Global Accounting Software Market - Segmented by Installation Type (On-Premise, Cloud Based), End-User Scale (Entry and Microbusinesses, Small and Medium Businesses, Enterprises), and Region - Growth, Trends and Forecasts (2018 - 2023)
The scope of the report is limited to software offered by various vendors. The regions considered in the scope of the report include North America, Europe, and others. The study emphasizes on the method of installation of the software, both cloud-based and on-premise methods. Several factors, such as increasing efficiency by adopting these software, are also discussed in this report.
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