Global Accounting application Market Overview:
An accounting application is a software program that captures and records all accounting transactions. An accounting application is run on a locally managed set of hardware and networking equipment or believe the expertise of a third-party-managed cloud-based infrastructure. Accounting and finance software is used to process and record all the financial transactions within the modules such as accounts payable, accounts receivable, payroll, and trial balance. It is an essential part of any enterprise system. It also keeps track of transactions, cash flows, performs calculations and generates dashboards and reports. Accounting software should automate labor-intensive accounting tasks, accelerate tax preparation, and reduce the risk of human error in the workplace. Large and small & medium enterprises highly adopting accounting software in order to monitor financial transactions.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
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 |
Influencing Trend:
The Trend of Designing Industry-Specific Accounting Systems and Cloud-Based Accounting Services for Start-Ups and Small- Sized Businesses
Market Growth Drivers:
Increasingly Adopting Cloud-Based and Accounting Software as It Reduces the Process Time and Growing Demand from Large and Medium Financial Institutions
Challenges:
Scalability and Customization and Lack of Expertise and Awareness
Restraints:
Expensive, High Costs for Maintenance, Lack of Integrations and Data Security and Privacy Concern
Opportunities:
Workflow Automation and Deployment in the Cloud-based Software and Technological Advancements such as Machine Learning and AI
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 (United States), Oracle (NetSuite) (United States), SAP (Germany), Infor (United States), Microsoft Corporation (United States), Certify Inc. (United States), Sage Group (United States), Acumatica, Inc. (United States), Epicor Software Corporation (United States) and Financial Force (United States). Additionally, following companies can also be profiled that are part of our coverage like Xero Limited (Australia), FreshBooks Cloud Accounting (United States), Receipt Bank (United Kingdom), Coupa Software (United States), Zeta Software LLC (United Kingdom), Wave Accounting (Canada), Tradeshift (United States), Webgility (United States), AccountingSuite (United States) and SellerCloud (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Accounting application market by 2028. Considering Market by Deployment Mode, the sub-segment i.e. Cloud-Based will boost the Accounting application market. Considering Market by Industry Vertical, the sub-segment i.e. Banking Financial Services and Insurance will boost the Accounting application market.
Latest Market Insights:
In February 2020, financial and accounting software provider Intuit Inc. has announced that it will acquire personal finance company Credit Karma. Through the acquisition, Intuit will be able to tap into Credit Karma's vast data to offer in-depth financial recommendations to customers.
On August 17, 2022 – Certinia, the leading provider of customer-centric business applications finance, services, and customer success teams, announced the general availability of its Summer 2022 Release. The new release introduces Certinia’s Services-as-a-Business (SaaB) approach that brings together key capabilities for running any services business efficiently and effectively.
What Can be Explored with the Accounting application Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Accounting application Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Accounting application
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 Accounting application 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 Accounting application 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 Accounting Software Vendors, Software Developers, Government and Public Organization, Financial Institutions, Venture Capitalists, End-Use Industries 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.