Global Accounting Software Market (2021-2026)


Dublin, April 19, 2021 (GLOBE NEWSWIRE) – The report “Accounting Software Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” has been added to ResearchAndMarkets.com offer.

The accounting software market was valued at USD 12.01 billion in 2020 and is expected to reach USD 19.59 billion by 2026, at a CAGR of 8.5% over the forecast period 2021 – 2026. Over the two In recent decades, the market for financial and accounting software solutions has undergone many changes. One of the biggest changes is the offering of cloud-based accounting software solutions.

Accounting software solutions are used to streamline the accounting process, save time and ensure an error-free transaction between businesses and customers. These systems are designed to increase productivity by archiving, automating and integrating human resource systems. The implementation of accounting software in SMEs helps reduce errors in relationships with clients and companies, thereby improving relationships and reputations, while ensuring time to focus on the main idea of the company.

The growing trend of small and medium-sized businesses to collaborate with e-commerce players and to integrate with other online applications, such as automated bank feeds, automated invoicing features, among others, is expected to further promote the adoption of accounting software during forecast period. It helps to increase efficiency as it is used to track all accounting transactions and manage money entering and leaving the business. The software has also emerged as a better solution for managing a company’s accounts, as it can easily manage accounts payable, accounts receivable, payroll, and general ledger, as well as other business modules.

The market has seen a significant share of vendors with accounting at their core and reaped the cost benefits of the cloud. In addition, they targeted companies increasingly specialized in “micro and small and medium”. One of the notable strategies presented by these new entrants in accounting software is the inclusion of advanced features, such as artificial intelligence, for applications such as planning, learning, problem solving, and recognition. vocal.

For example, the solution from an Australia-based tax, accounting and other business services software provider, MYOB Advisor, provides natural language descriptions of a company’s financial position. Accountants and bookkeepers can customize the description based on the knowledge and experience of their SME client. In addition, the information provided by MYOB Advisor includes the cash flow visualization which allows the advisor to help their client see where their money is going or provide a view of top clients and help clients better manage their relationships. with high added value.

Additionally, as several countries around the world face the challenge of dealing with the coronavirus outbreak and lockdown, more and more businesses, especially small businesses, are working remotely. This has increased the demand for more dynamic and remote access to corporate financial records and systems by the people who must work there and those who primarily need access to this information in a timely and accurate manner to make decisions. and manage financial affairs.

Key market trends

Increased Efficiency Offered By Accounting Software To Drive Market Growth

  • Accounting software increases efficiency because it is used to track accounting transactions or to manage money entering and leaving the business. It has emerged as a better solution to manage accounts of a business because it can easily manage accounts payable, accounts receivable, company payroll, general ledger and other business modules.
  • In addition, features that keep the company’s financial data accurate, such as saving time, operating profitably, and increasing overall productivity, are expected to drive demand. In addition, these factors make this software more deployable for small businesses.
  • Businesses buy accounting-based software to increase functionality and replace obsolete system. The reason is, in the accounting calculation, that it is tedious and complex. It will take manpower to finish things. But accounting software can do the math with precision and accuracy without labor.
  • In addition, automation in the accounting industry is also a continuing trend driven by advancements in software. Accounting has been highly automated without the need for significant physical intervention. The latest accounting software has allowed organizations to minimize their human resources. This has led to efficient use of capital and better management of available resources.

Asia-Pacific to experience fastest growth

  • Asia-Pacific is expected to experience faster growth for accounting software, mainly due to factors such as the growing penetration of mobile business accounting applications and the increased adoption of cloud computing technologies and solutions in the industry. region. In addition, the emergence of small businesses and the rising investment of SMEs in the cloud and SaaS market is expected to drive the market growth.
  • By implementing various initiatives to boost business confidence in cloud, local governments play an important role in developing the market for cloud integration services in the region, thus developing more opportunities for the studied market.
  • In addition, the increasing concentration of governments in the region to facilitate organizational payments, transactions, and to generate a trace of debt, liabilities and assets increases the demand for the studied market.
  • For example, the Australian government’s focus on improving payment times for large companies could be vital in the coming months. Recently, in April 2020, Small Business Minister Stuart Nash told Parliament’s Outbreak Response Committee that he intended to write to larger businesses to encourage them to pay their bills to local SMEs. as quickly as possible.

