The global Cloud Accounting Software market is projected to be US$ 2,682.9 Mn in 2019 to reach US$ 5,653.5 Mn by 2029 at a CAGR of 7.8%.
Over the past decades, the Accounting industry has witnessed a rapid change, largely driven by vast advances in technology. Traditional software has been primarily replaced with cloud-based software. Earlier, companies bought traditional Accounting software as a product, which was installed on each users’ desktop; however, Cloud Accounting Software is provided as a service. Cloud Accounting Software is similar to traditional, on premise, or self-install Accounting software, only the Accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) business model, wherein data is sent into “the cloud,” where it is processed and returned to the user. In Cloud Accounting Software, users remotely access the software applications through the internet and all functions are performed off-site. The primary advantage of this technology is that companies needn’t have to pay for expensive software infrastructure. Moreover, the Cloud Accounting Software solutions also allow employees in other departments, remote or branch offices to access the same data and the same version of the software. Most application providers typically charge based on usage – compared to site license fees associated with traditional Accounting software deployments. Accounting data backup and disaster recovery is often a part of your cloud computing Accounting software account.
Increasing demand from businesses to manage day-to-day Accounting functions, resulting in a significant shift from traditional on-site Accounting software to cloud-based Accounting software is a significant factor driving growth of the global Cloud Accounting Software market.
However, Cloud Accounting Software requires a steady and robust internet connection and lack of internet infrastructure, especially in developing countries is expected to hamper growth of the global cloud accounting software market to a certain extent. Nonetheless, increasing use of big data analytics solutions by financial organizations to improve data management has been gaining significant traction in the past few years. The amalgamation of big data with cloud accounting software is expected to provide lucrative opportunities to the providers in the market, thus providing further boost to the growth of the market.
Global Cloud Accounting Software market is segmented based on product type, end-user, and region. On the basis of product type, the market is segmented Browser-based, SaaS & Application Service Providers. The browser-based segment accounts for the majority share and is expected to register second highest growth over forecast period, followed by Application Service Providers segment. On the basis of application, the market is segmented SMEs, Large Enterprises & Other End, Users. The browser-based sector accounts for a majority share in the global Cloud Accounting Software market.
Based on the region, the market is segmented into North America, Europe, APAC, South America and Middle East Africa. North America accounts for the majority share in the global Cloud Accounting Software market, owing to increasing demand from businesses to manage day-to-day Accounting functions. APAC is expected to register highest growth rate over forecast period. Regions such as Europe, South America, and MEA are expected to register stable growth over the forecast period.
The research report on the global Cloud Accounting Software market includes profiles of some of major companies such as Sage Group plc, Oracle Corporation, Infor, Inc., Workday, Inc., Xero Limited, Intuit Inc., Microsoft Corporation, Epicor Software Corporation, Unit4 N.V, and SAP SE.
Key Market Segments
- Browser-based, SaaS
- Application Service Providers (ASPs)
- Large Enterprises
- Other Users
Key Market Players included in the report:
- Sage Group plc
- Oracle Corporation
- Infor Inc.
- Workday Inc.
- Xero Limited
- Intuit Inc.
- Microsoft Corporation
- Epicor Software Corporation
- Unit4 N.V
- and SAP SE.
For the Cloud Accounting Software Market research study, the following years have been considered to estimate the market size:
|Historic Year||2017 to 2021|
|Forecast Year||2022 to 2030|