Global Accounting Software Market
The GMI Research forecasts that the Accounting Software Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the growing tendency of SMEs to collaborate with e-commerce applications.
Introduction of the Accounting Software Market
The accounting software solution helps to simplify the accounting process, save time, and ensure an error-free transaction between the companies and clients. These systems increase productivity by archiving, automating, and integrating human resource systems.
Key Players of the Global Accounting Software Market:
- Oracle
- Epicor Software Corporation
- SAP
- Zeta Software
- Infor
- Acumatica, Inc.
- Microsoft
- Xero Limited
- Sage
- Intuit
Accounting Software Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The global accounting software market is primarily driven by the augmenting popularity of cloud-based software owing to its advantages such as disaster recovery and data backup and a high level of digital safety software with inbound and outbound encryption. In addition, the software tracks the record data functionally to enhance the operative effectiveness of the user or company. The increasing inclination of small and medium companies towards accounting solutions to enhance the efficiency and decrease the cost of the individual for manual accounts management and transactions is strengthening the market size. In accordance with the “European Commission,” SME’s, in 2018, accounted for approximately 99.8% of all enterprises. This reflects the massive usage of accounting software and is further stimulating market growth. The introduction of digital accounting into the profession led by the surging endorsement of accounting software is another factor responsible for the market growth. Buyers, to save time and money, prefer the software to manual accounting. However, the inflated cost and their execution will restrict the market growth.
Type Segment Drivers
Based on the type, the billing and invoice system is forecasted to hold a major share in the market owing to the aggravating use of cloud-based accounting software for billing and invoicing to reduce the processing time and improve the safety level.
End Users Segment Drivers
Based on the end-users, BFSI is predicted to hold the largest share in the near future. The growing consciousness is concerned with their benefits, such as basic invoicing and billing, assistance in managing clients, reconcile bank accounts, and generate insightful financial reports to facilitate the smooth flow of businesses. Moreover, the aggravating trend of reconciling accounting software with different online payment gateways to offer a safe payment mode is surging the growth.
Regional Drivers
Based on the regional coverage, Asia-Pacific is expanding at a faster growth rate. This is primarily attributed to the accelerating penetration of mobile accounting applications and the mounting acquisition of computing technologies and solutions. In addition, the rising focus of government to streamline the organizational payments, transactions, and generate a track of debt and assets, is further driving the market growth.
Accounting Software Market Segmentation:
Segmentation by Type
- Billing and Invoice Systems
- Payroll Management Systems
- Enterprise Resource Planning Systems
- Time and Expense Management Systems
Segmentation by Deployment
- On-Premises
- Cloud
Segmentation by End Users
- BFSI
- IT and Telecommunication
- & Public Sector
- Automotive
- Retail and Consumer Goods
- Oil & Gas
- Manufacturing
- Healthcare
- Construction and Real Estate
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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