Vendors crowd CFO software market amid AI boom [Yahoo! Finance]
Wells Fargo & Company (WFC)
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Source: Yahoo! Finance
The amount of software products tailored for the office of the CFO has exploded in recent years as more and more tech vendors have come to regard finance teams burdened with growing responsibilities as a potentially valuable market, according to an analysis by venture capital firm Norwest Venture Partners. The evolution of the CFO software stack, accelerated by the rapid of rise of artificial intelligence, “mirrors the broader transformation of the CFO's role — from a meticulous keeper of books to a strategic architect,” Norwest's Sean Jacobsohn and Nikhil Goel said in a Tuesday blog post. “The global market for tailored financial solutions is flourishing — and getting more crowded by the day,” they wrote. The value of the global “office of the CFO software market” surpassed €50 billion in 2023 and is projected to exceed €100 billion by 2028, according to an estimate by global investment bank Houlihan Lokey. The fast-evolving market includes providers of core financial manage
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