The Accounting Software Market research report 2021 provides a basic overview of the industry and information regarding market size, share, growth, cost structure, Accounting Software market competition landscape, challenges and opportunity, capacity, revenue, and forecast 2026. The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, technological growth. This report also includes the overall and comprehensive study of the Accounting Software market with all its aspects influencing the growth of the market. This report is exhaustive quantitative analyses of the market and provides data for making strategies to increase market growth and effectiveness. The report covers the post-COVID-19 impact on various regions and major countries and on the future development of the industry is pointed out.
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.
Top Companies in the Accounting Software Market: Intuit Inc., Sage Software Inc., SAP SE, Oracle Corporation, Microsoft Corporation, Infor Inc., Epicor Software Corporation, Unit4 Business Software Limited, Xero Ltd, Zoho Corp, Red Wing Software Inc., MYOB Group Pty Ltd, Reckon Ltd., Saasu Pty Ltd, and others.
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Recent developments in the market are:
– February 2020 — Intuit, the maker of TurboTax, QuickBooks, and Mint, also announced that it has agreed to acquire Credit Karma, which is a consumer technology platform with more than 100 million members in the United States, Canada, and the U.K., for approximately USD 7.1 billion in cash and stock. The acquisition will bring together both the technology leaders with a shared goal to help solve the personal finance problems that the consumers face today, regardless of their financial situation.
– April 2019 – Infor, a global leader in business cloud software specialized by industry, announced the completed acquisition of Efficient Frontiers, Inc. dba ReServe Interactive., headquartered in Livermore, Calif. ReServe Interactive is a leading provider of cloud-based sales and catering, restaurant reservations, and floor management software that serves the restaurant, sports and entertainment, event center, golf and country club, and hotel markets in the U.S. and Canada. ReServe Interactive’s highly scalable, dynamic, and intuitive sales and catering solution will enable Infor to offer more functionality through Infor CloudSuite Hospitality and increase Infor’s presence in non-hotel hospitality venues such as entertainment centers, 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, which is a consumer technology platform with more than 100 million members in the United States, Canada, and the U.K., for approximately USD 7.1 billion in cash and stock. The acquisition will bring together both the technology leaders with a shared goal to help solve the personal finance problems that the consumers face today, regardless of their financial situation.
Key Market Trends
Increased Efficiency Offered by Accounting Software to Drive the Market Growth
– Accounting software increases efficiency, as it is used to keep track of accounting transactions or to manage the money flowing in and out of business. It has emerged as a better solution for managing the accounts of a business, as it can easily manage account payables, account receivables, business payroll, general ledger, and other business modules.
– Additionally, features that ensure the company’s accurate financials, such as time-saving, cost-effective operation, and higher overall productivity, are expected to drive the demand. Besides, these factors make this software more deployable for small businesses.
– Businesses purchase accounting based software to increase their functionality and replace the dated system. The reason being, in accounting calculation, is tedious and complex. It will require manpower to complete things. But accounting software can do the calculation precisely and accurately without manpower.
– Moreover, automation in the accounting industry is also an ongoing trend driven by software advancement. Accounting has been made highly automated without the need for a significant physical intervention. The latest accounting software has enabled organizations to minimize their human resources. This has led to efficient utilization of capital and better management of the available resources
Asia-Pacific to Witness the Highest Growth
– The Asia-Pacific is expected to grow faster for accounting software, primarily due to factors such as increasing penetration of business accounting mobile applications and higher adoption of cloud computing technologies and solutions across the region. Moreover, the emergence of small businesses and rising investments by SME’s in the cloud and the SaaS market are likely to boost the market’s growth.
– By implementing various initiatives to build more business confidence in the cloud, the local governments play a significant role in the development of the cloud integration services market across the region, hence, developing more opportunities for the studied market.
– Also, the governments’ growing focus in the region to ease organizational payments, transactions, and generate a track of debt, liabilities, and assets increases the demand for the market studied.
– For instance, the Australian Government’s focus on improving larger enterprises’ payment times could be vital over the coming months. Recently in April 2020, Minister for Small Business Stuart Nash told Parliament’s Epidemic Response Committee that he intended to write to more substantial businesses to encourage them to pay their bills to local SMEs as fast as possible.
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What are the market factors that are explained in the report?
– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
– Analytical Tools: The Accounting Software Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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