Global Lease Accounting Software Market: Introduction
Lease accounting software benefits accounting and finance staff by saving time during corporate operations, reducing human touch points and mistakes, increasing efficiency, and making more facets of the lease accessible. Professionals may access, authorize, log, manage the company asserts through enterprise lease accounting software.
Global Lease Accounting Software Market: Dynamics
- Increasing Government Regulations
- In 2016, the IASB released lease accounting standard, IFRS 16. FASB adopted a new lease accounting standard, ASC 842, representing IFRS 16 and a few minor variations. Both standards modify the manner in which leases are reported on company balance sheets. Today, businesses are recording financial leases on the balance sheet. Organizations are often liable for reporting running lease agreements onto the balance sheet and for revealing information in the financial statements notes. Hence, the increase in new standards has raised the demand for advanced lease accounting software.
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North America Led the Global Lease Accounting Software Market in 2019
- Based on region, the global lease accounting software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- North America held dominant share of the global lease accounting software market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the lease accounting software market in this region.
- The lease accounting software market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period. India, China, Japan, and Australia are major countries of the lease accounting software market in the region.
Cloud based segment to expand at higher CAGR over the forecast period
- Based on deployment model, the market is segmented into on-premises and cloud/SaaS based. The cloud/SaaS based solution held dominant position in the market in 2019 and is expected to retain its dominance throughout the forecast period. The segment is expected to expand at the highest CAGR during the forecast period.
- SaaS-based lease accounting systems allow an organization to manage leases at contract, plan, and asset rates. All data items, including assessments, estimates, communications and relevant documents, must be monitored for each asset. In addition, acts influencing and leasing products can be monitored, such as upgrades, transfers, partial sales, returns and renewals.
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Key Players Operating in the Global Lease Accounting Software Market
Key players operating in the global lease accounting software market are listed below:
- IBM Corporation
- MRI Software
- Visual Lease
Global Lease Accounting Software Market: Research Scope
Global Lease Accounting Software Market, by Component
Figure: Global Lease Accounting Software Market, by Component
Global Lease Accounting Software Market, by Deployment Model
- Cloud based
Figure: Global Lease Accounting Software Market, by Deployment Model
Global Lease Accounting Software Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Figure: Global Lease Accounting Software Market , by Region
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
- 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.