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Global Financial Close Software Market Research Report 2024
Synopsis
Financial close software, also called accounting close software, provides tools to help businesses complete the financial close cycle. The financial close cycle is the process of verifying and adjusting account balances at the end of an accounting period (often the end of the month, quarter, or year) to produce financial reports that represent the company’s true financial position as of a certain date. These reports inform stakeholders such as management, investors, creditors, and regulatory agencies. Financial close software automates and streamlines some of the tasks involved in the financial close process, such as account reconciliations, journal entries, intercompany transactions, consolidation, reporting, and disclosure.
The global Financial Close Software market was valued at US$ 696 million in 2023 and is anticipated to reach US$ 1373.8 million by 2030, witnessing a CAGR of 10.1% during the forecast period 2024-2030.
The industry trend of financial close software is driven by the increasing demand for automation, standardization, collaboration, transparency, and compliance in the financial close process. The global pandemic that emerged in 2020 and the remote work model that ensued also exposed the weaknesses of the financial close process for organizations that relied on spreadsheets or fragmented legacy solutions. As a result, many organizations have initiated or accelerated their digital transformation initiatives to adopt cloud-based financial close software solutions that can provide more efficiency, accuracy, agility, and security in the financial close process . Some of the key features and capabilities that are expected to shape the future of financial close software are:
Artificial intelligence (AI) and machine learning (ML): AI and ML can enhance the automation and intelligence of financial close software by providing data extraction, validation, reconciliation, classification, anomaly detection, risk assessment, recommendation engine, natural language processing (NLP), natural language generation (NLG), and predictive analytics .
Composable applications: Composable applications are modular applications that can be assembled or reassembled based on changing business needs. Composable applications can enable more flexibility and scalability for financial close software by allowing users to select and integrate the best-of-breed components or services that suit their specific requirements .
Extended planning and analysis (xP&A): xP&A is an approach that integrates financial planning and analysis (FP&A) with operational planning and analysis across various business functions and domains. xP&A can enable more alignment and collaboration between finance and other business units by providing a unified platform for data integration, planning, budgeting, forecasting, reporting, analysis, and decision making .
This report aims to provide a comprehensive presentation of the global market for Financial Close Software, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Financial Close Software.
Report Scope
The Financial Close Software market size, estimations, and forecasts are provided in terms of revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Financial Close Software market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Financial Close Software companies, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
BlackLine
IBM Cognos Controller
FloQast
Prophix
Tagetik
Vena
Oracle
Host Analytics
Kaufman
Equity Edge
Longview
Trintech
ReconArt
OneStream
Segment by Type
Cloud Based
Web Based
Segment by Application
Large Enterprises
SMEs
By Region
North America
United States
Canada
Europe
Germany
France
UK
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Introduces executive summary of global market size, regional market size, this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Financial Close Software companies’ competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6, 7, 8, 9, 10: North America, Europe, Asia Pacific, Latin America, Middle East and Africa segment by country. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.
Chapter 11: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 12: The main points and conclusions of the report.
Financial close software, also called accounting close software, provides tools to help businesses complete the financial close cycle. The financial close cycle is the process of verifying and adjusting account balances at the end of an accounting period (often the end of the month, quarter, or year) to produce financial reports that represent the company’s true financial position as of a certain date. These reports inform stakeholders such as management, investors, creditors, and regulatory agencies. Financial close software automates and streamlines some of the tasks involved in the financial close process, such as account reconciliations, journal entries, intercompany transactions, consolidation, reporting, and disclosure.
The global Financial Close Software market was valued at US$ 696 million in 2023 and is anticipated to reach US$ 1373.8 million by 2030, witnessing a CAGR of 10.1% during the forecast period 2024-2030.
The industry trend of financial close software is driven by the increasing demand for automation, standardization, collaboration, transparency, and compliance in the financial close process. The global pandemic that emerged in 2020 and the remote work model that ensued also exposed the weaknesses of the financial close process for organizations that relied on spreadsheets or fragmented legacy solutions. As a result, many organizations have initiated or accelerated their digital transformation initiatives to adopt cloud-based financial close software solutions that can provide more efficiency, accuracy, agility, and security in the financial close process . Some of the key features and capabilities that are expected to shape the future of financial close software are:
Artificial intelligence (AI) and machine learning (ML): AI and ML can enhance the automation and intelligence of financial close software by providing data extraction, validation, reconciliation, classification, anomaly detection, risk assessment, recommendation engine, natural language processing (NLP), natural language generation (NLG), and predictive analytics .
Composable applications: Composable applications are modular applications that can be assembled or reassembled based on changing business needs. Composable applications can enable more flexibility and scalability for financial close software by allowing users to select and integrate the best-of-breed components or services that suit their specific requirements .
Extended planning and analysis (xP&A): xP&A is an approach that integrates financial planning and analysis (FP&A) with operational planning and analysis across various business functions and domains. xP&A can enable more alignment and collaboration between finance and other business units by providing a unified platform for data integration, planning, budgeting, forecasting, reporting, analysis, and decision making .
