The global financial accounting software market accounted to US$ 4.35 Bn in 2017 and is expected to grow at a CAGR of 11.7% during the forecast period 2018 – 2025, to account to US$ 10.37 Bn by 2025.
North America was the leading geographic market and it is anticipated to be the highest revenue contributor throughout the forecast period. Rapid technological developments, numerous investments and supportive Government policies in the western part of the world have favored the dominance of North America in the financial accounting software market
Market Insights
Gaining prominence of the cloud based accounting software
The cloud based model empowers an organization to go for a pay-as-you-go model that could considerably reduce the amount of up-front fees. The fees charged by the vendor is proportional with the usage of the applications and would increase with the increase in its usage. Still, the fee would always be lesser when compared to the installed infrastructure on-premise model. Additionally, the concerns about the maintenance, servicing and other repairing or downtime due to failure is totally eliminated in this model. Based on the kind of application deployed, the fee may be significant if multiple integrations are required and data transfers from old legacy based systems is required for a smoother transition.
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Financial Accounting Software Market: Strategic Insights
Market Size Value in US$ 4.35 Billion in 2017 Market Size Value by US$ 10.37 Billion by 2025 Growth rate CAGR of 11.7% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Financial Accounting Software Market: Strategic Insights
| Market Size Value in | US$ 4.35 Billion in 2017 |
| Market Size Value by | US$ 10.37 Billion by 2025 |
| Growth rate | CAGR of 11.7% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Growing demands for an efficient yet cost-effective solution for managing accounting related tasks
Financial accounting software enables automation of systematic operations to record the accounting data, measure its indicators, and report the financial activities of the company. The software is extremely vital tool for the accountants as it significantly reduces the paperwork for the accountants and brings in cost-effectiveness for the user of the software. In any business setup, where the financial accounting software has been implemented, critical bottlenecks in the accounting operations such as inaccurate audit information, or noncompliance with internal as well as legal standards and their requirements. Accounting software is always therefore viewed as an asset that cuts costs, and drives productivity.
As the conventional bookkeeping systems have been tedious for the individuals to maintain and timely notify the management regarding the drafting of tax reports, the need for a more effective solution to this problem had become much more imminent. The usage of financial accounting software eliminates the need for any human based dependence and thereby ensures in-time tax-friendly reports.
Segment by Application Insights
Globally, businesses are growing at a fastest rate which create a need for several software solutions in order to ease several business operations. Efficiently managed accounting system is important for any business to make the accounting process faster and smoother. On the basis of application, global financial accounting software market in divided into payroll management system, billing & invoice system, enterprise resource planning system, and time & expense management systems including others. The major features of billing and invoice system are creating customer records, predefined communication templates, currency setting, and invoice, payment, & tax report. The implementation of this system enables reduction in late payments, minimize missed payments, and maintain a professional image.
Segment By Enterprise Size Insights
Currently, financial accounting software is a crucial part of any enterprise system for payroll management, cash management, tax management, inter-company accounting, and currency management including many others. These software provides organizations with improved optimization, speed, business reliability, and sustainability. On the basis of enterprise size, global financial accounting software market is categorized into small & medium enterprise (SME) and large enterprise. The global financial accounting software market by enterprise size was led by the SME segment in the year 2017 and is anticipated to continue its dominance during the forecast period by the year 2025.
New market initiatives was observed as the most adopted strategy in global financial accounting software market. Few of the recent market initiatives are listed below:
2018: Microsoft and Blackbaud announced a joint investment in Integrated Cloud Initiative for Nonprofits, which will help in accelerating innovation of cloud in the areas that address critical market needs across the mission lifecycle.
2018: Leading provider of equipment, technology and services to the global oil and gas industry National Oilwell Varco and Microsoft Corp. announced an agreement to collaborate on digitally enhancing NOV’s sales platform and field service operations to deliver premier experiences by leveraging Microsoft Dynamics 365 to streamline business processes, access real-time data and insights, and revolutionize field service operations with a digital, mobile-first approach.
2018: Walmart and Microsoft announced a strategic partnership to empower Walmart’s digital transformation in retail. Walmart chose Microsoft as its strategic cloud provider tapping into the full range of Microsoft’s cloud solutions.
