Cloud accounting is one of the popular technologies in recent times. The software has changed the perspectives of accounting in office premises. The detail discussion needs to be elaborated about the cloud accounting software. The software of cloud accounting is just like the traditional on the premises, but this software of accounting is hosted on remote servers like SaaS (software as a service) model. In this software model, the data is delivered to the cloud where the information is processed and then come back to the user. The application of all the functions are performed not in the desktop of the user, but it is performed off-site. The application of the software is accessed by the user remotely by taking the help of the internet in the cloud software.
The cloud accounting software has enabled the business leaders to free from hassle. Usually, the company needed to install the software, but the software has enabled them not to maintain any software in individual desktop. There are many advantages to using cloud accounting software. Let's have a look over the advantages of cloud accounting software.
The cloud accounting software is flexible as the user can access the data anywhere via using the internet. The financial information can be updated via using the software, and it gives the user information in real-time. On the other hand, using traditional software used to give the employees extra pressure, such as maintenance cost, licensing cost.
The market of cloud accounting software is huge as it is projected $2631 million in 2017. Furthermore, the size of the sale would reach $4688 million. The growth rate of the software is 8.84%.
The market of cloud accounting software is somewhat restricted in certain areas of the company. The market of the cloud accounting software depends on the level of product and service generated within an economy. As per the report, Some Asian, European, and American countries are using with high demand. Primarily it is split into SaaS, browser-based.
Geographical Market Segmentation
As mentioned earlier, some eastern and western countries are using to a great extent. Therefore, it can be mentioned that the market of the cloud accounting software is in high demand in such countries. Let's have a look at the key markets.
China, India, EU (which is a major player in using the software), USA, UK, the regions of Asia Pacific, and some countries of southeast Asia, middle east, Mexico, Canda, Brazil.
As mentioned in the above paragraph, that the EU, USA, and Latin American countries are using this product to a great extent, so most of the major players belong to those areas. Let's have a look at the major players.
Microsoft, MEGI, Kingdee, Xero, Zoho, Xero, Unit4, SAP, Intuit, Yonyou, Dropbox, Cashflow, and many more.
All the companies are making their effort to make the software more user-friendly. There is no such major news about this software.
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