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Region : Global | Latest Update: Aug, 2019 | Published Date: Jul, 2019 | Report ID: FBI100107| Status : Published
The global accounting software market, valued at US$ 11,071.6 Mn in 2018, is projected to reach US$ 20,408.0 Mn by the end of 2026, exhibiting a CAGR of 8.02%.
The global market is expected to have a significant growth in the forecast period owing to the demand for computerized accounting. A significant trend observed in the accounting industry is due to the ongoing shift from the conventional way of storing financial records manually to using an accounting information system. In the past, accounting software focused on basic accounting needs such as general ledger, accounts receivable, accounts payable, payroll, and occasionally inventory. Today, accounting software interoperates with Customer Relationship Management (CRM), supply chain management, human resource management, and dashboards and reporting applications. The accounting software is used to process and record all the financial transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. Similarly, it also keeps track of transactions, cash flows, performs calculations and generates dashboards and reports. Large enterprises and small & medium enterprises highly adopt accounting software in order to monitor financial transactions.
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Increasing Demand for Cloud-Based Accounting Software
Today’s leading solutions deliver real-time business visibility via easy to create dashboards and reports. Comprehensive financial consolidation, reporting, and analysis across multiple business entities are growing drastically. In order to manage financials, organizations are embracing accounting software. With the increase in demand for cloud computing, the end-use industries are increasingly adopting cloud-based software as it reduces the time to process and is cost effective. Security is the main concern of the organization for adopting cloud-based accounting software. Also, it is being projected that there will be a heavy growth of the cloud-based accounting software for the forecast 2019 – 2026.
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Increasing investment in the technologically driven solutions is supplementing the revenue growth of North America, whereas Asia Pacific is estimated to have a significant growth
North America generated a revenue of US$ 3,759.4 Mn in 2018 and is anticipated to emerge dominant in the global accounting software market during the forecast period. Growth witnessed in the region is likely to be driven by the presence of the strong and prominent players across the U.S. and spending by the U.S. government for the provision of accounting management systems in various public and private organizations. Likewise, Asia Pacific generated a revenue of US$ 2,635.9 Mn in 2018 and is expected to witness growth in the investments of the small and medium enterprises for adopting the technologically enhanced software. Also, Asia Pacific is also expected to witness an excellent growth rate as the region is on the verge of an economic revolution with the emergence of a banking and financial sector. The emerging economies of China, India, and Singapore are expected to be the key contributors to the market.
North America Accounting Software Market, 2018
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A significant trend observed in the penetration of the accounting software market across the range of end-use industries.
The report provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the market. The market has been segmented by type, component, enterprise size, end-use industry and geography. By type, the global market is categorized into spreadsheets, ERP, custom accounting software, tax management software. Based on the component, the global market is segmented into software and services. On the basis of enterprise size, the market is bifurcated into large enterprises and small & medium enterprises. Based on the end-use industry, the global accounting software market is categorized into banking financial services and insurance, IT & telecommunication, government & public sector, automotive, retail & consumer goods, oil & gas, manufacturing, healthcare, construction and real estate and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, an analysis of pages printed by digital technology, macro and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape.
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By Enterprise Size
· Small & Medium
· Custom Accounting Software
· Tax Management Software
By End-use Industry
· IT & Telecommunication
· Government & Public Sector
· Retail & Consumer Goods
· Oil & Gas
· Construction & Real Estate
· Others (Education, Media & Entertainment, etc.)
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
April, 2019: RMS partnered with M3, a cloud-based financial platform, to offer clients seamless hotel-management solutions. Hotels and resorts using M3 accounting and analytics technology now can integrate their property-management data from RMS for greater insight into operational performance.
April, 2019: Mobile bank Starling partnered with accounting software provider FreeAgent to help small business owners cut the time they spend on daily admin, digitize their finances and relax about tax.