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Business Accounting Software Market: Recent Industry Developments And Growth Strategies Adopted By P
Business accounting software is application software that processes and records the enterprise accounting transactions in functional modules such as payroll, accounts receivable, accounts payable, trial balance, and general ledger. These software can either be developed in-house by the organizations who want to use it, or can be purchased from third party software providers. The software may be cloud based that can be accessed anywhere on any device connected to internet, at any time, or it may be deployed on desktop. It varies greatly in terms of its cost and complexity.
Growing demand for advanced automated finance processes is one of the major reasons propelling the growth of the business accounting software market. Enormous amount of data from sources such as online bank transactions, loan applications, social media, in-stores, and online sales need to be collected and analyzed to gain meaningful operational insights.
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The trend of adoption of big data analytic solutions by financial organizations is also seen in the market. Big data solutions such as Amazon Kinesis and Amazon Redshift when integrated with business accounting software help organizations to improve the data management processes. It also helps companies to analyze the data more efficiently. The advancements in big data and analytics technologies has made it easy for organizations to transform unstructured data into meaningful and structured data.
Another major trend that has gained traction recently in the business accounting software market is the increasing demand for business accounting mobile applications. These applications can handle day-to-day accounting processes, such as accepting payments, sending invoices, tracking receipts, planning budgets, and logging expense.
The business accounting software market has been segmented based on component, end – users, and region. Based on component, the market is segmented into software and services. Software segment is further bifurcated on the basis of on-premise and cloud. Currently, on-premise software accounts for the larger share of the market, but significant growth is expected in cloud based software during the forecast period. Services segment is segmented further into operation and maintenance services, consulting services, and training services.
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The end-user segment in the business accounting software market includes large, small and medium enterprises. Large enterprises are estimated to have major share in the global business accounting software market, as they have to deal with large amount of accounting data, whereas rising awareness of accounting software among mid and small sized enterprises are further supporting the growth of SME’s in the market.
In terms of region, the global advanced process control software market is segmented into North America, South America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). Presently, North America is estimated to dominate the market in terms of its revenue contribution share followed by Europe. Moreover, North America also has a well-established infrastructure that enables higher penetration of business accounting software and ultimately provides enhanced operational processes. This is anticipated to be a major factor propelling the business accounting software market in the region. However, among all the regions, APAC is expected to create significant market opportunity for key players operating in the market due to growth in industrialization in this region during the forecast period.
The global business accounting software vendors in the market are increasingly focusing on the development and introduction of software that enables the optimization of accounting processes and require minimum labor attention. To achieve this aim, companies are increasing their R&D expenditure. Microsoft Corporation, Oracle Corporation, SAP SE, Sage Group, Zoho Corporation, etc. are some of the major players in the global business accounting software market. Business accounting software enterprises are also focusing on modifying their pricing models to strengthen their position in the global business accounting software market.