Artificial Intelligence
Global Accounting Software Market (2021 to 2026) – Growth, Trends, COVID-19 Impact, and Forecasts
Dublin, April 19, 2021 (GLOBE NEWSWIRE) — The “Accounting Software Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Accounting Software Market was valued at USD 12.01 billion in 2020 and is expected to reach USD 19.59 billion by 2026, at a CAGR of 8.5% over the forecast period 2021 – 2026. Over the past two decades, the financial and accounting software solution market has witnessed numerous changes. One of the biggest changes is the cloud-based offering of accounting software solutions.
The accounting software solutions are used to streamline the accounting process, save time, and ensure an error-free transaction between the companies and clients. These systems are designed to increase productivity by archiving, automating, and integrating human resource systems. Implementing accounting software across SMEs helps to reduce errors out of dealings with clients and companies, thereby improving relationships and reputations, while ensuring time to focus on the core business idea.
The increasing trend of small and medium enterprises collaborating with e-commerce players and integration with other online applications, such as automated bank feeds, automated billing features, among others, is expected to further drive the adoption of accounting software during the forecast period. It helps increase efficiency, as it is used to keep track of all the accounting transactions and manage the money flowing in and out of business. The software has also emerged as a better solution for managing a company’s accounts, as it can easily manage account payables, account receivables, business payroll, and general ledger, along with other business modules.
The market has seen a significant share of vendors with accounting at the core and has been leveraging the cloud’s cost benefits. Additionally, they have been targeting the ever niche “micro and small and medium” businesses. One of the notable strategies exhibited by these accounting software new entrants is the inclusion of advanced features, such as artificial intelligence, for applications, such as planning, learning, problem-solving, and speech recognition.
For instance, an Australia-based tax, accounting, and other business services software provider’s solution, MYOB Advisor, gives natural language descriptions of a business’s financial position. Accountants and bookkeepers can customize the description based on their SME client’s knowledge and experience. Moreover, the insights provided by MYOB Advisor include visualization of cash flow that enables the advisor to help their client see where their cash is going or provide a view of top customers and help clients better manage their high-value relationships.
Moreover, as multiple countries worldwide have been facing the challenge of dealing with the coronavirus outbreak and lockdown, more businesses, especially small businesses, have been working remotely. This has increased the demand for more dynamic and remote access to the business financial records and systems by the individuals who need to work on them and those who majorly need to access this timely information accurately to make decisions to manage the financial affairs.
Key Market Trends
Increased Efficiency Offered by Accounting Software to Drive the Market Growth
- Accounting software increases efficiency, as it is used to keep track of accounting transactions or to manage the money flowing in and out of business. It has emerged as a better solution for managing the accounts of a business, as it can easily manage account payables, account receivables, business payroll, general ledger, and other business modules.
- Additionally, features that ensure the company’s accurate financials, such as time-saving, cost-effective operation, and higher overall productivity, are expected to drive the demand. Besides, these factors make this software more deployable for small businesses.
- Businesses purchase accounting based software to increase their functionality and replace the dated system. The reason being, in accounting calculation, is tedious and complex. It will require manpower to complete things. But accounting software can do the calculation precisely and accurately without manpower.
- Moreover, automation in the accounting industry is also an ongoing trend driven by software advancement. Accounting has been made highly automated without the need for a significant physical intervention. The latest accounting software has enabled organizations to minimize their human resources. This has led to efficient utilization of capital and better management of the available resources
Asia-Pacific to Witness the Highest Growth
- The Asia-Pacific is expected to grow faster for accounting software, primarily due to factors such as increasing penetration of business accounting mobile applications and higher adoption of cloud computing technologies and solutions across the region. Moreover, the emergence of small businesses and rising investments by SME’s in the cloud and the SaaS market are likely to boost the market’s growth.
- By implementing various initiatives to build more business confidence in the cloud, the local governments play a significant role in the development of the cloud integration services market across the region, hence, developing more opportunities for the studied market.