This report aims to provide a comprehensive presentation of the global market for Financial Close Software, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Financial Close Software.
Report Scope
The Financial Close Software market size, estimations, and forecasts are provided in terms of revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Financial Close Software market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Financial Close Software companies, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
BlackLine
IBM Cognos Controller
FloQast
Prophix
Tagetik
Vena
Oracle
Host Analytics
Kaufman
Equity Edge
Longview
Trintech
ReconArt
OneStream
Segment by Type
Cloud Based
Web Based
Segment by Application
Large Enterprises
SMEs
By Region
North America
United States
Canada
Europe
Germany
France
UK
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Introduces executive summary of global market size, regional market size, this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Financial Close Software companies’ competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6, 7, 8, 9, 10: North America, Europe, Asia Pacific, Latin America, Middle East and Africa segment by country. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.
Chapter 11: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 12: The main points and conclusions of the report.
Index1 Report Overview
1.1 Study Scope
1.2 Market Analysis by Type
1.2.1 Global Financial Close Software Market Size Growth Rate by Type: 2019 VS 2023 VS 2030
1.2.2 Cloud Based
1.2.3 Web Based
1.3 Market by Application
1.3.1 Global Financial Close Software Market Growth by Application: 2019 VS 2023 VS 2030
1.3.2 Large Enterprises
1.3.3 SMEs
1.4 Study Objectives
1.5 Years Considered
1.6 Years Considered
2 Global Growth Trends
2.1 Global Financial Close Software Market Perspective (2019-2030)
2.2 Financial Close Software Growth Trends by Region
2.2.1 Global Financial Close Software Market Size by Region: 2019 VS 2023 VS 2030
2.2.2 Financial Close Software Historic Market Size by Region (2019-2024)
2.2.3 Financial Close Software Forecasted Market Size by Region (2025-2030)
2.3 Financial Close Software Market Dynamics
2.3.1 Financial Close Software Industry Trends
2.3.2 Financial Close Software Market Drivers
2.3.3 Financial Close Software Market Challenges
2.3.4 Financial Close Software Market Restraints
3 Competition Landscape by Key Players
3.1 Global Top Financial Close Software Players by Revenue
3.1.1 Global Top Financial Close Software Players by Revenue (2019-2024)
3.1.2 Global Financial Close Software Revenue Market Share by Players (2019-2024)
3.2 Global Financial Close Software Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.3 Players Covered: Ranking by Financial Close Software Revenue
