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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.

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. 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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Business Accounting Software Market

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