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Accounting Software Market Size Surges Amidst Growing Demand for Streamlined Financial Operations and Compliance Management
Accounting Software Market Report
Increase in trend of automation is encouraging the creation and usage of innovative technologies, which resulted in rapid demand for accounting software to streamline the business process. Furthermore, the advancements in industrial-grade digital technology, major inclination toward cloud-based accounting software, and rise in need for improved tax planning and financial management method majorly contribute toward the growth of the market. Moreover, businesses are shifting towards the digitalization and increasing implementation of Industry 4.0 to cope with ongoing tough business competition, which creates the need for seamless solution and platform to meet the businesses requirements, thus boosting the adoption of accounting software in various sectors rapidly.
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On the basis of organization size, the large enterprises dominated the overall accounting software industry in 2020 and is expected to continue this trend during the forecast period. This is due to an increase in the adoption of accounting software in large enterprises to operate a lean accounting and tax filling service boosts the market growth. Moreover, as organizations expand, this balancing act becomes even more difficult. Furthermore, large enterprises are integrating their large volume of data in the cloud to augment their speed, accuracy, and value chain scalability, which is opportunistic for the market. Easy accessibility and greater control of accounting software over cloud deployment are also anticipated to boost the adoption of cloud-based accounting software in large enterprises.
However, the SME's is expected to witness the highest accounting software market growth in the upcoming year. Owing to increase in number of SMEs in the developing economies in Asia-Pacific, including China, Japan, and India. The adoption of accounting software is expected to increase to optimize the business capabilities of SMEs. Moreover, continuous rise in number of government initiatives through various digital SME campaigns throughout the world fuels the growth of the market.
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Depending on industry vertical, the IT & telecom industry dominated the growth in 2020 and is expected to continue this trend during the forecast period. This is due to increase in use of mobile devices among individuals, thus provides numerous opportunities to the industry. Furthermore, the accounting process moves towards the digitization and technology initiatives motivated by the global pandemic, the need for business agility, which provides lucrative growth opportunities for the market in this vertical.
However, healthcare industry is expected to witness the highest growth in the upcoming year. This is due to an increase in adoption of accounting software in healthcare industry to empower faster and more convenient accounting management and tax planning within medical practitioner with their medical attendant. Accounting software is gaining popularity in the healthcare sector, owing to enhanced end to end security with patient data, cost benefits, and improved connectivity benefits that it offers to users. In addition, increase in digitalization and better graphical user interaction further boost the demand for accounting software in the healthcare industry.
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This report gives an in-depth profile of some key market players in the accounting software market, include Infor Inc., Intuit, Inc., Microsoft Corporation, Oracle Corporation, Sage Group Plc., SAP SE, Thomson Reuters, Xero Ltd., Zeta Software LLC, and Zoho Corporation. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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