Hospitality Accounting Software Market Outlook 2021: Big Things are Happening
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Hospitality Accounting Software helps a large number of people who are owning a large share of food chains, with large client turnover rates, a lot of data is collected by the hospitality industry, including hotels and restaurants. In addition to traditional accounting features, applications specially developed for hotels and restaurants can receive and process reservations and provide other functionality that handles daily activities, such as staff management, food cost management, and billing guests based on room costs and related facilities. Thus making an urgent need for use of this software, hence enhancing the need for hospitality accounting software.
The market study is being classified by Type (Billing and Invoicing Systems, Payroll Management Systems, Enterprise Resource Planning Systems and Time and Expense Management Systems), by Application (Small and Medium Enterprises (SMEs) and Large Enterprises) and major geographies with country level break-up.
Intuit Inc. (United States), Sage Software Inc. (United States), SAP SE (Germany), Oracle Corporation (United States), Microsoft Corporation (United States), Infor Inc. (United States), Horizon Technology Solutions (India), Zoho Corp (India), FreshBooks (Canada), NetSuite (United States) and Deltek (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Epicor Software Corporation (United States), Unit4 Business Software Limited (Belgium), Xero Ltd (New Zealand), Red Wing Software Inc. (United States) and Open Systems Inc. (United States).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Hospitality Accounting Software market throughout the predicted period.
HTF MI has segmented the market of Global Hospitality Accounting Software market by Type, Application and Region.
On the basis of geography, the market of Hospitality Accounting Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Increased Efficiency with the use of Hospitality Accounting Software
Increasing Restaurant and Hotel Chains Across the World
Increase Demand for Cloud-Based Accounting Software
Users Prefer Cloud-Based Systems to On-Premise
Data Security Issues May Restraint the Growth of the Market
High Initial Cost of this Software
Indeed the growth of the Food Supply Chain in this Pandemic Times has created a Boom for this Market
Lack of Knowledge about this Software
Lack of Integration
Market Leaders and their expansionary development strategies
In April 2019, Infor acquired Efficient Frontiers, Inc. dba ReServe Interactive. This acquisition is aimed to help Infor expand its presence in stadiums, entertainment centers, convention centers and others. The company uses the ReServe’s cloud-based platform to offer advanced functionalities via Infor CloudSuite hospitality
Key Target Audience
Hospitality Accounting Software Providers, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors, End Users and Others
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Strategic Points Covered in Table of Content of Hospitality Accounting Software Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Hospitality Accounting Softwaremarket. (Introduction, Scope of the Report)Chapter 2: Exclusive Summary – the basic information of the Hospitality Accounting Software Market. (Introduction)
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