Global Accounting Software Market Exhibits 8.02% CAGR, Leading Companies Are Looking to Acquire Small Businesses to Gain Competitive Edge

The paradigm shift from conventional to computerized accounting is positively impacting the global Accounting Software Market. Fortune Business Insights in a new study, titled “Accounting Software Market, Size, Share and Global Trend By Component (Software, Services), Enterprise Size (Large Enterprises, Small And Medium Enterprises), Type (Spreadsheets, ERP, Custom Accounting Software, Tax Management), End-Use Industry (BFSI, IT And Telecommunication, Others) and Geography Forecast Till 2026” offers valuable insights into the trends prevailing in the market.

In 2018, the global market was valued at US$ 11071.6 Mn and by 2026, the market is expected to be worth US$ 20408.0 Mn. The growing adoption of accounting information system is expected to help the market exhibit a CAGR of 8.02% between 2019 and 2026. Earlier, accounting software focus was limited to accounts receivable, general ledger, payroll, inventory, and accounts payable. Now, advanced accounting software is more focused on supply chain management (SCM), reports & dashboards, and customer relationship management (CRM).

MNCs to Continue Holding Top Slot in the Market

The global accounting software is predominantly occupied by major players. These players are continuously putting efforts to fulfil their customer requirements. Furthermore, new players cannot sustain this competition and they eventually get acquired by large-scale companies. For instance, Infor announced the acquisition of Efficient Frontiers, Inc. dba ReServe Interactive in April 2019. ReServe is one of the leading providers of cloud-based catering and sales, floor management software among other services. With the help of ResServe’s Cloud-based software, Infor will be able to provide better functionalities through Infor CloudSuite Hospitality. This will, in turn, help the company to expand its presence in fields such as stadiums, conference centers. Another company called RMS joined hands with a cloud-based financial platform called M3 in April 2019. The aim of this partnership is to help clients with unified hotel management solutions.

Some of the savvy players functioning in the global market include Sage Group Plc. (The U.K.), Oracle (NetSuite) (The U.S.), Microsoft Corporation (The U.S.), SAP SE (Germany), Acumatica Inc. (The U.S.), Epicor Software Corporation (The U.S.), Xero Ltd. (New Zealand), Infor, Inc. (The U.S.), Intuit Inc. (The U.S.), and Zeta Software LLC (The U.K.).

Adoption of Cloud-based Accounting Software Overcomes the Problem of Recording Financial Transactions

Accounting software helps businesses to keep track of their financial transactions. Against this backdrop, several companies are increasingly adopting accounting software to perform complex cash flows and monitor transactions. Now, companies look for real-time solutions to easily create reports and perform other functions such as tax management, accounting management and others. Managing complex financial transactions and reporting is the major concern of organizations right now. Also, there is a high risk of human error while recording these transactions. Therefore, organizations are embracing cloud-based accounting software as it is cost-effective and reduces processing time. As per the report, the demand for cloud-based accounting software among end-use industries is expected to increase during the forecast period. Companies are planning to adopt custom accounting software to enhance the user interface and improve the overall customer experience. All these factors will enable growth in the market between 2019 and 2026.

Rising Support from the U.S. Government Increases the Adoption of Accounting Software in North America

Regionally, North America is anticipated to emerge dominant in the global accounting software market. In 2018, the regional market was worth US$ 3,759.4 Mn. The presence of strong players in the U.S. continues to help the market in North America to lead. Furthermore, the government in the U.S. is increasingly spending on the installation of accounting management systems in public as well as private organizations. Driven by government support, the market will grow at a rapid growth in North America. The demand for account software is expected to increase in Asia Pacific. With the growing technological developments, mid-scale and small-scale enterprises are adopting this advanced accounting software, which contributes to the growth of the market in this region. Moreover, the market was valued at US$ 2635.9 Mn in the year 2018. With the positive impacts of economic revolution and the emergence of banking and financial (BFSI) sector. The region is anticipated to grow at a considerable rate in the forecast period. Countries such as Singapore, China, and India are likely to be the main contributors to the market.

Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/accounting-software-market-100107

The global accounting software market can be segmented into the following categories: