Global Hospitality Accounting Software Market Overview:
Hospitality Accounting Software helps a large number of people who are owning a large share of food chains, with large client turnover rates, a lot of data is collected by the hospitality industry, including hotels and restaurants. In addition to traditional accounting features, applications specially developed for hotels and restaurants can receive and process reservations and provide other functionality that handles daily activities, such as staff management, food cost management, and billing guests based on room costs and related facilities. Thus making an urgent need for use of this software, hence enhancing the need for hospitality accounting software.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Intuit Inc. (United States), Sage Software Inc. (United States), SAP SE (Germany), Oracle Corporation (United States), Microsoft Corporation (United States), Infor Inc. (United States), Horizon Technology Solutions (India), Zoho Corp (India), FreshBooks (Canada), NetSuite (United States) and Deltek (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- Increased Efficiency with the use of Hospitality Accounting Software
- Increasing Restaurant and Hotel Chains Across the World
Roadblocks
- Data Security Issues May Restraint the Growth of the Market
- High Initial Cost of this Software
Opportunities
- Indeed the growth of the Food Supply Chain in this Pandemic Times has created a Boom for this Market
Challenges
- Lack of Knowledge about this Software
- Lack of Integration
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies
Some of the key players profiled in the report are Intuit Inc. (United States), Sage Software Inc. (United States), SAP SE (Germany), Oracle Corporation (United States), Microsoft Corporation (United States), Infor Inc. (United States), Horizon Technology Solutions (India), Zoho Corp (India), FreshBooks (Canada), NetSuite (United States) and Deltek (United States). Additionally, following companies can also be profiled that are part of our coverage like Epicor Software Corporation (United States), Unit4 Business Software Limited (Belgium), Xero Ltd (New Zealand), Red Wing Software Inc. (United States) and Open Systems Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Hospitality Accounting Software market by 2027. Considering Market by Deployment Type, the sub-segment i.e. Cloud-Based will boost the Hospitality Accounting Software market. Considering Market by Accounting Software Type, the sub-segment i.e. Spreadsheets will boost the Hospitality Accounting Software market.
Latest Market Insights:
In April 2019, Infor acquired Efficient Frontiers, Inc. dba ReServe Interactive. This acquisition is aimed to help Infor expand its presence in stadiums, entertainment centers, convention centers and others. The company uses the ReServe’s cloud-based platform to offer advanced functionalities via Infor CloudSuite hospitality
What Can be Explored with the Hospitality Accounting Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Hospitality Accounting Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Hospitality Accounting Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Hospitality Accounting Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Hospitality Accounting Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Hospitality Accounting Software Providers, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors, End Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.