- Also, the governments’ growing focus in the region to ease organizational payments, transactions, and generate a track of debt, liabilities, and assets increases the demand for the market studied.
- For instance, the Australian Government’s focus on improving larger enterprises’ payment times could be vital over the coming months. Recently in April 2020, Minister for Small Business Stuart Nash told Parliament’s Epidemic Response Committee that he intended to write to more substantial businesses to encourage them to pay their bills to local SMEs as fast as possible.
Competitive Landscape
The accounting software market is moderately consolidated. The top players occupy the major share of the market. Moreover, existing players already have their client base, which doesn’t want to switch to new players, and new players cannot sustain the market for a longer period as they get acquired by the top players in the long run. Some of the key players include Oracle Corporation, Microsoft Corporation, Intuit Inc., SAP SE, Sage Software Inc., Infor Inc., Epicor Software Corporation, Xero Ltd., Unit4 Business Software Limited, among others.
- February 2020 — Intuit, the maker of TurboTax, QuickBooks, and Mint, also announced that it has agreed to acquire Credit Karma, which is a consumer technology platform with more than 100 million members in the United States, Canada, and the U.K., for approximately USD 7.1 billion in cash and stock. The acquisition will bring together both the technology leaders with a shared goal to help solve the personal finance problems that the consumers face today, regardless of their financial situation.
- April 2019 – Infor, a global leader in business cloud software specialized by industry, announced the completed acquisition of Efficient Frontiers, Inc. dba ReServe Interactive., headquartered in Livermore, Calif. ReServe Interactive is a leading provider of cloud-based sales and catering, restaurant reservations, and floor management software that serves the restaurant, sports and entertainment, event center, golf and country club, and hotel markets in the U.S. and Canada. ReServe Interactive’s highly scalable, dynamic, and intuitive sales and catering solution will enable Infor to offer more functionality through Infor CloudSuite Hospitality and increase Infor’s presence in non-hotel hospitality venues such as entertainment centers, stadiums, wineries and conference, and convention centers.
- February 2020 Intuit, the maker of TurboTax, QuickBooks, and Mint, also announced that it has agreed to acquire Credit Karma, which is a consumer technology platform with more than 100 million members in the United States, Canada, and the U.K., for approximately USD 7.1 billion in cash and stock. The acquisition will bring together both the technology leaders with a shared goal to help solve the personal finance problems that the consumers face today, regardless of their financial situation.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
4.4 Technology Snapshot
4.5 Assessment of COVID-19 Impact on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Trend of Accounting Automation
5.2 Market Restraints
5.2.1 Lack of Awareness
6 MARKET SEGMENTATION
6.1 By Deployment Type
6.1.1 On-premise
6.1.2 Cloud-based
6.2 Organization Size
6.2.1 Small and Medium Enterprises
6.2.2 Large Enterprises
6.3 Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Intuit Inc.
7.1.2 Sage Software Inc.
7.1.3 SAP SE
7.1.4 Oracle Corporation
7.1.5 Microsoft Corporation
7.1.6 Infor Inc.
7.1.7 Epicor Software Corporation
7.1.8 Unit4 Business Software Limited
7.1.9 Xero Ltd
7.1.10 Zoho Corp
7.1.11 Red Wing Software Inc.
7.1.12 MYOB Group Pty Ltd
7.1.13 Reckon Ltd.
7.1.14 Saasu Pty Ltd
8 VENDOR MARKET SHARE ANALYSIS
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/494txd
Reveals necessity in every industry
NEW YORK, April 23, 2024 /PRNewswire/ — Released today, The State of Public Web Data Report 2024, details a comprehensive analysis on how organizations leverage public web data to drive innovation, enhance customer experience, and develop AI models.
Bright Data commissioned an independent third-party to carry out the first survey of this kind which details the emergence of public web data as the most valued data type. Nearly every organization surveyed uses and benefits from public web data through quicker decision-making, boosting revenue, and meeting customer needs.
