According to a new market report published by Transparency Market Research, the global accounting software market was valued at US$ 5,715.9 Mnin 2017 and is expected to reach US$ 11,771.6 Mn by 2026, expanding at a CAGR of 8.6% from 2018 to 2026. According to the report, North America was a prominent contributor in terms of revenue to the global accounting software market in 2017. This is primarily due to the integration of accounting software with smartphones, tablets, and computers across the region.
Demand for compelling user-interfaces is driving the global accounting software market
Most accounting software/systems currently in use are becoming obsolete as they lack technological competitiveness, as compared to the new comprehensive models that possess the ability to take care of various operations simultaneously. This creates a favorable environment for the overall expansion of the accounting software market, in terms of an upgrade.
Accounting software tops at analyzing business practices, and it helps rapidly identify cash flows in an operation. It is a software that manages all financial transactions and has extensive data at its disposal in order to generate various reports. The reporting options are virtually unlimited, depending on the type of software that is used.
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Additionally, using accounting software also helps save money and time and offers valuable insights into the business. Furthermore, a significant expectation from accounting software presently is that the user-interface needs to be more engaging and is expected to provide a near consumer-like experience. This is a key factor that is anticipated to boost the accounting software market.
Accounting Software Market: Scope of the Report
The global market for accounting software can be segmented based on deployment, software type, application, enterprise size, industry, and geographic regions. In terms of deployment, the market can be classified into Software as a Service (SaaS), on-premise, and hybrid. The Software as a Service (SaaS) segment is anticipated to hold a prominent share of the accounting software market, in terms of revenue, by the end of 2018.