Global Online Bookkeeping Software Market Is Expected to Reach USD 1,234.92 million by 2026

As per the report published by Fior Markets, the global online bookkeeping software market is expected to grow from USD 653.84 million in 2017 to USD 1,234.92 million by 2026 at a CAGR of 8.27% during the forecast period 2019-2026.

Online bookkeeping software helps to increase the efficiency, as they keep track of all financial related information and manage money flowing from in and out of business. Manual account bookkeeping processes involve making a lot of mathematical calculations by hand and resulted into incorrect calculations. An incorrect calculation early on in the in the process could have a great impact on the end balance and might hamper the business profit. Therefore, online bookkeeping software provides timely accurate financials, which further increases the overall efficiency of business. In addition to this, this software allows businesses to process their accounts with greater speed than manual processing. The benefit from speed and efficiency offered by online bookkeeping software, further helps the companies to boost the profit and gain the competitive advantage in the market.

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Online bookkeeping software helps to manage bookkeeping, payroll, expenses, track expenses, send invoices and estimates, monitor cash flow, and all other financial records in the organizations. This software also help in separating taxable and non-taxable income. Apart from taxes and legal requirements, bookkeeping software measures business' progress and growth.

Global online bookkeeping software market is expected to witness rapid growth over the forecast period, owing to increased efficiency offered by online bookkeeping software. However, security concerns with cloud-based online bookkeeping software is anticipated to hinder the market growth over the forecast period. New technologies including big data business intelligence, analytics and the Internet of things (IoT), likely to provide growth opportunities for the online bookkeeping market in the upcoming years.

Key players operating in the global online bookkeeping software market includeNeat, Fresh Books, Accountz.com, Less Accounting, TaxSlayer LLC, AvanSaber Technologies, Pandle,Hubdoc Inc. (Subsidiary of XERO), Receipt Bank, BOTKEEPER, Wave Financial Inc., and Intuit Inc.among others. The online bookkeeping market is quite fragmented with the presence of numerous small and big players in the market. The companies are adopting different key strategies to gain the major market share and competitive advantage in the market. Strategies such as new product development, merger and acquisition, geographical expansion, and fund raising for the new development have been adopted by key vendors in the market.

For instance, November 5, 2018- Botkeeper, a new-age bookkeeping solution, has announced a partnership with Jody Padar, CPA, MST, the principal of New Vision CPA Group
November 2018, AI bookkeeping startupBotkeeper, announced the fund raising of USD 18 million, to grow across engineering, sales, and marketing.
July 2018, Xero, an online accounting software firm announced the acquisitions of Hubdoc, to expand the product offerings.
4, 2019- TaxSlayer and MundoHispanico.com announced the arrival of TaxSlayer Latino, making the highest rated online tax preparation technology for ease of use available in Spanish.
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The on-premises segment dominates in the market and valued at USD 382.40 million in 2018

Type segment includes cloud and on premise. The on-premises segment dominates in the market and valued at USD 382.40 million in 2018. On premise based online bookkeeping software stored data on a local server that people within the organization can access and manipulate. Some of the benefits of on premise online bookkeeping software are data security, customization and control of systems, no monthly license fees, etc. over the cloud based software.

The Large Enterprises held the largest market share of 66.05% in 2018

Application segment classified into small and medium enterprises (SMEs) and large enterprises. The Large Enterprises held the largest market share of 66.05% in 2018. Online bookkeeping software is transforming all accounting related tasks in the large enterprises. In the large enterprises, there is growing need to increase the efficiency and accuracy of accounting, and automate and streamline the business processes to gain the competitive advantage in the market.

RegionalSegment Analysis of the online bookkeeping software Market

North America (U.S. , Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
The market has been divided into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America held a major share of 37.38% in the global online bookkeeping software market. U.S. is the major revenue contributor in the North America online bookkeeping software market, with the rising use ofonline bookkeeping software in the large enterprise. In addition to this, presence of key established players in the region further fuelling the growth of market in this region. In the Asia Pacific region, countries like China and India have huge growth potential in theonline bookkeeping software market. This is mainly due to rapid digitalization in developing economies in the region such as China, Japan, and South Korea. Increasing IT spending and rising awareness about the benefits of online bookkeeping software as compared to paper-based accounting systems, is fuelling the adoption of software in Asia Pacific regions. For instance, according to the India Brand Equity Foundation, spending on IT in India is growing over 9% year on year growth rate and valued at USD 87.1 billion in 2018. Furthermore, the small and medium size businesses in the developing countries are rapidly adopting to the online bookkeeping software to automate the all account related task, further propelling the growth of market in the Asia Pacific region.

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About the report:

The global online bookkeeping software market is analysed on the basis of value (USD Million).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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