LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global business accounting software market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global business accounting software market for 2017-2021 provides a detailed industry analysis based on deployment (on-premises and cloud-based) and geography (the Americas, EMEA, and APAC).
Business accounting software is a software that helps organizations to record, process, and track their internal financial transactions. According to Technavio analysts, the market size of business accounting software is projected to grow to USD 4.1 billion by 2021, at a CAGR of more than 6% over the forecast period.
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The top three emerging trends driving the global business accounting software market according to Technavio information and communications technology (ICT) research analysts are:
- Emergence of business accounting mobile applications
- Introduction of optical character recognition (OCR)
- Increasing integration of business accounting software with big data
Emergence of business accounting mobile applications
Ishmeet Kaur, one of the lead analysts at Technavio for enterprise application research talks about how business accounting software are transforming the way in which businesses operate. She says, “The applications help customers handle daily accounting tasks, unhindered by location or time factors. These mobile accounting apps streamline processes such as sending invoices, accepting payments, logging expenses, tracking receipts, and planning budgets.”
There are many vendors in the market offering similar services, and customers spend a considerable amount of resources in deciding the right platform based on their requirements. Most of the mobile accounting applications offer basic features such as invoicing and expense tracking. Advanced features in applications include bill reminders, mobile wallets, and bank transfers.
Introduction of optical character recognition (OCR)
OCR technology is used to convert images into readable and editable text, using which an image of a paragraph in Spanish or French captured on a camera phone can be translated into English in real time. Currently, many businesses implement the OCR technology in their accounting processes. The technology has eliminated the need for handwritten forms, checks, or printed receipts. The OCR technology uploads all handwritten receipts onto an online accounting platform and extracts all the relevant text and data simultaneously. The increasing adoption of this platform will further drive market growth.
Increasing integration of business accounting software with big data
“The adoption of big data infrastructure is increasing in industry verticals such as banking, retail, and media and entertainment. Big data aids the firms to get timely insights to retain their customers and strengthen their market position by collecting and storing information such as purchase preferences of customers, the progress of competitors, and performance of various workplace tools,” says Ishmeet.
Big data solutions also play a critical role in the business development of an organization through the deployment of cloud-based business accounting software to enhance business efficiency. This has simplified the account management process and automated the import transactions, digital receipts tracking, payroll automation, and tax tracking, which is driving for its increasing adoption.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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