Funeral Home Software Market Dynamics - 2021 to 2031
The funeral home software market size is projected to reach US$ 1051.72 million by 2031 from US$ 473.82 million in 2023. The market is expected to register a CAGR of 10.5% in 2023–2031. The growth in digitalization and benefits offered by funeral home software are likely to remain key funeral home software market trends.
Funeral Home Software Market Analysis
The rise in number of deaths leads to the market growth. Digitalization in business operations worldwide has gained traction, which has further led to the adoption of funeral home software solutions. The benefits offered by funeral home software, such as easy management of documents, improved customer service, automated accounting, and others, foster its demand among funeral homes for faster and more efficient operations. Funeral home operators and managers can arrange funerals and interact with clients using funeral home software. Funeral home operators can use software solutions to handle scheduling, resources, and personalized services. Frequently, the program offers a portal where clients can submit service requests and share information on the deceased.
Funeral Home Software Market Overview
Funeral home software assists funeral homes, mortuaries, and crematoria in managing and handling all aspects of day-to-day operations. It automates accounting, inventory, and document management. Funeral home software provides complete control over back-office tasks. Front-office features allow you to manage funeral services, share and sign documentation, and share merchandise and memorials on the website or social media.
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Funeral Home Software Market: Strategic Insights
Market Size Value in US$ 315.01 Million in 2020 Market Size Value by US$ 818.55 Million by 2027 Growth rate CAGR of 14.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Funeral Home Software Market: Strategic Insights
| Market Size Value in | US$ 315.01 Million in 2020 |
| Market Size Value by | US$ 818.55 Million by 2027 |
| Growth rate | CAGR of 14.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Funeral Home Software Market Drivers and Opportunities
Digitalization to Favor Market
There is a rise in digitalization worldwide. Digitalization to transform the business model, operations, and customer experience. Thus, digitalization in the funeral industry helps to automate the funeral process. Digitalization of funeral homes brings efficiency in the entire funeral home management. With the help of software, customers can digitally sign required paperwork without having to be physically present. Funeral home software helps funeral home service providers organize intake, delivery times, service schedules, and invitations. This facilitates a positive experience for their customers during a difficult time. Documents, such as memorial certificates or death certificates, can be imported and stored digitally. These platforms offer resources for archiving data about funeral arrangements and the departed. With the help of funeral home software, the funeral home operator can assist users in making plans for upcoming services and building a record of past services. Many have the means to buy flowers, pictures, and other personalized elements for services. A few also come with tools for checking in on funeral registers. Reports can be created by several funeral software programs and submitted to database management or accounting software.
Rise in deaths worldwide – An Opportunity in the Funeral Home Software Market
With the changing lifestyle and eating habits, there is a rise in cardiovascular disease (CVD) worldwide. Factors such as air pollution, high blood pressure, tobacco use, and elevated cholesterol are some of the factors leading to the rising number of deaths. For instance, according to the World Heart Federation (WHF), deaths from CVD jumped globally from 12.1 million in 1990 to 20.5 million in 2021. The World Heart Report was launched at the 2023 World Heart Summit. Thus, the rise in deaths due to specific reasons led to increased operations in the funeral home. The adoption of funeral home software will help funeral home service providers to efficiently manage funeral operations. Thus, the rise in deaths acts as an opportunity for market growth as it will encourage the funeral home service provider to adopt solutions to effectively manage the process and documentation.
Funeral Home Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the funeral home software market analysis are product type and application.
- Based on component, the market is bifurcated into software and services. The software segment held a larger market share in 2023.
- By deployment, the market is segmented into cloud and on-premise. The on-premise segment held the largest share of the market in 2023.
- By enterprise size, the market is segmented into SMEs and large enterprise. The large enterprise segment held the largest share of the market in 2023.
Funeral Home Software Market Share Analysis by Geography
The geographic scope of the funeral home software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest funeral home software market share. The US, Canada, and Mexico are among the key countries in North America. The region is an early adopter of technologically advanced solutions, which is one of the key factors driving the market growth. The region homes funeral home software market players, which include Aldor Solutions, FuneralTech, Lytesoft, and many others, foster the region's market share.
Funeral Home Software Market Report Scope
Funeral Home Software Market News and Recent Developments
The funeral home software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In March 2022, CTV Software Pty Ltd. announced Funeral Buddy 6.0 with new features. Its new features for branches, family access, and other improvements improve the overall funeral home management. With the additional feature, the family gets login credentials and has quick access to the transfer documents. (Source: CTV Software Pty Ltd., Press Release, 2022)
- In March 2023, Strategic Funeral Resources (SFR) introduced four reasonably priced social media advertising programs to help funeral providers increase consumer engagement and boost profitability. Each program is available in one of two (standard and preferred) packages, and many offer exceptional customization features. The packages integrate its proprietary Automated Virtual Arranger (AVA) artificial intelligence software. By digitizing the funeral home owner or a staff member, the AVA process takes the best types of human interactions – engaging, warm, emotional connections – and combines them with revolutionary AI technology to create a lifelike content-viewing experience for a firm’s target audience. (Source: National Funeral Directors Association, Press Release, 2023)
Funeral Home Software Market Report Coverage and Deliverables
The “Funeral Home Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment Type and Organization Size and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global funeral home software market was estimated to be US$ 473.82 million in 2023 and is expected to grow at a CAGR of 10.5% during the period 2023 – 2031.
The rising deaths and digitalization in the funeral industry are the major factors that propel the global funeral home software market.
The adoption of advanced technology, such as machine learning (ML) and artificial intelligence (AI), is anticipated to play a significant role in the global funeral home software market in the coming years.
The key players holding majority shares in the global funeral home software market are Aldor Solutions, Tribute Technology, CTV Software Pty Ltd, FuneralTech, and Osiris Software.
The incremental growth expected to be recorded for the global funeral home software market during the forecast period is US$ 577.90 million.
The global funeral home software market is expected to reach US$ 1051.72 million by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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