Financial Accounting Software Market Report Scope
Global Financial Accounting Software Market - Segmentation
Global Financial Accounting Software Market – By Deployment
- On-premise
- Cloud
Global Financial Accounting Software Market – By Application
- Payroll Management Systems
- Billing & Invoice System
- Enterprise Resource Planning Systems
- Time & Expense Management Systems
- Others
Global Financial Accounting Software Market – By Enterprise size
- SME
- Large Enterprise
Global Financial Accounting Software Market – By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Russia
- UK
- Rest of Europe
Asia Pacific (APAC)
- South Korea
- China
- India
- Australia
- Japan
- Rest of Asia Pacific
Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America
- Brazil
- Argentina
- Rest of South America (SAM)
Financial Accounting Software Market - Company Profiles
- Microsoft Corporation
- Oracle Corporation
- FreshBooks, Inc.
- Infor
- INTUIT, INC.
- LucaNet AG
- Xero Limited
- The Sage Group plc
- Wave Financial Inc.
- Zoho Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment ; Application ; and Enterprise Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
TABLE OF CONTENTS
1. INTRODUCTION 15
1.1 SCOPE OF THE STUDY 15
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE 15
2. KEY TAKEAWAYS 16
3. FINANCIAL ACCOUNTING SOFTWARE MARKET LANDSCAPE 18
3.1 MARKET OVERVIEW 18
3.2 MARKET SEGMENTATION 19
3.2.1 Global Financial Accounting Software Market - By Deployment 20
3.2.2 Global Financial Accounting Software Market - By Application 20
3.2.3 Global Financial Accounting Software Market - By Enterprise size 21
3.2.4 Global Financial Accounting Software Market - By Geography 21
3.3 FINANCIAL ACCOUNTING SOFTWARE MARKET- PRICING ANALYSIS 22
3.3.1 Oracle (NetSuite) 22
3.3.1.1 Overview 22
3.3.2 Microsoft (Dynamics GP) 23
3.3.2.1 Overview 23
3.3.3 Intuit Inc. (QuickBooks) 24
3.3.3.1 Overview 24
3.3.4 FreshBooks 24
3.3.4.1 Overview 24
3.3.4.2 Overview 24
3.3.5 Xero 25
3.3.5.1 Overview 25
3.3.6 Sage Group plc 26
3.3.6.1 Overview 26
3.3.7 Zoho Corporation Pvt. Ltd. 26
3.3.7.1 Overview 26
3.3.8 Infor Inc. 27
3.3.8.1 Overview 27
3.3.9 LucaNet 27
3.3.9.1 Overview 27
3.4 REGIONAL AVERAGE SELLING PRICE (ASP) AND MACRO FACTORS 28
3.5 PEST ANALYSIS 31
3.5.1 North America PEST Analysis 31
3.5.2 EUROPE PEST Analysis 33
3.5.3 ASIA PACIFIC PEST Analysis 35
3.5.4 Middle East & Africa PEST Analysis 37
3.5.5 South America PEST Analysis 39
4. FINANCIAL ACCOUNTING SOFTWARE MARKET - KEY INDUSTRY DYNAMICS 41
4.1 KEY MARKET DRIVERS 41
4.1.1 Gaining prominence of the cloud based accounting software 41
4.1.2 Growing demands for an efficient yet cost-effective solution for managing accounting related tasks 42
4.1.3 Demand for a more enhanced solution enabling good traceability and visibility of the accounting 42
4.2 KEY MARKET RESTRAINTS 43
4.2.1 Outages, Data Mobility and Data Security Concerns 43
4.2.2 Accounting principles diversity pose a challenge for development of standardized global software 43
4.3 KEY MARKET OPPORTUNITIES 44
4.3.1 Growing adoptions of cloud-based accounting software applications by the SMEs 44
4.3.2 Technology and innovations to continually create more opportunities 44
4.4 FUTURE TRENDS 45
4.4.1 Introduction of accounting bots, and Cloud Access Security Broker (CASB) Implementations 45
4.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS 46
5. FINANCIAL ACCOUNTING SOFTWARE - GLOBAL MARKET ANALYSIS 47
5.1 GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET OVERVIEW 47
5.2 GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET FORECAST AND ANALYSIS 49
6. FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECAST TO 2025 - DEPLOYMENT TYPE 50
6.1 OVERVIEW 50
6.2 GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY DEPLOYMENT TYPE, 2017 & 2025 50
6.3 ON-PREMISE MARKET 51
6.3.1 Overview 51
6.3.2 On-premise Market Forecast and Analysis 51
6.4 CLOUD MARKET 52
6.4.1 Overview 52
6.4.2 Cloud Market Forecast and Analysis 52
7. FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECAST TO 2025 - APPLICATION 53
7.1 OVERVIEW 53
7.2 GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY APPLICATION, 2017 & 2025 53
7.3 PAYROLL MANAGEMENT SYSTEM MARKET 54
7.3.1 Overview 54
7.3.2 Payroll management system Market Forecast and Analysis 54
7.4 BILLING & INVOICE SYSTEM MARKET 55
7.4.1 Overview 55
7.4.2 Billing & Invoice System Market Forecast and Analysis 55
7.5 ENTERPRISE RESOURCE PLANNING SYSTEM MARKET 56
7.5.1 Overview 56
7.5.2 Enterprise Resource Planning System Market Forecast and Analysis 56
7.6 TIME & EXPENSE MANAGEMENT SYSTEM MARKET 57
7.6.1 Overview 57
7.6.2 Time & Expense Management System Market Forecast and Analysis 57
7.7 OTHERS MARKET 58
7.7.1 Overview 58
7.7.2 Others Market Forecast and Analysis 58
8. FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECAST TO 2025 - ENTERPRISE SIZE 59
8.1 OVERVIEW 59
8.2 GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN,
BY ENTERPRISE SIZE, 2017 & 2025 59
8.3 SME MARKET 60
8.3.1 Overview 60
8.3.2 SME Market Forecast and Analysis 60
8.4 LARGE ENTERPRISE MARKET 61
8.4.1 Overview 61
8.4.2 Large Enterprise Market Forecast and Analysis 61
9. FINANCIAL ACCOUNTING SOFTWARE MARKET - GEOGRAPHICAL ANALYSIS 62
9.1 OVERVIEW 62
9.2 NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 63
9.2.1 Overview 63
9.2.2 North America Financial Accounting Software Market Breakdown, by Key Countries 64
9.2.2.1 U.S. Financial Accounting Software Market Revenue and Forecasts to 2025 (US$ Mn) 65
9.2.2.2 Canada Financial Accounting Software Market Revenue and Forecast to 2025 (US$ Mn) 66
9.2.2.3 Mexico Financial Accounting Software Market Revenue and Forecasts to 2025 (US$ Mn) 67
9.2.3 North America Financial Accounting Software Market Breakdown, by Deployment 68
9.2.4 North America Financial Accounting Software Market Breakdown, by Application 69
9.2.5 North America Financial Accounting Software Market Breakdown, by Enterprise Size 69
9.3 EUROPE FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 71
9.3.1 Overview 71
9.3.2 Europe Financial Accounting Software Market Breakdown by Key Countries 72
9.3.2.1 France Financial Accounting Software Market Revenue and Forecasts to 2025 (US$ Mn) 73
9.3.2.2 Germany Financial Accounting Software Market Revenue and Forecast to 2025 (US$ Mn) 74
9.3.2.3 Italy Financial Accounting Software Market Revenue and Forecasts to 2025 (US$ Mn) 75
9.3.2.4 Spain Financial Accounting Software Market Revenue and Forecasts to 2025 (US$ Mn) 76
9.3.2.5 UK Financial Accounting Software Market Revenue and Forecasts to 2025 (US$ Mn) 77
9.3.3 Europe Financial Accounting Software Market Breakdown by Deployment 77
9.3.4 Europe Financial Accounting Software Market Breakdown by Application 78
9.3.5 Europe Financial Accounting Software Market Breakdown by Enterprise Size 79
9.4 APAC FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 81
9.4.1 Overview 81
9.4.2 APAC Financial accounting software market Breakdown by Key Countries 82
9.4.2.1 Australia Financial accounting software market Revenue and Forecasts to 2025 (US$ Mn) 83
9.4.2.2 China Financial accounting software market Revenue and Forecast to 2025 (US$ Mn) 84
9.4.2.3 India Financial accounting software market Revenue and Forecasts to 2025 (US$ Mn) 85
