The global business accounting software market was valued at USD 3 billion in 2016 and is expected to surpass USD 4 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global business accounting software market, under its enterprise application portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Acclivity, FreshBooks, Intacct, Intuit, Microsoft, Oracle, Red Wing Software, Sage Group, SAP, Xero, and Zoho.
According to Ishmeet Kaur, a lead analyst for enterprise application research at Technavio, “The high focus on sustainability using green IT is driving growth in the global business accounting software market. The efficient usage of computers and IT resources with an environmentally friendly approach is referred to as green IT.”
Some of the methods to achieve green IT includes the adoption of cloud computing, virtualization, software automation, and multitenancy. The implementation of cloud-based business accounting software helps organizations achieve energy efficiency and sustainability. The shifting of organizational services to a virtual environment also reduces the carbon footprint emitted from the physical infrastructure. Moving documents and data into the cloud reduces the cost of hardware equipment and makes the workspace environment-friendly as it reduces the use of paper, files, hard copies, and ink.
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Emergence of business accounting mobile applications
Business accounting mobile applications are transforming the way businesses operate. The applications help customers handle daily accounting tasks from anywhere and anytime. These mobile apps help with accounting processes such as accepting payments, sending invoices, logging expenses, tracking receipts and planning budgets. Most of the mobile accounting applications offer basic features such as invoicing and expense tracking. The advanced features in applications include mobile wallets, bill reminders, and bank transfers. Some vendors of business accounting mobile applications are FreshBooks, Xero, and Zoho.
Introduction of optical character recognition (OCR)
OCR technology in business accounting software gained popularity in 2016 and converts images into readable and editable text. An image of a paragraph in Spanish or French captured on a camera phone can be translated into English in real time. The technology helps convert printed material into digital data. OCR technology is expected to play a major role in reducing the time to process documents. Some of the leading players in OCR technology are Expensify, Receipt Bank, and Hubdoc.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. A competitive analysis of the key vendors, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Business Accounting Software Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
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