Published on : Apr 07, 2017
Albany, New York, April 07, 2017: The report, titled “Global Business Accounting Software Market 2017-2021,” states that the market will exhibit a promising 6% CAGR over the period between 2017 and 2021. One of the key factors expected to drive the market over the said period is the rising global demand for automation and modernization of finance-related operations in large and small businesses.
Owing to features such as asset management, workflow streamlining, reporting, and budgeting, especially for complex and large accounting functions, business accounting software are witnessing an increased rise in deployment. Business accounting software also offer framework for aligning marketing objectives across a number of business functions, units, or product lines, thus allowing connected operations for better results.
The emergence of mobile applications for business accounting is one of the key trends witnessed in the global market. Despite the vast growth potential of mobile business accounting applications, the market faces challenges in the form of the decision regarding the right platform for specific business needs and the low availability of applications on the Mac platform as compared to that on the Android platform.
The report segments the market on the basis of deployment into cloud-based deployment and on-premise deployment. Of these, the segment of on-premise deployment accounted for the dominant share in revenue of the global market in 2016.
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From a geographical perspective, the market for business accounting software has been examined in the report for regions such as Americas (North America and South America), APAC (Asia Pacific), and EMEA (Europe, Middle East, and Africa).
Of these, the market in Americas held the dominant share in the global market in 2016. The region has a huge demand for cloud-based business accounting applications and services owing to the presence of the most number of financial institutes across the globe. The increasing user-base of enterprise applications and data also heightens the growth prospects of the Americas business accounting software market. Moreover, the Americas also features advanced infrastructure for effectual and faster transmission of data, facilitating the easy implementation of business accounting software.
The market features a highly fragmented competitive landscape owing to the presence of a large number of multinational and niche regional vendors. The level of competition is expected to become further intense in the next few years with the rise in demand across industries such as retail manufacturing, banking, and construction. Companies are expected to resort to the development of customized solutions to stay ahead of competition.
Some of the leading players in the market are Acclivity Group, FreshBooks, Intuit, Intacct, Oracle, Microsoft, Red Wing Software, Sage Group, Xero, Zoho, SAP, Deltek, Wave Accounting, Yendom, FinancialForce.com, and Xpenditure.
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