Top 3 Emerging Trends Impacting the Global Business Accounting Software Market from 2017-2021: Technavio
February 27 2017 - 1:03PM
Business Wire
Technavio’s latest report on the global business accounting
software market provides an analysis of the most important
trends expected to impact the market outlook from 2017-2021.
Technavio defines an emerging trend as a factor that has the
potential to significantly impact the market and contribute to its
growth or decline.
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Technavio has published a new report on
the global business accounting software market from 2017-2021.
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The research study by Technavio on the global business
accounting software market for 2017-2021 provides a detailed
industry analysis based on deployment (on-premises and cloud-based)
and geography (the Americas, EMEA, and APAC).
Business accounting software is a software that helps
organizations to record, process, and track their internal
financial transactions. According to Technavio analysts, the market
size of business accounting software is projected to grow to USD
4.1 billion by 2021, at a CAGR of more than 6% over the forecast
period.
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multiple sections of the report including the market size and
forecast, drivers, challenges, trends, and more.
The top three emerging trends driving the global business
accounting software market according to Technavio information
and communications technology (ICT) research analysts are:
- Emergence of business accounting mobile
applications
- Introduction of optical character
recognition (OCR)
- Increasing integration of business
accounting software with big data
Emergence of business accounting mobile applications
Ishmeet Kaur, one of the lead analysts at Technavio for
enterprise application research talks about how business
accounting software are transforming the way in which
businesses operate. She says, “The applications help customers
handle daily accounting tasks, unhindered by location or time
factors. These mobile accounting apps streamline processes
such as sending invoices, accepting payments, logging expenses,
tracking receipts, and planning budgets.”
There are many vendors in the market offering similar services,
and customers spend a considerable amount of resources in deciding
the right platform based on their requirements. Most of the mobile
accounting applications offer basic features such as invoicing and
expense tracking. Advanced features in applications include bill
reminders, mobile wallets, and bank transfers.
Introduction of optical character recognition (OCR)
OCR technology is used to convert images into readable and
editable text, using which an image of a paragraph in Spanish or
French captured on a camera phone can be translated into English in
real time. Currently, many businesses implement the OCR technology
in their accounting processes. The technology has eliminated the
need for handwritten forms, checks, or printed receipts. The OCR
technology uploads all handwritten receipts onto an online
accounting platform and extracts all the relevant text and data
simultaneously. The increasing adoption of this platform will
further drive market growth.
Increasing integration of business accounting software with
big data
“The adoption of big data infrastructure is
increasing in industry verticals such as banking, retail, and
media and entertainment. Big data aids the firms to get
timely insights to retain their customers and strengthen their
market position by collecting and storing information such as
purchase preferences of customers, the progress of competitors, and
performance of various workplace tools,” says Ishmeet.
Big data solutions also play a critical role in the business
development of an organization through the deployment of
cloud-based business accounting software to enhance business
efficiency. This has simplified the account management process and
automated the import transactions, digital receipts tracking,
payroll automation, and tax tracking, which is driving for its
increasing adoption.
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About Technavio
Technavio is a leading global technology research and
advisory company. The company develops over 2000 pieces of research
every year, covering more than 500 technologies across 80
countries. Technavio has about 300 analysts globally who specialize
in customized consulting and business research assignments across
the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of
bottom-up and top-down approaches, besides using in-house market
modeling tools and proprietary databases. They corroborate this
data with the data obtained from various market participants and
stakeholders across the value chain, including vendors, service
providers, distributors, resellers, and end-users.
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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