The need for public web data in AI is clear in all industries, with more than half of respondents using public web data to build AI models for customer service or to meet internal needs such as fraud detection and risk assessment.
Although necessary to build AI machines, 72% of respondents are worried that public web data will no longer be accessible in the next 5 years. The lack of a legal framework to protect this data emerged as a top concern.
Other key insights from the report:
89% of respondents recognize public web data is crucial or very important to the global economy.82% of respondents say public web data is critical to the future of their organization.79% of respondents agree that large organizations and or big tech hide too much of their public web data.88% of respondents believe public web data is critical for the development of AI models.”Our findings reveal a clear consensus among industry leaders: leveraging public web data is key to unlocking growth and fostering innovation,” said Or Lenchner, CEO of Bright Data. “Public web data is not a ‘like to have,’ it’s a ‘must have’ to conduct business and maintain a competitive market. We understand from our own experience with 20,000 customers that once a business realizes the potential of public web data they will look to discover new ways to leverage this tool to lead against the competition.”
About Bright Data: Bright Data is the #1 web data platform. Fortune 500 companies, academic institutions, non-profits, and small businesses rely on Bright Data’s solutions to collect public web data in the most efficient, reliable, and flexible way to make faster, more informed business-critical decisions.
Contacts:[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/first-comprehensive-report-on-public-web-data-released-by-bright-data-302124673.html
ITU Standardization Sector (ITU-T) Recommendation X.1281 – APIs for interoperability of identity management systems
BRUSSELS, April 23, 2024 /PRNewswire/ — The Secure Identity Alliance (SIA) announced today that its OSIA specification, is recognized as international standard by the International Telecommunication Union’s Telecommunication Standardization Sector (ITU-T). This milestone establishes OSIA as official ITU standard (ITU-T Recommendation) for the global infrastructure of information and communication technologies (ICT).
The specification that is now an ITU-T Recommendation is: ITU-T X.1281 – APIs for interoperability of identity management systems.
ITU-T is the standardization arm of ITU, the United Nations specialized agency for ICT. The Secure Identity Alliance specifications were approved as official ITU-T Recommendations by ITU members including 193 countries and the world’s front-running ICT companies on 1st March 2024. The new ITU-T Recommendation is under the responsibility of ITU’s standardization expert group for security, ITU-T Study Group 17.
“We are very proud that the OSIA specification is recognized as an international standard by ITU-T. This milestone demonstrates the maturity of OSIA and its potential to foster interoperability and promote fairness in the identity management systems market,” said Debora Comparin, Chair of the OSIA Initiative.
Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, said, “The recognition of the OSIA specification as an official ITU-T Recommendation underscores its critical contribution to the advancement of global ICT infrastructure. We are thrilled about the ongoing collaboration between ITU-T SG17 and the SIA, aimed at developing standards for secure identity management.”
“As Editor of the OSIA standard in the ITU-T Study Group 17 Q10, I am pleased to have contributed to this successful recommendation by the ITU,” said Abbie Barbir, Rapporteur for ITU-T’s working group on ‘Identity management and telebiometrics architecture and mechanisms’ (Q10/17). “The collaboration with the SIA continues on OSIA and other structuring initiatives and standards development.”
Engr Abisoye Coker-Odusote, CEO, National Identity Management Commission (NIMC), Nigeria & Chair of the OSIA Advisory Committee, said, “As the Chair of the OSIA Advisory Committee, comprised exclusively of government representatives, we take great pride in our five years of collaboration guiding the working group in the development of the OSIA specification. OSIA establishes equal marketplace conditions, fosters collaboration, and ensures product compatibility post-mergers and acquisitions. The OSIA standardized interfaces drive innovation, enabling new local market models and reducing fraud within multiple ID systems. Additionally, OSIA addresses integrator/vendor lock-in, allowing governments to maintain control over their identity systems and pursue national development agendas seamlessly.”
