The Cloud Accounting Technology market size is expected to grow at a Compound Annual Growth Rate (CAGR) of +7% during the forecast period.
One of the biggest changes is the cloud-based offering of accounting software solutions. A recent survey indicates that among the enterprises planning to opt for enterprise resource planning solutions, more than 50% of them are expected to choose cloud as their deployment mode. Agility, lower startup cost, and faster deployment are the major benefits of cloud-based solutions.
Cloud accounting services, both online accessible and via software, are becoming lucrative options for small and medium business owners, as cloud-based offerings address the typical problems related to traditional accounting software. Single user access has been ineffective, when it comes to sharing access to financial and customer details within a team. In addition, customer support for a specific accounting software product is very slow and this affects the accounting requirements of companies.
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The Global Cloud Accounting Technology Market is characterized by the presence of a large number of global, regional, and local players and is highly-competitive. These international players are increasingly focusing on expanding their geographical presence and they have huge production facilities located across the world. Several vendors are increasingly competing against each other based on factors such as innovations, price, and quality of the product. Vendors with better financial and technological other resources can withstand changes in different market conditions when compared to their competitors.
The key players in this market include: Intuit Inc., Sage Software Inc., SAP SE, Oracle Corporation (NetSuite), Microsoft Corporation, Infor Inc., Epicor Software Corporation, Unit4 Business Software Limited, Xero Ltd., Red Wing Software, Acumatica Inc., Open Systems Inc., Zoho Corp, MYOB Ltd., Acclivity Group LLC, Yonyou Network Technology Co. Ltd., Deltek Inc., and Syspro Impact Software, Inc., among others
The growth of the Asia-Pacific business accounting software market can be attributed to factors, such as rising penetration of business accounting mobile applications and higher adoption of modern technologies in the region. Moreover, factors, such as the emergence of small businesses and growing investment in the business sector are likely to bolster the growth of the market. In India, where the country has switched to a GST scheme since July 2017, the demand for accounting software is expected to increase.
On the basis of product, the Cloud Accounting Software market is primarily split into Browser-based-
- Application Service Providers (ASPs)
On the basis on the end users/Application, this report covers-
- Large Enterprises
- Other Users
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This report will endow both settled firms and new entrants/smaller firms to determine the pulse of the market, which consecutively helps firms to collect a greater market share. Companies purchasing this report could use any or all of the below mentioned five strategies to strengthen their market share
- a) Market penetration-In depth data on the products and services offered by top players in the Financial Wellness Program market. The report analyzes the Cloud Accounting Technology market by products, application, end user and region.
- b) Product development/innovation- Intricate insights on upcoming technologies, research and development activities, and new product launches in the Cloud Accounting Technology market.
- c) Market development-Comprehensive information about lucrative emerging markets. The report analyzes the markets for Cloud Accounting Technology across various regions.
- d) Market diversification-Exhaustive information about new products, untapped regions, recent developments, and investments in the Cloud Accounting Technology market.
- e) Competitive assessment- In depth evaluation of market shares, strategies, products and distribution networks of the leading players in the Cloud Accounting Technology market.
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