About Cloud Accounting Software
Cloud accounting software is a type of application software that records and processes accounting transaction within a functional module such as journal, account receivable, account payable, general ledger, payroll, and trial balance. Cloud software is a platform that allows accessing data with an internet connection. Cloud provides constant access in any location, any time. The market for cloud accounting software is expected to witness a high growth in the near future owing to increasing demand for smart technological solutions in the accounting software and rising use of big data and analytics.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 10.56% |
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 Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Cloud Accounting Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Intuit Inc. (United States), Sage Group Plc. (United Kingdom), Microsoft Corporation (United States), SAP (Germany), Epicor Software Corporation (United States), Oracle (NetSuite) (United States), Xero Ltd (New Zealand) and Infor (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Workday, Unit4, Yonyou, Kingdee, Acclivity, FreshBooks, Zoho, Assit Cornerstone, MEGI, Reckon, KashFlow, Dropbox, Carbonite, Apptivo, FinancialForce and Wave Accounting Inc..
Segmentation Overview
AMA Research has segmented the market of Global Cloud Accounting Software market by Type (Browser-based, SaaS and Application Service Providers (ASPs)), Application (SMEs, Large Enterprises and Other Users) and Region.
On the basis of geography, the market of Cloud Accounting Software has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use Industry , the sub-segment i.e. BFSI will boost the Cloud Accounting Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Marketing Channel, the sub-segment i.e. Direct Marketing will boost the Cloud Accounting Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Need to Manage Documents and Ensure Security of Sensitive Information
Market Growth Drivers:
Rise in Cloud Accounting Software Owing to the Host of Benefits that it offers, Increase Adoption of Cloud-based Applications and Ease of Integration with Existing Software Platforms
Challenges:
Lack of Skilled Workforce
Restraints:
Security Threats like Data Hacking, Related to Cloud-Based Accounting Software
Opportunities:
Increase in Use of Web-Based Interface
Market Leaders and their expansionary development strategies
In February 2024, Xero entered a strategic partnership with financial platform developer BILL that will allow its customers to make bill payments in the U.S. Our partnership with BILL further strengthens Xero's U.S. offering and illustrates our commitment to delivering a winning solution for our customers and driving deeper customer engagement
In March 2024, Wolters Kluwer Tax & Accounting (TAA) has launched CCH iFirm®, its award-winning cloud-based practice management and compliance software platform, in the U.K. The integrated and scalable platform is designed to help make tax and accountancy practices more efficient and productive.
Key Target Audience
Association & Industrial Bodies, Software Provider, Professional Service Provider, Government & Research Organization, IT Companies, Cloud Service Providers, System Integrators, Reseller & Distributors and Investor & Venture Capitalist
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.