Financial Accounting Software Market to Reach US$ 10.37 Billion at CAGR of 11.7% by 2025

Financial Accounting Software Market to 2025 - Global Analysis and Forecasts by Deployment (On-premise, and Cloud); Application (Payroll Management Systems, Billing & Invoice System, Enterprise Resource Planning Systems, and Time & Expense Management Systems); and Enterprise Size (SME and Large Enterprise)

Publication Month : Dec 2018

  • Report Code : TIPTE00002590
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 154
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The global financial accounting software market accounted to US$ 4.35 Bn in 2017 and is expected to grow at a CAGR of 11.7% during the forecast period 2018 – 2025, to account to US$ 10.37 Bn by 2025.


North America was the leading geographic market and it is anticipated to be the highest revenue contributor throughout the forecast period. Rapid technological developments, numerous investments and supportive Government policies in the western part of the world have favored the dominance of North America in the financial accounting software market

Lucrative Regional Financial Accounting Software Markets

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Market Insights

Gaining prominence of the cloud based accounting software

The cloud based model empowers an organization to go for a pay-as-you-go model that could considerably reduce the amount of up-front fees. The fees charged by the vendor is proportional with the usage of the applications and would increase with the increase in its usage. Still, the fee would always be lesser when compared to the installed infrastructure on-premise model. Additionally, the concerns about the maintenance, servicing and other repairing or downtime due to failure is totally eliminated in this model. Based on the kind of application deployed, the fee may be significant if multiple integrations are required and data transfers from old legacy based systems is required for a smoother transition.

Growing demands for an efficient yet cost-effective solution for managing accounting related tasks

Financial accounting software enables automation of systematic operations to record the accounting data, measure its indicators, and report the financial activities of the company. The software is extremely vital tool for the accountants as it significantly reduces the paperwork for the accountants and brings in cost-effectiveness for the user of the software. In any business setup, where the financial accounting software has been implemented, critical bottlenecks in the accounting operations such as inaccurate audit information, or noncompliance with internal as well as legal standards and their requirements. Accounting software is always therefore viewed as an asset that cuts costs, and drives productivity.

As the conventional bookkeeping systems have been tedious for the individuals to maintain and timely notify the management regarding the drafting of tax reports, the need for a more effective solution to this problem had become much more imminent. The usage of financial accounting software eliminates the need for any human based dependence and thereby ensures in-time tax-friendly reports.

Segment by Application Insights

Globally, businesses are growing at a fastest rate which create a need for several software solutions in order to ease several business operations. Efficiently managed accounting system is important for any business to make the accounting process faster and smoother. On the basis of application, global financial accounting software market in divided into payroll management system, billing & invoice system, enterprise resource planning system, and time & expense management systems including others. The major features of billing and invoice system are creating customer records, predefined communication templates, currency setting, and invoice, payment, & tax report. The implementation of this system enables reduction in late payments, minimize missed payments, and maintain a professional image.

Segment By Enterprise Size Insights

Currently, financial accounting software is a crucial part of any enterprise system for payroll management, cash management, tax management, inter-company accounting, and currency management including many others. These software provides organizations with improved optimization, speed, business reliability, and sustainability. On the basis of enterprise size, global financial accounting software market is categorized into small & medium enterprise (SME) and large enterprise. The global financial accounting software market by enterprise size was led by the SME segment in the year 2017 and is anticipated to continue its dominance during the forecast period by the year 2025.

 Rest of APAC Financial Accounting Software Market by Application

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Financial Accounting Software Market: Strategic Insights

financial-accounting-software-market
Market Size Value inUS$ 4.35 Billion in 2017
Market Size Value byUS$ 10.37 Billion by 2025
Growth rateCAGR of 11.7% from 2018-2025
Forecast Period2018-2025
Base Year2018
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New market initiatives was observed as the most adopted strategy in global financial accounting software market. Few of the recent market initiatives are listed below:

2018:Microsoft and Blackbaud announced a joint investment in Integrated Cloud Initiative for Nonprofits, which will help in accelerating innovation of cloud in the areas that address critical market needs across the mission lifecycle.
2018:Leading provider of equipment, technology and services to the global oil and gas industry National Oilwell Varco and Microsoft Corp. announced an agreement to collaborate on digitally enhancing NOV’s sales platform and field service operations to deliver premier experiences by leveraging Microsoft Dynamics 365 to streamline business processes, access real-time data and insights, and revolutionize field service operations with a digital, mobile-first approach.
2018:Walmart and Microsoft announced a strategic partnership to empower Walmart’s digital transformation in retail. Walmart chose Microsoft as its strategic cloud provider tapping into the full range of Microsoft’s cloud solutions.

GLOBAL FINANCIAL ACCOUNTING SOFTWARE – MARKET SEGMENTATION

Global Financial Accounting Software Market – By Deployment

  • On-premise
  • Cloud

Global Financial Accounting Software Market – By Application

  • Payroll Management Systems
  • Billing & Invoice System
  • Enterprise Resource Planning Systems
  • Time & Expense Management Systems
  • Others

Global Financial Accounting Software Market – By Enterprise size

  • SME
  • Large Enterprise

Global Financial Accounting Software Market – By Geography

  • North America

    • U.S.
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • Russia
    • UK
    • Rest of Europe
  • Asia Pacific (APAC)

    • South Korea
    • China
    • India
    • Australia
    • Japan
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)

    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America

    • Brazil
    • Argentina
    • Rest of South America (SAM)

Financial Accounting Software Market - Company Profiles

  • Microsoft Corporation
  • Oracle Corporation
  • FreshBooks, Inc.
  • Infor
  • INTUIT, INC.
  • LucaNet AG
  • Xero Limited
  • The Sage Group plc
  • Wave Financial Inc.
  • Zoho Corporation
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Deployment ; Application ; and Enterprise Size

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

1. MICROSOFT CORPORATION (MICROSOFT DYNAMICS)
2. ORACLE (HYPERION)
3. FRESHBOOKS, INC.
4. INFOR (INFOR CPM)
5. INTUIT, INC. (QUICKBOOKS)
6. LUCANET AG (LUCANET.FINANCIAL CONSOLIDATION)
7. ONESTREAM SOFTWARE LLC
8. IBM(COGNOS)
9. THE SAGE GROUP PLC (SAGE INTACCT)
10. WAVE FINANCIAL INC.
11. XERO LIMITED
12. ZOHO CORPORATION

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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