The "Accounting Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
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.
Sage Software Inc.
Epicor Software Corporation
Unit4 Business Software Limited
Red Wing Software Inc.
MYOB Group Pty Ltd
Saasu Pty Ltd
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.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
4.4 Technology Snapshot
4.5 Assessment of COVID-19 Impact on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Trend of Accounting Automation
5.2 Market Restraints
5.2.1 Lack of Awareness
6 MARKET SEGMENTATION
6.1 By Deployment Type
6.2 Organization Size
6.3.1 North America
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Intuit Inc.
7.1.2 Sage Software Inc.
7.1.3 SAP SE
7.1.4 Oracle Corporation
7.1.5 Microsoft Corporation
7.1.6 Infor Inc.
7.1.7 Epicor Software Corporation
7.1.8 Unit4 Business Software Limited
7.1.9 Xero Ltd
7.1.10 Zoho Corp
7.1.11 Red Wing Software Inc.
7.1.12 MYOB Group Pty Ltd
7.1.13 Reckon Ltd.
7.1.14 Saasu Pty Ltd
8 VENDOR MARKET SHARE ANALYSIS
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/2nsg16
View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005680/en/
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