Accounting Software Market COVID-19 Impact on Key Players, Industry Share and Growth Outlook

(The Express Wire via Comtex)

The rapid shift from the traditional way of managing financial records to adopting an accounting information system is the key trend in the global Accounting SoftwareMarket. Fortune Business Insights in a recent report published the above information. The growing demand for computerized accounting across different end-use industries is surging the adoption of accounting software. The report mentions that the overallaccounting softwaremarket is expected to grow from USD 11,071.6 Million in 2018 to USD 20,408 Million by 2026 at a CAGR of 8.02% during the forecast period.

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List of Top Key Players Mentioned:

  • Oracle
  • Sage Group Plc.
  • Workday
  • Zeta Software LLC
  • Infor
  • Microsoft Corporation
  • SAP SE
  • Intuit Inc.
  • Epicor Software Corporation
  • Xero Ltd.
  • Red Wing Software Inc.
  • Zoho Corporation

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

“RMS Joins Hands with M3 to Offer the Best Hotel Management Solutions”

Several MNCs are either partnering or acquiring small or mid-scale companies to sustain in the market. Some of the developments initiated by companies are mentioned below:

  • 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.
  • In the same year and month, Xero announced the launch of a new subscription plan. This plan called “Payroll Only Subscription” helps small companies with processes such as Single Touch Payroll (STP).
  • In April 2019, RMS partnered with a leading cloud-based financial platform called M3 to help its clients offer the best hotel management solutions.
  • An accounting software provider called FreeAgent was acquired by Starling Bank to automate their tax and accounting management.

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Accounting Software Market Segmentation:

  1. By Component
    • Software
    • Services
  2. By Enterprise Size
    • Large
    • Small and Medium
  3. By Type
    • Spreadsheets
    • ERP
    • Custom Accounting Software
    • Tax Management Software
  4. By End-use Industry
    • BFSI
    • IT and Telecommunication
    • Government and Public Sector
    • Automotive
    • Retail and Consumer Goods
    • Oil and Gas
    • Others
  5. By Geography

“Rising Adoption of Technologically Driven Solutions in North America Propels Growth”

In 2018, the market in North America was worth USD 3,759.4 Mn. The region is expected to lead in the global accounting software market through the forecast period. The U.S. government is increasingly spending on installing accounting software systems in private and public organizations. This, coupled with the strong presence of players in the U.S., is expected to create growth opportunities for the market in the forthcoming years.

The rising adoption of modern technologies in Asia Pacific is driving the market. The penetration of business accounting apps is growing, which is enabling growth in the global market. The region is expected to register strong demand for enterprise relationship planning software to manage spreadsheets and understand tax management better. Moreover, the market generated a value of USD 2635.9 Mn in the year 2018.

“Demand for Custom Accounting Software Stimulated Growth in the Market”

A lead analyst at Fortune Business Insights said, “Preference towards new and advanced accounting software is increasing than conventional software as they have become obsolete.” He added, “Conventional accounting software lacked technological competitiveness, which creates an environment for expansion and upgradation of the accounting software market.” Accounting software helps to manage payroll and performs several other functions, saves time and money, and provides key insights to understand the business better. Over the forthcoming years, the user-interface of accounting software is expected to be more engaging to meet customer requirements.

Accounting software helps to increase efficiency as it has the ability to manage account receivables, account payables, and general ledger among others. Accounting calculations are complex and tedious, which compels businesses to purchase this software and perform calculations accurately without the use of manpower. Considering these factors, small businesses find it necessary to deploy accounting software.

With the emergence of advanced technology, the demand for cloud-based accounting software is expected to increase by 2026. This accounting software is enabled with cloud-based technology, which helps organizations to easily create reports and dashboards. In addition to this, it helps to effectively manage comprehensive financial reporting and analysis. These factors are positively impacting the market, which in turn, is resulting in rising adoption of accounting software.

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Major Table of Contents:

  1. Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology and Assumptions
  2. Executive Summary
  3. Market Dynamics
    • Drivers, Restraints and Opportunities
    • Emerging Trends of Market
  4. Key Insights
    • Macro and Micro Economic Factors
    • Key Technological Developments
    • Porter’s Five Forces Analysis
    • Industry SWOT Analysis
  5. Global Accounting Software Market Analysis, Insights and Forecast, 2015-2025
    • Key Findings / Summary
    • Market Sizing Estimations and Forecasts By Component (USD Mn)
      • Software
        • Cloud
        • On-premise
      • Services
        • Managed
        • Professional
      • Market Sizing Estimations and Forecasts By Enterprise Size (USD Mn)
        • Large
        • Small and Medium Enterprises
      • Market Sizing Estimations and Forecasts By Type (USD Mn)
        • Spreadsheets
        • ERP
        • Custom Accounting Software
        • Tax Management Software
      • Market Sizing Estimations and Forecasts By End-use Industry (USD Mn)
        • Banking Financial Services and Insurance (BFSI)
        • IT and Telecommunication
        • Government and Public Sector
        • Automotive
        • Retail and Consumer Goods
        • Oil and Gas
        • Manufacturing
        • Healthcare
        • Construction and Real Estate
        • Others (Education, Media and Entertainment etc.)
      • Market Analysis, Insights and Forecast By Geography (USD Mn)

TOC Continued…!

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Press Release Distributed by The Express Wire

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