market: Market Share Analysis
14.2. Cloud-based Financial Management Software Distributors and Customers
14.3. Cloud-based Financial Management Software Market: Competitive Dashboard
14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
14.4.1. SAP
14.4.2. IBM
14.4.3. Microsoft
14.4.4. Oracle
14.4.5. Tyler Technologies
14.4.6. Intuit Inc.
14.4.7. Infor
14.4.8. SAS Institute Inc.
14.4.9. Sage Group plc
14.4.10. FinancialForce.com
14.4.11. SYSPRO
14.4.12. NetSuite Inc.
14.4.13. CountAbout®
14.4.14. Moneyspire Inc.
14.4.15. YNAB
14.4.16. Epicor Software Corporation
14.4.17. FreshBooks
14.4.18. OneStream
14.4.19. Wave Financial Inc.