This IDC study discusses the worldwide market for financial application software. This market increased (7.3% in 2016 over 2015) to reach $22.2 billion, driven by demand for public cloud offerings, artificial intelligence, and demand for updated/modern application functionality like mobility, configurability, and more agile systems. The fastest-growing financial applications vendors in 2016 were cloud-based software providers, such as Expensify (77.7% growth in 2016 over 2015), Coupa (58.9% growth), Xero (50.8% growth), Amazon Web Services (43.4% growth), Intacct (36.0% growth), Kyriba (33.6% growth), Workday (32.9% growth), and FinancialForce (30.6% growth)."Right now, this is an innovators market. Companies that have invested resources in harnessing advanced technologies like cloud, artificial intelligence, natural language processing, and machine learning are the companies experiencing rapid growth. Companies that bring next-generation technology while also providing a simple and smooth user experience will be best positioned for continued growth," says Kevin Permenter, senior research analyst, Enterprise Applications.
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