Accounting Software Market Overview:
Market Research Future (MRFR) in its latest report projects that the global accounting software market will post a strong CAGR of 8.92% from 2018 to 2024 and surpass a valuation of USD 26,600 million by 2024. Growing demand for advanced, automated, and efficient accounting solutions coupled with increased adoption of cloud-based accounting software are some of the key factors driving the market growth.
Expansion of sectors such as manufacturing, retail, IT & telecom, and BFSI are directly linked with the global accounting software market growth. Furthermore, introduction of mobile/app-based accounting software and increased investment in adopting automated solutions is anticipated to boost market demand. Rising preference for these solutions in financial processing, recording, and reporting is reflecting favorably on Accounting Software Market.
Substantial rise in number of start-ups in fast-developing regions is likely to boost subscriber base of accounting software during the projection period. Nonetheless, factors such as susceptibility to data theft and high cost of accounting software are undermining the market potential to some extent.
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Major Key Players:
Intuit Inc., Sage, SAP, Oracle, Microsoft, Xero Limited, Kingdee Internation Software Group (HK) Ltd. Priority Software, FreshBooks, Assist Cornerstone, Epicor, Unit4, Tally Solutions Private Limited, yonyou (Hong Kong) co., Ltd., Infor, and Workday.
Intuit Inc., Sage, SAP, Oracle, Microsoft, and Xero Limited. are the top six companies in the global accounting software market. As a part of growth strategy, market players are adopting various approaches such as regional expansion and new product development. Many companies are also focusing on offering new production techniques and products with innovative technology.
The report covers the development strategies adopted by the companies between 2015 to 2018.
- Intuit recently launched a new QuickBooks ProAdvisor Program in the US, Canada, and Australia. This new program is built into QuickBooks Online Accountant to support global accounting trends.
- In October 2018, Oracle launched new core-to-edge cloud security technologies that help to secure customer data and combat sophisticated cyber threats with layers of defense.
- Xero Limited recently announced its first full-featured API for bank feeds that enables banks, financial technology companies and financial institutions of all sizes to give their small business customers faster access to financial data directly from the platform.
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On the basis of region, the market has been segmented into Europe, Asia Pacific (APAC), North America, South America, the Middle East, and Africa. Of these, North America commanded a 35.7% market share in 2018 and is likely to retain its top position over 2024. Technologically advanced countries such as the U.S. and Canada put North America at a desirable position in the global accounting software market.
These countries are also the early adopters of new-age accounting solutions. There is a massive subscriber-base for accounting software in North America, which is expected to grow further in the forthcoming years. In addition, growth of end-use sectors such as healthcare, information technology, e-commerce, retail, manufacturing among others is an important growth enabler of the market. Asia Pacific and Europe are the other two important market for accounting software. The number self-owned businesses and SMEs have grown tremendously in region, which boosting investor confidence in these regions.
- By Industry – BFSI, IT & Telecommunication, Manufacturing, Retail & E-commerce, Healthcare, and Others.
- By Deployment – On-premise and cloud-based.
- By Organization Size – SME and Large.
In terms of value, the manufacturing segment accounted for 33% market share in 2018 with a market valuation of USD 5,362.4 Mn.
During the forecast period, the segment is expected to exhibit a CAGR of 9.49%. Accounting software finds widespread application in the manufacturing industry. It is used to process back-end transactions and front-end documents. Moreover, it allows continuous financial monitoring as well as reduces accounting errors.
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In 2018, the on-premise segment accounted for 58.89% market share. The segment is expected to reach a market valuation in excess of USD 15,300 million by 2024 up from USD 9,038.2 million in 2017, reflecting a healthy growth rate.
Advantages such as increased customization & control of systems, ease of integration with third-party applications and independent operation capability continues to drive the adoption of on-premises accounting software.
Key questions addressed by the report:
- Which applications / segments provides the maximum growth opportunity?
- What are the emerging technologies and how it would disrupt the market?
- Who are the key players dominating the market, followed by other prominent vendors and strategies adopted by them?
- What was the market size and what would be the forecast in next few years?
- Regional and country attractiveness: mid to long term outlook?
- Market dynamics including trends, opportunities, drivers, challenges and how this would impact the market eco-system?
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