Competitive landscape

The accounting software market is moderately consolidated. The main players occupy most of the market. In addition, the existing players already have their clientele, who do not want to switch to new players, and the new players cannot support the market any longer because they are acquired by the best players in the long term. Some of the major players include Oracle Corporation, Microsoft Corporation, Intuit Inc., SAP SE, Sage Software Inc., Infor Inc., Epicor Software Corporation, Xero Ltd., Unit4 Business Software Limited, among others.

  • February 2020 – Intuit, the maker of TurboTax, QuickBooks and Mint, also announced that it has agreed to acquire Credit Karma, a consumer technology platform with more than 100 million members in the United States, Canada and the United States. UK, for around $ 7.1 billion in cash and stocks. The acquisition will bring together the two technology leaders with a common goal of helping solve the personal finance challenges consumers face today, regardless of their financial situation.
  • April 2019 – Infor, a global leader in industry-specific enterprise cloud software, announced the completion of the acquisition of Efficient Frontiers, Inc. dba ReServe Interactive., Headquartered in Livermore, California. ReServe Interactive is a leading provider of cloud-based sales and catering services. , restaurant reservations and room management software that serves the food and beverage, sports and entertainment, event center, golf and recreation clubs, and hotel markets in the United States and Canada. ReServe Interactive’s highly scalable, dynamic and intuitive sales and catering solution will enable Infor to deliver more functionality through Infor CloudSuite Hospitality and increase Infor’s presence in non-hotel hospitality venues such as shopping centers. entertainment, stadiums, wineries, and conference and convention centers.
  • February 2020 Intuit, the maker of TurboTax, QuickBooks and Mint, also announced that it has agreed to acquire Credit Karma, a consumer technology platform with more than 100 million members in the United States, Canada and the UK. Uni, for about $ 7.1 billion in cash and stocks. The acquisition will bring together the two technology leaders with a common goal of helping solve the personal finance challenges consumers face today, regardless of their financial situation.

Reasons to buy this report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Main topics covered:

1. INTRODUCTION
1.1 Hypotheses of the study and market definition
1.2 Scope of the study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW
4.1 Market overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Bargaining power of suppliers
4.3.2 Bargaining power of consumers
4.3.3 Threat of new entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
4.4 Technology overview
4.5 Assessment of the impact of COVID-19 on the market

5 MARKET DYNAMICS
5.1 Market drivers
5.1.1 Growing Trend in Accounting Automation
5.2 Market restrictions
5.2.1 Lack of awareness

6 MARKET SEGMENTATION
6.1 By type of deployment
6.1.1 On site
6.1.2 Cloud-based
6.2 Size of the organization
6.2.1 Small and medium-sized enterprises
6.2.2 Large companies
6.3 Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa

7 COMPETITIVE LANDSCAPE
7.1 Company profiles
7.1.1 Intuit Inc.
7.1.2 Sage software inc.
7.1.3 SAP SE
7.1.4 Oracle Company
7.1.5 Microsoft Corporation
7.1.6 Infor inc.
7.1.7 Epicor Software Company
7.1.8 Unit4 Business Software Limited
7.1.9 Xero Ltd
7.1.10 Zoho Corp
7.1.11 Red Wing Software Inc.
7.1.12 MYOB Group Pty Ltd
7.1.13 Reckon Ltd.
7.1.14 Saasu Pty Ltd

8 ANALYSIS OF SUPPLIERS ‘MARKET SHARES

9 INVESTMENT ANALYSIS

10 FUTURE OF THE MARKET

For more information on this report visit https://www.researchandmarkets.com/r/494txd

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