3.4 Global Financial Close Software Market Concentration Ratio
3.4.1 Global Financial Close Software Market Concentration Ratio (CR5 and HHI)
3.4.2 Global Top 10 and Top 5 Companies by Financial Close Software Revenue in 2023
3.5 Financial Close Software Key Players Head office and Area Served
3.6 Key Players Financial Close Software Product Solution and Service
3.7 Date of Enter into Financial Close Software Market
3.8 Mergers & Acquisitions, Expansion Plans
4 Financial Close Software Breakdown Data by Type
4.1 Global Financial Close Software Historic Market Size by Type (2019-2024)
4.2 Global Financial Close Software Forecasted Market Size by Type (2025-2030)
5 Financial Close Software Breakdown Data by Application
5.1 Global Financial Close Software Historic Market Size by Application (2019-2024)
5.2 Global Financial Close Software Forecasted Market Size by Application (2025-2030)
6 North America
6.1 North America Financial Close Software Market Size (2019-2030)
6.2 North America Financial Close Software Market Growth Rate by Country: 2019 VS 2023 VS 2030
6.3 North America Financial Close Software Market Size by Country (2019-2024)
6.4 North America Financial Close Software Market Size by Country (2025-2030)
6.5 United States
6.6 Canada
7 Europe
7.1 Europe Financial Close Software Market Size (2019-2030)
7.2 Europe Financial Close Software Market Growth Rate by Country: 2019 VS 2023 VS 2030
7.3 Europe Financial Close Software Market Size by Country (2019-2024)
7.4 Europe Financial Close Software Market Size by Country (2025-2030)
7.5 Germany
7.6 France
7.7 U.K.
7.8 Italy
7.9 Russia
7.10 Nordic Countries
8 Asia-Pacific
8.1 Asia-Pacific Financial Close Software Market Size (2019-2030)
8.2 Asia-Pacific Financial Close Software Market Growth Rate by Region: 2019 VS 2023 VS 2030
8.3 Asia-Pacific Financial Close Software Market Size by Region (2019-2024)
8.4 Asia-Pacific Financial Close Software Market Size by Region (2025-2030)
8.5 China
8.6 Japan
8.7 South Korea
8.8 Southeast Asia
8.9 India
8.10 Australia
9 Latin America
9.1 Latin America Financial Close Software Market Size (2019-2030)
9.2 Latin America Financial Close Software Market Growth Rate by Country: 2019 VS 2023 VS 2030
9.3 Latin America Financial Close Software Market Size by Country (2019-2024)
9.4 Latin America Financial Close Software Market Size by Country (2025-2030)
9.5 Mexico
9.6 Brazil
10 Middle East & Africa
10.1 Middle East & Africa Financial Close Software Market Size (2019-2030)
10.2 Middle East & Africa Financial Close Software Market Growth Rate by Country: 2019 VS 2023 VS 2030
10.3 Middle East & Africa Financial Close Software Market Size by Country (2019-2024)
10.4 Middle East & Africa Financial Close Software Market Size by Country (2025-2030)
10.5 Turkey
10.6 Saudi Arabia
10.7 UAE
11 Key Players Profiles
11.1 BlackLine
11.1.1 BlackLine Company Detail
11.1.2 BlackLine Business Overview
11.1.3 BlackLine Financial Close Software Introduction
11.1.4 BlackLine Revenue in Financial Close Software Business (2019-2024)
11.1.5 BlackLine Recent Development
11.2 IBM Cognos Controller
11.2.1 IBM Cognos Controller Company Detail
11.2.2 IBM Cognos Controller Business Overview
11.2.3 IBM Cognos Controller Financial Close Software Introduction
11.2.4 IBM Cognos Controller Revenue in Financial Close Software Business (2019-2024)
11.2.5 IBM Cognos Controller Recent Development
11.3 FloQast
11.3.1 FloQast Company Detail
11.3.2 FloQast Business Overview
11.3.3 FloQast Financial Close Software Introduction
11.3.4 FloQast Revenue in Financial Close Software Business (2019-2024)
11.3.5 FloQast Recent Development
11.4 Prophix
11.4.1 Prophix Company Detail
11.4.2 Prophix Business Overview
11.4.3 Prophix Financial Close Software Introduction
11.4.4 Prophix Revenue in Financial Close Software Business (2019-2024)
11.4.5 Prophix Recent Development
11.5 Tagetik
11.5.1 Tagetik Company Detail
11.5.2 Tagetik Business Overview
11.5.3 Tagetik Financial Close Software Introduction
11.5.4 Tagetik Revenue in Financial Close Software Business (2019-2024)
11.5.5 Tagetik Recent Development
11.6 Vena
11.6.1 Vena Company Detail
11.6.2 Vena Business Overview
11.6.3 Vena Financial Close Software Introduction
11.6.4 Vena Revenue in Financial Close Software Business (2019-2024)
11.6.5 Vena Recent Development
11.7 Oracle
11.7.1 Oracle Company Detail
11.7.2 Oracle Business Overview
11.7.3 Oracle Financial Close Software Introduction
11.7.4 Oracle Revenue in Financial Close Software Business (2019-2024)
11.7.5 Oracle Recent Development
11.8 Host Analytics
11.8.1 Host Analytics Company Detail
11.8.2 Host Analytics Business Overview
11.8.3 Host Analytics Financial Close Software Introduction
11.8.4 Host Analytics Revenue in Financial Close Software Business (2019-2024)
11.8.5 Host Analytics Recent Development
11.9 Kaufman
11.9.1 Kaufman Company Detail
11.9.2 Kaufman Business Overview
11.9.3 Kaufman Financial Close Software Introduction
11.9.4 Kaufman Revenue in Financial Close Software Business (2019-2024)
11.9.5 Kaufman Recent Development
11.10 Equity Edge
11.10.1 Equity Edge Company Detail
11.10.2 Equity Edge Business Overview
11.10.3 Equity Edge Financial Close Software Introduction
11.10.4 Equity Edge Revenue in Financial Close Software Business (2019-2024)
11.10.5 Equity Edge Recent Development
11.11 Longview
11.11.1 Longview Company Detail
11.11.2 Longview Business Overview
11.11.3 Longview Financial Close Software Introduction
11.11.4 Longview Revenue in Financial Close Software Business (2019-2024)
11.11.5 Longview Recent Development
11.12 Trintech
11.12.1 Trintech Company Detail
11.12.2 Trintech Business Overview
11.12.3 Trintech Financial Close Software Introduction
11.12.4 Trintech Revenue in Financial Close Software Business (2019-2024)
11.12.5 Trintech Recent Development
11.13 ReconArt
11.13.1 ReconArt Company Detail
11.13.2 ReconArt Business Overview
11.13.3 ReconArt Financial Close Software Introduction
11.13.4 ReconArt Revenue in Financial Close Software Business (2019-2024)
11.13.5 ReconArt Recent Development
11.14 OneStream
11.14.1 OneStream Company Detail
11.14.2 OneStream Business Overview
11.14.3 OneStream Financial Close Software Introduction
11.14.4 OneStream Revenue in Financial Close Software Business (2019-2024)
11.14.5 OneStream Recent Development
12 Analyst's Viewpoints/Conclusions
13 Appendix
13.1 Research Methodology
13.1.1 Methodology/Research Approach
13.1.2 Data Source
13.2 Disclaimer
13.3 Author Details
Published By : QY Research
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