“The Secure Identity Alliance has always supported standards and its members have contributed to thousands of standards globally, which are now used in the ICT market. Standards are key to unlock the full power of Identity to enable people, economy and society to thrive,” concluded Didier Trutt, Chairman of the SIA.
X.1281 is at publication stage and can be accessed here: https://www.itu.int/ITU-T/workprog/wp_item.aspx?isn=18778
OSIA v6.1.0. twin specification can be accessed here: https://osia.readthedocs.io/en/v6.1.0/index.html
OSIA qualification programme can be accessed here: https://globalplatform.org/osia-qualification-program/
For more information on the Secure Identity Alliance and the OSIA Initiative, visit http://www.secureidentityalliance.org and www.osia.io
For more information on ITU-T SG 17 visit https://www.itu.int/en/ITU-T/studygroups/2022-2024/17/Pages/default.aspx.
About the Secure Identity Alliance:
Secure Identity Alliance (SIA) is a global non-profit association that serves as the voice for public and private actors and organizations active in the secure identity ecosystem and adjacent industries. SIA’s mission is to unlock the full power of identity so that people, economy, and society thrive. The association supports the development of the activities of its members across four broad pillars: Identity for Good, Outreach, Open Standards Development and Industry Services and Solutions. www.secureidentityalliance.org
About OSIA:
A digital public good, OSIA is an open standard set of interfaces (APIs) that enables seamless connectivity between building blocks of the identity management ecosystem – independent of technology, solution architecture or vendor. More information at www.osia.io
Follow the Secure Identity Alliance at on X @secureidentity1 and LinkedIn at https://www.linkedin.com/company/secure-identity-alliance/
About ITU-T SG 17
The ITU Telecommunication Standardization Sector (ITU-T) is one of the three Sectors (branches) of the International Telecommunication Union (ITU). It is responsible for coordinating standards for telecommunications and Information Communication Technology such as X.509 for cybersecurity, Y.3172 and Y.3173 for machine learning, and H.264/MPEG-4 AVC for video compression, between its Member States, Private Sector Members, and Academia Members.
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View original content:https://www.prnewswire.co.uk/news-releases/osia-becomes-an-official-international-telecoms-union-itu-standard-302124668.html
STOCKHOLM, April 23, 2024 /PRNewswire/ — SciBase Holding AB (“SciBase”) (STO: SCIB), a leading developer of augmented intelligence-based solutions for skin disorders will participate at the Redeye Medtech event.
On April 24 at CET 9.50 CEO Pia Renaudin will present the latest developments in SciBase at Redeye. The presentation is live broadcasted and can be followed at https://www.redeye.se/events/974326/redeye-theme-medtech-2 where the replay and the presentations will be available afterwards.
For additional information, please contact:Pia Renaudin, VD, tel. +46732069802, e-mail: [email protected]
Certified Advisor (CA):Vator SecuritiesTel: +46 8 580 065 99Email: [email protected]
About SciBase:
SciBase is a global medical technology company, specializing in early detection and prevention in dermatology. SciBase develops and commercializes Nevisense, a unique point-of-care platform that combines AI (artificial intelligence) and advanced EIS technology to elevate diagnostic accuracy, ensuring proactive skin health management.
Our commitment is to minimize patient suffering, allowing clinicians to improve and save lives through timely detection and intervention and reduce healthcare costs.
Built on more than 20 years of research at Karolinska Institute in Stockholm, Sweden, SciBase is a leader in dermatological advancements.
The company has been on the Nasdaq First North Growth Market exchange since June 2, 2015. Learn more at www.scibase.com. All press releases and financial reports can be found here: http://investors.scibase.se/en/pressreleases
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/scibase/r/scibase-will-present-at-the-redeye-medtech-event-on-april-24-th-,c3966053
The following files are available for download:
https://mb.cision.com/Main/12371/3966053/2751965.pdf
Redeye presentation
View original content:https://www.prnewswire.co.uk/news-releases/scibase-will-present-at-the-redeye-medtech-event-on-april-24th-302124656.html
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