LONDON--(BUSINESS WIRE)--The business accounting software market is expected to grow by USD 1.64 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Organizations face various challenges in efficiently analyzing and managing large databases. For example, sometimes irrelevant data generated from various sources about consumer behavior, consumer buying patterns, and other information may affect the decision making process. With the emergence of big data and analytics, organizations are now able to transform unstructured and semi-structured data into structured and meaningful data. Business accounting software can leverage this data to help organizations accelerate data management, process and analyze data, and increase the efficiency of financial operations. Also, the integration of AI helps in obtaining new insights from current data to optimize credit decisions, improve financial risk management, and enhance customer experience through intelligent chatbots. Therefore, the rising need for modernizing finance operations is expected to drive the growth of the global business accounting software market during the forecast period.
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As per Technavio, the emergence of business accounting mobile applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Business Accounting Software Market: Emergence of Business Accounting Mobile Applications
Vendors are introducing business accounting mobile applications that allow customers to easily handle accounting tasks from anywhere and anytime. Most of the vendors are offering basic features such as invoicing and expense tracking in their apps. Some of the advanced features include bill reminders, mobile wallets, and bank transfers. For instance, FreeAgent’s cloud-based mobile accounting app provides the option of taking pictures of receipts to record expenses. The app also features an invoicing option that can create, edit, and send invoices directly from the app and track and manage payments and other banking services. The advent of such apps is expected to positively impact the growth of the global business accounting software during the forecast period.
“Introduction of optical character recognition (OCR) and the increasing integration of business accounting software with big data will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Business Accounting Software Market: Segmentation Analysis
This market research report segments the business accounting software market by deployment (cloud-based and on-premises) and region (North America, Europe, APAC, MEA, and South America).
The North American region led the business accounting software market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increased adoption of business accounting software among SMEs in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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