According to the new research report published by The Insight Partners, titled “Financial Accounting Software Market– Global Analysis and Forecasts to 2025”, the global financial accounting software market is expected to reach US$ 10,370.1 Mn by 2025, registering a CAGR of 11.7 % during the forecast period 2018-2025.

The rapid expansion of cloud-based services later on paved the way for development of a highly dynamic and competitive software industry. Advent of cloud in the financial accounting software changed the business dynamics as the SMEs showed high interest in the implementations of these software owing to the cost saving achieved with the cloud based model. Other factors such as high availability, and reforming customer expectations around the world impact the adoptions of the financial accounting software globally. These factors have propelled accelerated product innovations and enhancements in the recent times. Among the cloud-based accounting software providers, free business models as well as micro-job solutions are gaining higher prominence by the end-user sectors.

The global financial accounting software market has been segmented on the basis of deployment, application, and enterprise size. On the basis of deployment, the market has been bifurcated into on-premise, and cloud. The financial accounting software find its applications into various business functions that from the basis of segmentation by application. The financial accounting software applications are many, and therefore the market has been segmented into payroll management systems, billing & invoice system, enterprise resource planning systems, time & expense management systems, and others. On the basis of enterprise size, the financial accounting software market has been segmented into SME and large enterprise.

Key findings of the study:

In 2017, APAC is expected to be the fastest growing region in the integrations of financial accounting software. The major reason for this is the presence of a huge number of companies coupled with some favorable Government policies encouraging the setup of businesses in the region. Also, the availability of abundant human resource at inexpensive rates has lured business across different sectors to explore the APAC region and reap maximum benefits. India, China, are some of the important countries in Asia that comprise of large manufacturing plants. Geographically, North America will have the largest share in the financial accounting software market by 2025.

North America and Europe together contributed to the largest share of market revenue which accounted for more than 75% of overall market.

The global financial accounting software market by application was led by payroll management system segment in the year 2017 and is anticipated to continue its dominance during the forecast period. Payroll management system is a process of managing employees financial records comprising of wages, bonuses, salaries, net pay, and deductions. These operations play a significant role in the growth of the companies, thus, the increase in need and demand for payroll management system is expected to flourish the global market in near future.

The key companies profiled in this report include Microsoft Corporation, Oracle Corporation, FreshBooks, Inc., Infor, Intuit Inc., LucaNet AG, Xero Limited, The Sage Group plc, Wave Financial Inc., and Zoho Corporation.

 

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