In 2018, the global cloud accounting software market size was valued at USD xx million. It is estimated to project a value of USD xx million in 2025, registering a CAGR of x.x% during the forecast period.
The accounting and financial software has underwent a lot of changes since the last two decades. The biggest change faced by accounting software solutions is the cloud based offering. The use of cloud based solutions benefits with Agility, lower set up cost and faster deployment.
Accounting software are proving to be beneficial for a company as it is increasing the efficiency, as it keeps a track of the transactions, the flow of the money in and out of the business. It is benefiting as it easily manages the general ledger, business payroll, account receivables, account payables and other business modules. Additionally, it also takes care of the key configurations that ensure accurate financials of the organization such as higher overall productivity, time-management, cost-effective which are majorly expected to drive the demand in the industry. All of these benefits makes it more approachable even for a small business.
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The cloud based solutions address even the most typical problems of tradition accounting software and thus, the cloud accounting services , both the online accessible and via software, are being opted by the small and medium scale businesses. When it comes to the sharing the financial and customer details with the team, the single user access becomes a tad ineffective. Also, the customer service of a particular accounting software is slow and thus affects the companies accounting requirements. The accounting and financial software solutions have seen many changes in the market like the SaaS based and cloud based accounting solutions in the last 3 decades. These changes are expected to strengthen the demand for cloud-based software.
Rising penetration of business accounting mobile applications and higher adoption of modern technologies in the region are the factors to which the Asia- Pacific business accounting software market’s growth can be attributed to. Moreover, factors, such as emergence of small businesses and growing investment in the business sector are likely to bolster the growth of the market. Also, in India, where the country has shifted to GST scheme since July 2017, the demand for accounting software is on a rise. Further, deployment of the cloud system in the region is expected to grow the need of the regional accounting software market.
Leading players of the global cloud accounting software market include Intuit, Sage, SAP, Microsoft, Oracle (NetSuite), Infor, Epicor, Workday, Unit4, Xero, Yonyou, Kingdee, Acclivity, FreshBooks, Zoho, Assit Cornerstone, MEGI, Reckon, KashFlow, Dropbox, Carbonite, Apptivo, FinancialForce, Wave Accounting Inc., and more others.
The global cloud accounting software market share is segmented to several classification such as types, applications, and regional outlook. Based on the type the market is categorized by browser-based, Saas, and application service providers (ASPs). Furthermore, on the basis of applications the market is divided into SMEs, Large Enterprises, and other users. Looping on to the regional outlook the market widely ranges through Asia-Pacific, North America, Europe, South America, and Middle East & Africa.
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What to expect from the upcoming report on ‘Global Cloud Accounting Software Market:
– Future prospects and current trends of the global cloud accounting software market by the end of forecast period (2018-2025)
– Information regarding technological progressions as well as innovations taking place in developing economies
– Supportive initiatives by government likely to influence the market dynamics
– Trends, drivers, opportunities, restraints, challenges and key developments in the market
– In-depth analysis of different market segmentations including regional segmentations, and product types
– Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
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