9.4.2.4 Japan Financial accounting software market Revenue and Forecasts to 2025 (US$ Mn) 86
9.4.2.5 Rest of APAC Financial Accounting software market Revenue and Forecasts to 2025 (US$ Mn) 87
9.4.3 APAC Financial accounting software market Breakdown by Deployment 87
9.4.4 APAC Financial accounting software market Breakdown by Application 88
9.4.5 APAC Financial accounting software market Breakdown by Enterprise Size 89
9.5 MIDDLE EAST & AFRICA (MEA) FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 90
9.5.1 Overview 90
9.5.2 MEA Financial accounting software market Breakdown by Key Countries 91
9.5.2.1 Saudi Arabia Financial Accounting software market Revenue and Forecast to 2025 (US$ Mn) 92
9.5.2.2 UAE Financial accounting software market Revenue and Forecasts to 2025 (US$ Mn) 93
9.5.2.3 South Africa Financial accounting software market Revenue and Forecasts to 2025 (US$ Mn) 94
9.5.2.4 Rest of MEA Financial Accounting software market Revenue and Forecasts to 2025 (US$ Mn) 95
9.5.3 MEA Financial accounting software market Breakdown by Deployment 95
9.5.4 MEA Financial accounting software market Breakdown by Application 96
9.5.5 MEA Financial accounting software market Breakdown by Enterprise Size 97
9.6 SAM FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 98
9.6.1 Overview 98
9.6.2 SAM Financial accounting software market Breakdown by Key Countries 99
9.6.2.1 Brazil Financial accounting software market Revenue and Forecasts to 2025 (US$ Mn) 100
9.6.2.2 Rest of SAM Financial accounting software market Revenue and Forecasts to 2025 (US$ Mn) 101
9.6.3 SAM Financial accounting software market Breakdown by Deployment 102
9.6.5 SAM Financial accounting software market Breakdown by Enterprise Size 104
10. INDUSTRY LANDSCAPE 105
10.1 MARKET INITIATIVE 105
10.2 MERGER AND ACQUISITION 106
10.3 NEW DEVELOPMENT 106
11. COMPETITIVE LANDSCAPE 107
11.1 COMPETITIVE PRODUCT MAPPING 107
11.2 MARKET POSITIONING - GLOBAL TOP 5 PLAYERS RANKING 108
12. GLOBAL FINANCIAL ACCOUNTING SOFTWARE - COMPANY PROFILES 109
12.1 MICROSOFT CORPORATION (MICROSOFT DYNAMICS) 109
12.1.1 Key Facts 109
12.1.2 Business Description 109
12.1.3 Financial Overview 110
12.1.4 SWOT Analysis 110
12.1.5 Key Developments 113
12.2 ORACLE (HYPERION) 114
12.2.1 Key Facts 114
12.2.2 Business Description 114
12.2.3 Financial Overview 115
12.2.4 SWOT Analysis 115
12.2.5 Key Developments 117
12.3 FRESHBOOKS, INC. 118
12.3.1 Key Facts 118
12.3.2 Business Description 118
12.3.3 Financial Overview 118
12.3.4 SWOT Analysis 118
12.3.5 Key Developments 120
12.4 INFOR (INFOR CPM) 121
12.4.1 Key Facts 121
12.4.2 Business Description 121
12.4.3 Financial Overview 122
12.4.4 SWOT Analysis 122
12.4.5 Key Developments 124
12.5 INTUIT, INC. (QUICKBOOKS) 125
12.5.1 Key Facts 125
12.5.2 Business Description 125
12.5.3 Financial Overview 126
12.5.4 SWOT Analysis 126
12.5.5 Key Developments 128
12.6 LUCANET AG (LUCANET.FINANCIAL CONSOLIDATION) 129
12.6.1 Key Facts 129
12.6.2 Business Description 129
12.6.3 Financial Overview 130
12.6.4 SWOT Analysis 130
12.6.5 Key Developments 131
12.7 ONESTREAM SOFTWARE LLC 132
12.7.1 Key Facts 132
12.7.2 Business Description 132
12.7.3 Financial Overview 132
12.7.4 SWOT Analysis 133
12.7.5 Key Developments 134
12.8 IBM(COGNOS) 135
12.8.1 Key Facts 135
12.8.2 Business Description 135
12.8.3 Financial Overview 136
12.8.4 SWOT Analysis 136
12.8.5 Key Developments 138
12.9 THE SAGE GROUP PLC (SAGE INTACCT) 139
12.9.1 Key Facts 139
12.9.2 Business Description 139
12.9.3 Financial Overview 140
12.9.4 SWOT Analysis 140
12.9.5 Key Developments 142
