Artificial Intelligence driven Marketing Communications
The rapid shift from the traditional way of managing financial records to adopting an accounting information system is the key trend in the globalAccounting Software Market. Fortune Business Insights in a recent report published the above information. The growing demand for computerized accounting across different end-use industries is surging the adoption of accounting software. The report mentions that the global market was worth US$ 11,071.6 Mn in the year 2018. With the increasing adoption of accounting software, the market is expected to reach US$ 20,408.0 Mn by 2026. The global market is anticipated to register a remarkable CAGR of 8.02% during the forecast period.
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Top Key Players:
RMS Joins Hands with M3 to Offer the Best Hotel Management Solutions
Several MNCs are either partnering or acquiring small or mid-scale companies to sustain in the market. Some of the developments initiated by companies are mentioned below:
Rising Adoption of Technologically Driven Solutions in North America Propels Growth
In 2018, the market in North America was worth US$ 3,759.4 Mn. The region is expected to lead in the global accounting software market through the forecast period. The U.S. government is increasingly spending on installing accounting software systems in private and public organizations. This, coupled with the strong presence of players in the U.S., is expected to create growth opportunities for the market in the forthcoming years.
The rising adoption of modern technologies in Asia Pacific is driving the market. The penetration of business accounting apps is growing, which is enabling growth in the global market. The region is expected to register strong demand for enterprise relationship planning software to manage spreadsheets and understand tax management better. Moreover, the market generated a value of US$ 2635.9 Mn in the year 2018.
Major Table of Contents:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Drivers, Restraints and Opportunities
3.2. Emerging Trends of Market
4. Key Insights
4.1. Macro and Micro Economic Factors
4.2. Key Technological Developments
4.3. Porter’s Five Forces Analysis
4.4. Industry SWOT Analysis
5. Global Accounting Software Market Analysis, Insights and Forecast, 2015-2025
5.1. Key Findings / Summary
5.2. Market Sizing Estimations and Forecasts By Component (US$ Mn)
5.3. Market Sizing Estimations and Forecasts By Enterprise Size (US$ Mn)
5.3.2. Small and Medium Enterprises
5.4. Market Sizing Estimations and Forecasts By Type (US$ Mn)
5.4.3. Custom Accounting Software
5.4.4. Tax Management Software
5.5. Market Sizing Estimations and Forecasts By End-use Industry (US$ Mn)
5.5.1. Banking Financial Services and Insurance (BFSI)
5.5.2. IT and Telecommunication
5.5.3. Government and Public Sector
5.5.5. Retail and Consumer Goods
5.5.6. Oil and Gas
5.5.9. Construction and Real Estate
5.5.10. Others (Education, Media and Entertainment, etc.)
5.6. Market Analysis, Insights and Forecast By Geography (US$ Mn)
Demand for Custom Accounting Software Stimulated Growth in the Market
A lead analyst at Fortune Business Insights said, “Preference towards new and advanced accounting software is increasing than conventional software as they have become obsolete.” He added, “Conventional accounting software lacked technological competitiveness, which creates an environment for expansion and upgradation of the accounting software market.” Accounting software helps to manage payroll and performs several other functions, saves time and money, and provides key insights to understand the business better. Over the forthcoming years, the user-interface of accounting software is expected to be more engaging to meet customer requirements.
Accounting software helps to increase efficiency as it has the ability to manage account receivables, account payables, and general ledger among others. Accounting calculations are complex and tedious, which compels businesses to purchase this software and perform calculations accurately without the use of manpower. Considering these factors, small businesses find it necessary to deploy accounting software.
With the emergence of advanced technology, the demand for cloud-based accounting software is expected to increase by 2026. This accounting software is enabled with cloud-based technology, which helps organizations to easily create reports and dashboards. In addition to this, it helps to effectively manage comprehensive financial reporting and analysis. These factors are positively impacting the market, which in turn, is resulting in the rising adoption of accounting software.
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Name: Ashwin Arora
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Accounting Software Market 2019: Company Profiles, Emerging Technologies, Trends, Industry Growth, Segments, Landscape and Demand by Forecast to 2026