A recent report published by Infinium Global Research on the accounting software market provides an in-depth analysis of segments and sub-segments in the global as well as regional accounting software market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional accounting software market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global accounting software market. According to the report, the global accounting software market is projected to grow at a CAGR of 8.9% over the forecast period of 2020-2026.
In today’s competitive world, technology has recreated the business landscape and automation and systematic processing have successfully changed the efficiency of business operations. The latest era has witnessed a revolutionary development concerning the field of accounting software in India. The functionality of accounting aspects has changed by on-premises and cloud computing. The impact of superior marketing methodology, integrated regulations, automation, and advanced solutions has made stronger the accounting process. The cultural change towards acceptance of technology has increased the demand for accounting software. The accounting software solutions are used to streamline the accounting process, save time, and ensure an error-free transaction between the companies and clients. It is designed to augment productivity by archiving, integrating, and automating human resource systems.
The consistently rising need for spreadsheet management software and practical understanding of tax management is driving the market growth. Businesses are likely to incline towards technologically directed solutions with the rising demand for computerized accounting. The need for monitoring and managing business operations has developed the method of outsourcing accounting functions. It facilitates business owners to obtain higher benefits, saves the costs of payroll, salaries, training, and taxation which is fueling the market growth. Nowadays, the business process outsourcing (BPO) companies are revolving into a momentous career globally. Thus, the demand for outsourcing business functions will continue to grow and the demand for accounting software will also increase. Additionally, the increased profits and reduced risks will further surge the market for accounting software. However, a lack of awareness about accounting software is restraining the market growth. Moreover, Business accounting mobile applications will add new opportunities for this market in the coming years. The effects of COVID-19 have been quick and substantial on the global accounting software. The pandemic has resulted in being a major disrupter, shifting the global dynamics. Manufacturing companies around the world are now focusing on developing plans to reduce the aftershocks of this pandemic. The pandemic has led to large-scale distress to supply bases, assembly plant closures, and further downshift to the declining consumer demand.
Geographically, the North American region accounted for the largest market share for accounting software. This region is identified as the major adopter of emerging technologies such as big data analytics, IoT, and BI tools. The Asia Pacific and European regions have the fastest-growing market. The growing adoption of cloud-based enterprise applications and growing technological advancement are influencing the market growth in the Asia Pacific and Europe. Furthermore, the increasing amount of data, investments in the market and rising penetration of the internet is propelling the market growth.
The report on the global accounting software market covers segments such as installation type, software types, enterprise size, and end user. On the basis of installation type, the sub-markets include On-premise and cloud-based. On the basis of software types, the sub-markets include custom accounting software, enterprise accounting software, commercial off-the-shelf (COTS), reconciliation and tax management, and others. On the basis of enterprise size, the sub-markets include large enterprises and small and medium enterprises. On the basis of end user, the sub-markets include BFSI, telecom, and information technology (IT), wholesale distribution, construction, chemicals, food and beverage, and others.
The report provides profiles of the companies in the market such as SAP SE, Infor Inc., Sage Software Inc., Red Wing Software, Unit4 Business Software Limited, Zeta Software LLC, Xero Ltd., MRI Software, Acumatica Inc, Microsoft Corporation, and Oracle Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the accounting software market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.