12.10 WAVE FINANCIAL INC. 143
12.10.1 Key Facts 143
12.10.2 Business Description 143
12.10.3 Financial Overview 143
12.10.4 SWOT Analysis 143
12.10.5 Key Developments 145
12.11 XERO LIMITED 146
12.11.1 Key Facts 146
12.11.2 Business Description 146
12.11.3 Financial Overview 147
12.11.4 SWOT Analysis 147
12.11.5 Key Developments 149
12.12 ZOHO CORPORATION 150
12.12.1 Key Facts 150
12.12.2 Business Description 150
12.12.3 Financial Overview 150
12.12.4 SWOT Analysis 151
12.12.5 Key Developments 152
13. APPENDIX 153
13.1 ABOUT THE INSIGHT PARTNERS 153
13.2 GLOSSARY OF TERMS 153
13.3 METHODOLOGY 155
13.3.1 Coverage 155
13.3.2 Secondary Research 155
13.3.3 Primary Research 156
LIST OF TABLES
TABLE 1. GLOBAL FINANCIAL ACCOUNTING SOFTWARE SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 49
TABLE 2. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY DEPLOYMENT (US$ MN) 68
TABLE 3. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY APPLICATION (US$ MN) 69
TABLE 4. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY ENTERPRISE SIZE (US$ MN) 70
TABLE 5. EUROPE FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY DEPLOYMENT (US$ MN) 78
TABLE 6. EUROPE FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY APPLICATION (US$ MN) 79
TABLE 7. EUROPE FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY ENTERPRISE SIZE (US$ MN) 80
TABLE 8. APAC FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY DEPLOYMENT (US$ MN) 88
TABLE 9. APAC FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY APPLICATION (US$ MN) 89
TABLE 10. APAC FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY ENTERPRISE SIZE (US$ MN) 90
TABLE 11. MEA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY DEPLOYMENT (US$ MN) 96
TABLE 12. MEA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY APPLICATION (US$ MN) 97
TABLE 13. MEA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY ENTERPRISE SIZE (US$ MN) 97
TABLE 14. SAM FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY DEPLOYMENT (US$ MN) 102
TABLE 15. SAM FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY APPLICATION (US$ MN) 103
TABLE 16. SAM FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 - BY ENTERPRISE SIZE (US$ MN) 104
TABLE 17. GLOSSARY OF TERM: FINANCIAL ACCOUNTING SOFTWARES MARKET 153
LIST OF FIGURES
FIGURE 1. APAC FINANCIAL ACCOUNTING SOFTWARE MARKET, BY REVENUE, 2017 & 2025, US$ MN 16
FIGURE 2. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET BY CLOUD SUB-SEGMENT, 2017 & 2025, IN US$ MN 17
FIGURE 3. FINANCIAL ACCOUNTING SOFTWARE MARKET SEGMENTATION 19
FIGURE 4. FINANCIAL ACCOUNTING SOFTWARE MARKET SEGMENTATION - GEOGRAPHIC 20
FIGURE 5. AVERAGE SELLING PRICE PER REGION 28
FIGURE 6. NORTH AMERICA - PEST ANALYSIS 31
FIGURE 7. EUROPE - PEST ANALYSIS 33
FIGURE 8. ASIA PACIFIC - PEST ANALYSIS 35
FIGURE 9. MIDDLE EAST & AFRICA PEST ANALYSIS 37
FIGURE 10. SOUTH AMERICA PEST ANALYSIS 39
FIGURE 11. FINANCIAL ACCOUNTING SOFTWARE MARKET IMPACT ANALYSIS OF DRIVER AND RESTRAINTS 46
FIGURE 12. GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET 47
FIGURE 13. GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET FORECAST AND ANALYSIS 49
FIGURE 14. GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY DEPLOYMENT TYPE, 2017 & 2025 (%) 50
FIGURE 15. GLOBAL ON-PREMISE DEPLOYMENT MODEL MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 51
FIGURE 16. GLOBAL CLOUD DEPLOYMENT MODEL MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 52
FIGURE 17. GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY APPLICATION, 2017 & 2025 (%) 53
FIGURE 18. GLOBAL PAYROLL MANAGEMENT SYSTEM MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 54
