Worldwide Financial Applications Market Shares, 2014: Year of SMB and Public Cloud
This IDC study discusses the worldwide market for financial application software. This market grew at a rapid pace (5.3% in 2014 over 2013) to reach $18.0 billion, driven by demand for public cloud offerings, particularly in the small and medium-sized business space. The fastest-growing financial applications vendors in 2014 were cloud-based software providers, such as Xero (80.3% growth in 2014 over 2013), Workday (61.8% growth), FinancialForce.com (59.7% growth), Intacct (51.1% growth), and NetSuite (35.5% growth)."An organization's financial records are central to virtually every business process, and disruption can have serious implications if the organization's finances are reported incorrectly. However, the demand for the cloud is real as large organizations adopt new cloud applications that enable them to replace manual or spreadsheet-driven processes. Also, new purchase decisions for financial applications will be overwhelmingly in the cloud, while organizations that are currently running on-premises general ledger and other financial solutions will often choose to maintain those applications rather than disrupt a critical process that works," says Christine Dover, research director, Enterprise Applications and Digital Commerce.
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