Accounting Software Market by Applications, Region, Type and Top Players Analysis Report

Global accounting software market is segmented on the basis of type, application, deployment and geography.An accounting software belongs to a type of computer software that assists bookkeepers and accountants to manage financial accounts and undertake accounting operations of an organization in a specified methodology.

In the past few years, importanceof accounting software is growing at a rapid pace owing to rise in awareness on the benefits of using accounting software and rising demand for real time safety in the accounting software industry. Subsequently, large-sizedand mid-size companies are the major users of accounting software. Also, improved spending on IT infrastructure along with rise in government initiatives is anticipated to boost the accounting software industry.

Factors such as rising demand for advanced operations in finance along with heavy amount of data from sources such as online applications for loan, banking transactions, online and in-store sales, social media & stock commodities need to be collaborated to gain an operational functioning. On the other hand, factors such as analysing and managing heavy databases, irrelevant data generated from numerous sources that provide misleading data on consumer behaviour.

The inception of big data and analytics technologies has enabled easy for organizations to convert unstructured and semi-structured data into structured and concrete data. Precision can be ensured with reliability and timely data submission. The latest trends gaining traction in the accounting software industry is the rise of business accounting mobile applications. These applications can encompass day-to-day accounting tasks such as sending invoices, accepting payments, logging expense, tracking receipts and planning budgets.

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APAC regions such as India and China being one of the fastest growing software markets in the world, owing to the presence of various leading global software players such as Microsoft, Accenture, Oracle, etc. Increasing IT spending and rising awareness about the benefits of accounting software as compared to paper based accounting system is expected to boost revenue growth in APAC accounting software market in the coming years.

On the basis of type, the accounting software industry market is segmented into online solutions accounting software and desktop solutions accounting software.On the basis of application, accounting software industry market is segmented into manufacturing, services, retail and so on.On the basis of deployment, accounting software industry market is segmented into cloud-based, on-premises and so on.

The “on-premises” business accounting software accounted for the highest market share. The software provides features like workflow streamlining, budgeting, asset management and reporting, especially for large complex accounting functions. It also offers a framework for lining up marketing objectives and execution across various business units, functions or product lines.Geographically, the accounting software industry spans Latin America, Europe, North America, Asia Pacific and Middle East & Africa.

North America helda highest share in the accounting software market. With most financial institutions around the world, the region has a good demand for cloud-based applications and services with increasing users for enterprise applications and data. Moreover, North America is equipped with advanced infrastructure for faster and effectual data transmission.

The globalkey players in accounting software market can be summed up as FreshBooks, Acclivity Group, Intuit, Intacct, Microsoft, Infor, Epicor, Workday, Unit4, Kingdee, Assit cornerstone, Aplicor, Oracle, Red Wing Software, Sage Group, SAP, Xero, FinancialForce.com, Deltek, Wave Accounting, Xpenditure, Yendo and Zoho.

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