FIGURE 19. GLOBAL BILLING & INVOICE SYSTEM MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 55
FIGURE 20. GLOBAL ENTERPRISE RESOURCE PLANNING MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 56
FIGURE 21. GLOBAL TIME & EXPENSE MANAGEMENT SYSTEM MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 57
FIGURE 22. GLOBAL OTHERS MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 58
FIGURE 23. GLOBAL FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY ENTERPRISE SIZE, 2017 & 2025 (%) 59
FIGURE 24. GLOBAL SME MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 60
FIGURE 25. GLOBAL LARGE ENTERPRISE MARKET REVENUE AND FORECAST TO 2025 (US$ MN) 61
FIGURE 26. FINANCIAL ACCOUNTING SOFTWARE MARKET, GLOBAL BREAKDOWN BY REGIONS, 2017 & 2025 (%) 62
FIGURE 27. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 63
FIGURE 28. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY KEY COUNTRIES, 2017 & 2025 (%) 64
FIGURE 29. U.S. FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 65
FIGURE 30. CANADA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 66
FIGURE 31. MEXICO FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 67
FIGURE 32. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY DEPLOYMENT, 2017 & 2025 (%) 68
FIGURE 33. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY APPLICATION, 2017 & 2025 (%) 69
FIGURE 34. NORTH AMERICA FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN, BY ENTERPRISE SIZE, 2017 & 2025 (%) 70
FIGURE 35. EUROPE FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 72
FIGURE 36. EUROPE FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2025(%) 72
FIGURE 37. FRANCE FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 73
FIGURE 38. GERMANY FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 74
FIGURE 39. ITALY FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 75
FIGURE 40. SPAIN FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 76
FIGURE 41. UK FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 77
FIGURE 42. EUROPE FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN BY DEPLOYMENT, 2017 & 2025 (%) 77
FIGURE 44. EUROPE FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN BY ENTERPRISE SIZE, 2017 & 2025 (%) 79
FIGURE 55. MEA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 91
FIGURE 56. MEA FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2025(%) 91
FIGURE 57. SAUDI ARABIA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 92
FIGURE 58. UAE FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 93
FIGURE 59. SOUTH AFRICA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 94
FIGURE 60. REST OF MEA FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 95
FIGURE 64. SAM FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 98
FIGURE 65. SAM FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2025(%) 99
FIGURE 66. BRAZIL FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 100
FIGURE 67. REST OF SAM FINANCIAL ACCOUNTING SOFTWARE MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 101
FIGURE 70. SAM FINANCIAL ACCOUNTING SOFTWARE MARKET BREAKDOWN BY ENTERPRISE SIZE, 2017 & 2025 (%) 104
The List of Companies
1. MICROSOFT CORPORATION (MICROSOFT DYNAMICS)
2. ORACLE (HYPERION)
3. FRESHBOOKS, INC.
4. INFOR (INFOR CPM)
5. INTUIT, INC. (QUICKBOOKS)
6. LUCANET AG (LUCANET.FINANCIAL CONSOLIDATION)
7. ONESTREAM SOFTWARE LLC
8. IBM(COGNOS)
9. THE SAGE GROUP PLC (SAGE INTACCT)
10. WAVE FINANCIAL INC.
11. XERO LIMITED
12. ZOHO CORPORATION
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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