03-14-2019 07:26 AM CET - Business, Economy, Finances, Banking & Insurance

Accounting Software Market is estimated to grow at a CAGR of 7.1% during 2018 to 2023 | Vital Players are Sage Group Plc., Oracle (NetSuite), Zeta Software LLC, Workday, Inc., Microsoft Corporation, Infor, Inc., SAP SE, Xero Ltd.

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Accounting Software Market Size and Growth Rate:
Accounting Software Market was valued at USD 11230 Million in 2017 and projected to reach USD 16950 Million by 2023 growing at a CAGR of 7.1% during the forecast period 2018 to 2023.

Accounting Software Market Overview:
Accounting Software is a software application that processes and records business transactions in functional modules such as accounts receivable, accounts payable, trial balance and general ledger. This software can be developed internally by organizations that wish to use it or purchased from third party software suppliers. The software can be cloud-based, accessible at any time from any device connected to the Internet or implemented on a desktop computer.

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Accounting Software Market Growth Drivers and Restraints:
The growing demand for SaaS models is expected to boost the accounting software market during the forecast period. The SaaS model eliminates the need to manually update the system because it is compatible with the suppliers themselves. For example, the software is ideal for companies with distributed business operations. Users of the remote system or the supply chain of the associated system can connect to the system securely, regardless of where they access the Internet. In addition, SaaS technology helps consolidate several accounting solutions in a single package. In addition, in the SaaS model, the provider distributes the high costs of hardware, software and data centre operations among customers, allowing them to benefit from a high-level infrastructure at a fraction of the original cost. There is no significant long-term investment or commitment. The subscription model minimizes the need for a long and exhaustive search and evaluation process of the system. This is a key factor that should drive the accounting software market during the forecast period.

Geographic Insights of Accounting Software Market:
The growth of the accounting software market in Asia Pacific can be attributed to factors such as the growing penetration of mobile business accounting applications and the increased adoption of modern technologies in the region. In addition, factors such as the emergence of small businesses and the growth of investment in the business sector are likely to support market growth. In India, where the country has adopted a GST system since July 2017, the demand for accounting software is expected to increase. In addition, the growing deployment of cloud technology in the region is expected to boost the regional market.

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Key Market Players of Accounting Software Market:
Sage Group Plc., Oracle (NetSuite), Zeta Software LLC, Workday, Inc., Microsoft Corporation, Infor, Inc., Intuit Inc., SAP SE, Xero Ltd., Epicor Software Corporation, Zoho Corporation, Red Wing Software Inc., AccountMate Software Corporation, MRI Software, and Acumatica Inc. are the major players of the market.

Accounting Software Market Key Segmentation:

By Installation Type:
• On-Premise
 Database Accounting
 Installed Accounting
• Cloud-Based

By End-User Scale:
• Entry and Micro Businesses
• Small and Medium Businesses
• Enterprises

By Region:
• North America
• South America
• Europe
• Asia Pacific
• Middle East and Africa

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About Us:
Research Cosmos is a provider of standard and customized market research, business intelligence and consulting services across more than 100 domains in different industries of the world. We host the trending market reports of the world’s top-notch publishing companies, offering services to a wide range of customers from students to fortune 500 companies and discloses the hidden opportunities in every leading industry of the world.

Kevin Stewart
Global Sales Manager
Research Cosmos
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