What is Budgeting Management Software Market?
Businesses use budgeting and forecasting software to plan the financial resources they need to support their future business. This type of software helps companies estimate future income and expenses across multiple departments or business units. Managers and executives use this type of software to create budgets and forecasts for each department. Accountants use budgeting and forecasting solutions to consolidate all departmental budgets and create an overall company budget that defines how resources are allocated to each department. With this type of software, accountants can also identify potential changes in income and expenses that may affect the company's profitability. While most accounting products offer basic budgeting features, companies choose budgeting and forecasting software when they need advanced features. This type of software requires financial and operational information from tools such as accounting software and ERP systems. Budgeting and forecasting software is integrated into the corporate performance management software for advanced financial performance analysis. In order to qualify for inclusion in the "Budgeting and Forecasting" category, a product must provide templates for different types of budgets, allow users to create different versions of a budget, maintain the budgeting history, and thereby make forecasts, revenue- and compare expenditure estimates with actual values. Consolidate budgets from multiple departments, use what-if scenarios to predict possible budget changes, and monitor the performance of budgeting processes.
The market study is being classified by Type (Cloud-based and On-premises), by Application (Small and Medium Enterprises (SMEs), Large Enterprises and Personal) and major geographies with country level break-up.
Board International (Switzerland), XLReporting (Netherlands), Contractpedia (Denmark), Float (United States), Riskturn (United States), Microsoft Corporation (United States), SAP (Germany), IBM Corporation (United States), TimeCamp (United States), Deltek (United States), Solver (United States) and Clearview Software (United States) are some of the key players profiled in the study.
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Budgeting Management Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Budgeting Management Software market by Type, Application and Region.
On the basis of geography, the market of Budgeting Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rise in Need for Advanced Financial Tools
- Rise In Need to Track and Manage Income
Market Trend
- Increase in Dependency on Internet
- Growth in Use of Mobile Applications
Restraints
Opportunities
- Increased Adoption of Personal Finance Software among Developing Economies
Challenges
- Availability of Open Source Solutions
Key Target Audience
Providers of Budgeting Management Software, Downstream Vendors, Private Research Institutes, Market Research Organizations and Others