Pune, India, May 28, 2019 (GLOBE NEWSWIRE) -- The global accounting software market is highly lucrative and projected to witness an incredible growth at 8.92% CAGR over the forecast period, reveals the Market Research Future (MRFR) report. Accounting software is an essential application which helps an organization in recording the flow of money both for external and internal review as well as auditing. This is a primary tool to assess an organization’s financial health and to meet legal compliance with the help of these core financial tools such as billing, stock or inventory, purchase order, receivable, accounts payable and general ledger. The modern implementation of an accounting software expands to expenses, timesheet, electronic payment, payroll modules amid others for gaining a higher foothold within the market. Accounting software is broadly classified into custom accounting software, enterprise resource planning software, commercially-available software and spreadsheets.
Benefits Galore
The demand for accounting software is on the rise owing to the host of benefits that it offers. First and foremost, it ensures increased accuracy as it eliminates or reduces human errors during calculation. This software allows people in processing their accounts with higher speed compared to manual processing. In addition, it allows organizations in increasing efficiency through automation. Accounting software ensures that all the financial details of a business is in one place. Its features include payroll assistance, report making applications and analysis tools. Most importantly, it is a highly efficient medium of information for audit and tax preparations, along with expense and income trackers. There are some that also has comment capabilities that will help people in making notes for further future reference. In this era of entrepreneurs and start-ups, people require displaying service excellence along with offering every client with efficient customer care. The easiest means of attaining this consistently, quickly and accurately will be through accounting software.
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Alluring Features Propelling Market Growth
According to the MRFR report, there are various factors that is propelling the accounting software market growth. These include burgeoning need for accounting solutions that are efficient, automated and advanced, increased use of cloud-based accounting software, expansion of numerous sectors including BFSI, IT and telecom, retail and manufacturing, and introduction of app/mobile based accounting software. The additional factors that are fueling the market growth include growing preference for accounting software in reporting, recording, and financial processing, substantial increase in start-ups especially in fast-developing regions, increase in demand for SaaS-based models, technological advancements such as integration with online applications namely automated billing features and automated bank feeds and the initiation of digital commerce.
On the contrary, soaring price of accounting software and vulnerability to data theft may undermine the growth of the accounting software market over the forecast period.
Market Segmentation
The Market Research Future Report provides an inclusive analysis of the Accounting Software Market based on industry, organization size and deployment.
Based on industry, it is segmented into manufacturing, BFSI, healthcare, retail and e-commerce, IT and telecommunication and others. Of these, the manufacturing segment will have the largest share in the market over the forecast period owing to robust use of accounting software in the manufacturing industry. This will be followed by retail and e-commerce.
Based on deployment, the accounting software market is segmented into cloud-based and on-premise. Of these, on-premise will dominate the market over the forecast period. This is owing to its high operational viability and various user-friendly attributes.
Based on organization size, it is segmented into SME and large. Of these, SME will lead the market over the forecast period owing to growing dependency on accounting software via small businesses and growth in SMEs.
North America to Stay at the Fore
By region, the accounting software market covers growth opportunities and latest trends across Middle East and Africa, South and North America, Asia Pacific and Europe. Of these, North America will stay at the fore accounting for about 35.7% share in the market and retain its dominance over the forecast period. Technologically advanced countries namely Canada and the US are the key contributors here. They are also the initial adopters of the new-age accounting solution. North America possess a huge subscriber-base when it comes to accounting software that is predicted to expand further in the future. Moreover, the growth of end-use sectors namely manufacturing, retail, e-commerce, information technology and healthcare is a vital growth contributor. APAC and Europe are the two vital markets for accounting software. In this region, SMEs and self-owned businesses have grown tremendously which is boosting the confidence of the investors in these regions.
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Game Changers
Leading players operating in the accounting software market include Unit4 and Epicor, yonyou (Hong Kong) co., Ltd., Oracle, Kingdee International Software Group (HK) Ltd., Workday, FreshBooks, Xero Limited, Sage, Infor, Tally Solutions Private Limited, Assist Cornerstone, Priority Software, Intuit Inc., SAP, Microsoft, and others.
April 2019- Startling Bank, a digital banking platform based in the UK of late has announced about their partnership with FreeAgent, an accounting software provider. This partnership will aid small business owners in saving their valuable time spent on daily admin and thus can relax about tax and digitize the finances.
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