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Expert Opinion: Global Cloud Accounting Software Market
ASSO International Consulting estimates that global Cloud Accounting Software will reach $7.3 billion by 2028!This report studies the Cloud (SaaS, Online) Accounting Software market, online accounting systems are specifically designed to be used through the Internet, rather than being installed locally onto company computers. This reduces information technology requirements like server hardware, backups and maintenance and shifts the expenditure from being a large up-front capital cost to a much smaller, but ongoing, monthly or annual fee.
Typical features include:
- General ledger
- Accounts payable/receivable
- Payroll and reporting modules
The global cloud accounting software market for is highly competitive and fragmented. There are many new enterprises entering this business. Intuit, Xero, Microsoft, Sage, Epicor and Workday are some of the major market players in this domain. Other key vendors include SAP, Oracle (NetSuite), Infor, Unit4, Yonyou, Kingdee, Acclivity, FreshBooks, Zoho, Assit Cornerstone, MEGI, Reckon and KashFlow. The prominent players constantly keep on innovating and investing in research and development in order to present a cost-effective portfolio. There have been recent mergers and acquisitions among the key players, where the business entities expect to strengthen their reach to their customer.
Figure Cloud Accounting Software Product
Source: ASSO International Consulting
Cloud Accounting Software is a type of tools to accounting activities. Based on deployment type, there are two types of accounting software online: browser-based (SaaS) and application service providers (ASPs), and the browser-based type is leading the growing market at present. Cloud Accounting Software is mainly used for three applications: SMEs (small & medium enterprises), Large Enterprises, Other Users (personal users or non-profit organizations).
North America is expected to dominate the cloud accounting software market, with about 30% market share in 2022. Further countries such as U.S and Canada is anticipated to witness increase in demand for Cloud Accounting Software market. Europe has acquired the second largest market share and is expected to show a decent growth in the Cloud Accounting Software market. Asia Pacific regions is expected to show significant growth during the forecast period. USA, UK, Australia, Germany, China, New Zealand and Canada are now the key developers of Cloud Accounting Software. There are some vendors with special products in China, but the Chinese market is still much smaller than the USA.
Figure Cloud Accounting Software Market Size (US$ Million) (2017-2028)
Source: ASSO International Consulting
Click to view the full report TOC, figure and tables：
The Global Cloud Accounting Software Market Research Report 2022-2028 report released by ASSO Consulting Company provides a basic overview of the Cloud Accounting Software industry, including definition, classification, application and industrial chain structure. Discuss development policies and plans as well as manufacturing processes and cost structures. The report then focuses on major industry players in Global, including company profiles, product images and specifications, sales, market share, and contact information. More importantly, the Cloud Accounting Software industry development trends and marketing channels were analyzed. Providing the main statistical data on the current status of the industry is a valuable guide and direction for companies and individuals interested in the market.
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