A recent report from ResearchAndMarkets has forecasted that the global financial accounting software market will be worth $10.37bn by 2025, in comparison to 2017 when the market was worth $4.36bn.
The staggering growth is forecasted to increase at a CAGR of 11.7% during the forecasted period of 2018–25.
Factors expected to be driving the growth include the increasing prevalence of cloud-based accounting software and growing demand for cost-effective solutions for managing accounting-related tasks in addition to solutions enabling traceability and visibility within accounting.
The report divided the market into four areas: payroll management systems, billing and invoice systems, enterprise resource planning systems and time and expense management systems.
Visit Innovation Enterprise's FP&A Innovation Summit in San Diego on April 29–30, 2018
According to the report, in the coming year the introduction of accounting bots and Cloud Access Security Broker (CASB) – a tool which monitors activity and enforces security policies – will be key trends that will impact the market growth.
"An efficiently managed accounting system is important for any business to make the accounting process faster and smoother," ResearchAndMarkets outlined.
The report gave the example of payroll management systems as one area that is set to see substantial growth. "A payroll management system is a process of managing employee's financial records comprising of wages, bonuses, and salaries, net pay, and deductions. These operations play a significant role in the growth of the companies, thus, the increase in need and demand for payroll management system is expected to flourish the global market in near future," the report outlined.