Report updated on 11th September, 2021: Global Cloud Accounting Software Market By Type (Browser-Based, Saas, And Application Service Providers (Asps)), By Application (Smes, Large Enterprises, And Other Users), By Region And Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends And Forecast 2021-2030 (Includes Business Impact of COVID-19)
Trusted Business Insights has published a comprehensive market research report on, Global Cloud Accounting Software Market by Solution Type (Browser-based, SaaS & Application Service Providers), By End-User (SMEs, Large Enterprises & Other End Users), and by Region -Global Forecast to 2030, which offers a holistic view of the global Cloud Accounting Software market through systematic segmentation that covers every aspect of the target market.
The global Cloud Accounting Software market is projected to be US$ 2,892.1 Mn in 2020 to reach US$ 6,094.4 Mn by 2030 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 neednt 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.
Global Cloud Accounting Software Market Revenue (US$ Mn), 2019“2029
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.
Global Cloud Accounting Software Market by Solution Type, 2019
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:
- Assit Cornerstone
- Epicor Software Corporation
- Infor Inc.
- Intuit Inc.
- Microsoft Corporation
- Oracle Corporation
- Sage Group plc
- SAP SE
- Unit4 N.V
- Wave Accounting Inc.
- Workday Inc.
- Xero Limited
Below are the key development related to Cloud Accounting Software Market in 2020 and 2021.
July 2021: Bill.com to Acquire Invoice2go, a Leader in Accounts Receivable Software for Small Businesses. Mobile-first AR solution empowers businesses to transact from anywhere. Expands Bill.com’s footprint to serve international markets. Bill.com (NYSE:BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs), announced it has signed a definitive agreement to acquire Invoice2go in a stock and cash transaction valued at approximately $625 million. Invoice2go is a leading, mobile-first accounts receivable (AR) software provider that empowers small businesses and freelancers to grow their client base, manage invoicing and payments, build their brand, and much more. With offices in Sydney, Australia and Palo Alto, California, Invoice2go serves a large global customer base of small businesses. We are thrilled to join forces with Bill.com. The acquisition will enhance Bill.com’s current accounts receivable offering and supports Bill.com’s mission to make it simple to connect and do business. Invoice2go’s AR solution makes it easy for businesses to engage and interact with their customers, generate professional invoices, and simplify their AR operations through mobile and desktop solutions. Combined with Bill.com’s platform and payments expertise, there is a significant opportunity to help businesses get paid faster and more conveniently with electronic payments. Source
July 2021: Novatti Group moves to acquire 15% of Reckon. Australian fintech company Novatti has announced its intention to acquire a 15 per cent stake in Reckon, subject to capital raising. Novatti Group, a payment services provider, announced to the ASX on Wednesday that it had entered into share purchase agreements to acquire a 15 per cent stake in cloud accounting software provider Reckon. The share purchase agreements will see Novatti acquire the 15 per cent stake at $1 per Reckon share from institutional investors, set to total at about $17 million, or 17 million shares. Source
June 2021: Norways Visma acquires majority stake in Romanian cloud accounting startup Keez. Norways Visma acquires majority stake in Romanian cloud accounting startup Keez Source.
BUCHAREST (Romania) (SeeNews) - Norwegian group Visma said that it has acquired a majority stake in Romanian online accounting services startup Keez. The move supports Visma’s strategic expansion in Central Europe, the Norwegian group said in a press release on Tuesday.The size of the stake and the amount paid for it were not disclosed by the buyer. "We are pleased to join forces with such a strong international player like Visma. With their experience and network of competence, we will be able to focus on our continued development and delivering value to our customers," Keez founder and managing director Daniel Mateescu said. Romania has seen an acceleration in digitalisation over the past few years and Keez is the first company offering a cloud solution for complete accounting services in a market dominated by on-premise solutions. Source
April 2021: Microsoft announces availability of business management solution for SMEs. The system automates and streamlines business processes including finance, manufacturing, sales, shipping, project management, services, and provides an opportunity for organizations to upgrade from their current accounting software and legacy ERP systems. Microsoft India has announced the general availability of Dynamics 365 Business Central, a comprehensive business management solution for small and medium-sized businesses. It is a one-stop cloud solution that helps companies connect sales, service, finance, and operations teams. This was announced at its virtual summit Building a Resilient Future. Source