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Budgeting Software Market Size, Share and Growth
Budgeting Software Market Size
As per the report, 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 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%.
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Automation Revolutionizes Financial Processes And Fuels Budgeting Software 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.
Innovative Budgeting Software Solutions Revolutionize Financial Decision-Making
Major companies in the budgeting software market are developing innovative products for enhanced user experience, streamlined automation and real-time data access to improve financial decision-making. Streamlined automation and real-time data access refer to the use of technology and software to automate processes and enable organizations to access and analyze data in real-time or near-real-time. For instance, in August 2023, Navan, a US-based expansion and corporate management company, launched Budgets, an innovative new budgeting tool for finance leaders that allows users to create, manage and track budgets directly within the platform, to monitor expenses and identify areas where cost savings can be made. With the new feature, the finance team can establish budgets and spending parameters directly in the dashboard, grant budget access to managers or budget owners and monitor expenditure gains in real time.
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
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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
Contents of the report:
1. Executive Summary
2. Budgeting Software Market Report Structure
3. Budgeting Software Market Trends And Strategies
4. Budgeting Software Market - Macro Economic Scenario
5. Budgeting Software Market Size And Growth
…..
27. Budgeting Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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