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Small and medium business industry is on the verge of showing tremendous growth over the last few years due to more awareness, access and support in the form of investments, personalized marketing creeping into a grey area etc. In such scenario, Enterprise innovation is often the outcome of collaborative efforts in which businesses interact and exchange knowledge and information with other partners as part of broader innovation systems. This shift towards an ‘open innovation’ paradigm, also facilitated by the digital transition, has reduced the need for innovation-related capital investments, making business innovation more accessible to SMEs.
Integrated accounting software market has been growing at a robust pace due to rising awareness about the benefits of using accounting software and surging demand for real time security. For instance, In Union Budget 2018-19, India has declared total amount of US$ 596.43 Mn in order to boost MSME sector for credit support, capital and interest subsidy and innovations.
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The migration to the cloud and app-based accounting software will be instrumental in facilitating remote workplaces with employees scattered worldwide, also in turn giving a boost to the gig economy. Greater integration of other workflows (such as budgeting, costing, and benchmarking) with accounting software will be seen and there would be a move towards integrated cloud accounting software solutions.
The key companies involved in Integrated Accounting Software are Intuit Inc., The Sage Group plc, SAP SE, Oracle Corporation, Microsoft Corporation, Infor, Epicor Software Corporation, Workday Inc, Unit4, Xero, Yonyou Software Co Ltd.
By Enterprise Size
· Large Enterprise
· Small and Medium Enterprise
By End-user Industry
· IT and Telecom
· On- premise Software
· Cloud-based Software
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, 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)
North America is expected to witness a robust growth during the forecast period in global business accounting software market owing to the reasons such as rising penetration of business accounting mobile applications, higher adoption of modern technology in this region etc. Increased adoption of business accounting software would boost the growth of integrated accounting software market. Due to the above stated factors, the market for integrated accounting software market would get boost.
Asia Pacific region is expected to grow at a robust pace for business accounting software during the forecast period owing to the factors such as emergence of small businesses and growing investment in business sector which would boost the growth of global business accounting software market in Asia Pacific region. Due to the above stated factors, the market for integrated accounting software market would get boost.
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