Over the past two decades, the financial and accounting software solution market has witnessed numerous changes. One of the biggest changes is the cloud-based offering of accounting software solutions. A recent survey indicates that among the enterprises planning to opt for enterprise resource planning solutions, more than 50% of them are expected to choose cloud as their deployment mode. Agility, lower startup cost, and faster deployment are the major benefits of cloud-based solutions. Additionally, the advent of digital commerce and technological advancements, like integration with other online applications, such as automated bank feeds, automated billing features, etc., are expected drive the accounting software market over the forecast period.
Increased Efficiency using Accounting Software to Drive the Market’s Growth
Accounting software increases efficiency, as it is used to keep track of accounting transactions, or to manage the money flowing in and out of business. It has emerged as a better solution for managing the accounts of a business, as it can easily manage account payables, account receivables, business payroll, general ledger, and other business modules. Moreover, features that ensure accurate financials of the company, such as time-saving, cost-effective operation and higher overall productivity, are expected to drive the demand. In addition, these factors make this software more deployable for small businesses.
Cloud Installation Poised to Witness the Highest Growth
Cloud accounting services, both online accessible and via software, are becoming lucrative options for small and medium business owners, as cloud-based offerings address the typical problems related to traditional accounting software. Single user access has been ineffective, when it comes to sharing access to financial and customer details within a team. In addition, customer support for a specific accounting software product is very slow and this affects the accounting requirements of companies. Moreover, over the last three decades, several changes have been observed in financial and accounting software solutions, such as SaaS-based and cloud-based accounting software solutions. These changes are expected to strengthen the demand for cloud-based software.
Asia-Pacific to Witness the Highest Growth
The growth of the Asia-Pacific business accounting software market can be attributed to factors, such as rising penetration of business accounting mobile applications and higher adoption of modern technologies in the region. Moreover, factors, such as the emergence of small businesses and growing investment in the business sector are likely to bolster the growth of the market. In India, where the country has switched to a GST scheme since July 2017, the demand for accounting software is expected to increase. In addition, the growth in the deployment of cloud technology in the region is further expected to drive the regional accounting software market.
Key Developments in the Market
- June 2017 - Oracle announced the launch of Oracle Monetization Cloud. The new cloud service stimulates the time to market digital and subscription-based products and services, by enabling the full life cycle of the customer onboarding, creating offer, robust rating and discounting, billing, customized invoicing, and reporting.
- May 2017 - EasemyGST and Microsoft India announced a strategic alliance to enable customers to comply with GST. Through this alliance, customers will get a simple and affordable platform to ease their GST requirements. EasemyGST is a cloud-based comprehensive GST compliance platform that integrates with ERP, accounting systems, and spreadsheets, with the enterprise on one end and GSTN on the other end. This partnership is expected to push other global companies to form such partnerships with Indian firms, for the launch of GST compliance solutions.
Reasons to Purchase this Report
- How does the increasing adoption of cloud-based solutions act as a driver of the global market scenario?
- Analyze various perspectives of the market, with the help of Porter’s five forces analysis.
- Which installation type is expected to dominate the market?
- Which regions are expected to witness the fastest growth during the forecast period?
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1 Market Overview
4.2 Factors Driving the Market
4.2.1 Increased Efficiency with the use of Accounting Software
4.2.2 Increasing Adoption of Cloud-based Applications
4.2.3 Ease of Integration with Existing Software Platforms
4.3 Factors Restraining the Market
4.3.1 Data Security Issues
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products or Services
4.4.5 Competitive Rivalry among Existing Competitors
5. Global Accounting Software Market Segmentation
5.1 By Installation Type
5.1.1 On-premise (Database Accounting, Installed Accounting)
5.2 By End-user Scale
5.2.1 Entry & Microbusinesses
5.2.2 Small & Medium Businesses
5.3 By Region
5.3.1 North America
5.3.4 Middle East & Africa
5.3.5 Latin America
6. Competitive Intelligence - Company Profiles
6.1 Intuit Inc.
6.2 Sage Software Inc.
6.3 SAP SE
6.4 Oracle Corporation (NetSuite)
6.5 Microsoft Corporation
6.6 Infor Inc.
6.7 Epicor Software Corporation
6.8 Unit4 Business Software Limited
6.9 Xero Ltd
6.10 Red Wing Software
6.11 Acumatica Inc.
6.12 Open Systems Inc.
6.13 Zoho Corp
6.14 MYOB Ltd
6.15 Acclivity Group LLC
6.16 Yonyou Network Technology Co. Ltd
6.17 Deltek Inc.
6.18 Syspro Impact Software Inc.
7. Investment Analysis
8. Outlook of the Accounting Software Market
- Intuit Inc.
- Sage Software Inc.
- SAP SE
- Oracle Corporation (NetSuite)
- Microsoft Corporation
- Infor Inc.
- Epicor Software Corporation
- Unit4 Business Software Limited
- Xero Ltd.
- Red Wing Software
- Acumatica Inc.
- Open Systems Inc.
- Zoho Corp
- MYOB Ltd.
- Acclivity Group LLC
- Yonyou Network Technology Co. Ltd.
- Deltek Inc.
- Syspro Impact Software Inc.