Custom Accounting Software market is projected to grow at a considerable CAGR 9.0% during the forecast period (2019-2025). The rising number of money transactions related to different businesses along with the digitalization of payment options is the key factor to drive the custom accounting software market. Moreover, the ongoing globalization, increasing competition among the business enterprises, an ever-increasing regulatory compliance burden have created a need for advanced software that is adaptable to the changing general accounting principle related to specific businesses to maintain continuity of the business processes. The accounting software is highly adopted for different applications in several verticals such as business enterprise, education institution and others to manage account receivables, account payables, general ledger, and other accounting activities more effectively and efficiently.
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Further, the active adoption of cloud technology by the different verticals including business enterprise, government department, educational institutions and others is further creating the demand for custom accounting software for their accounting purpose. Business enterprises are actively adopting these solutions to perform the accounting process under time-saving mode. Further, this custom accounting software is used to perform the error-free transaction between the companies and clients. As per the Asia-Pacific Economic Cooperation (APEC), in 2017, an average of 67% of the urban and 61% of the rural population in APEC had the capacity to make or receive digital payments. The advent of e-commerce with rising internet penetration and its integration with other online applications including automated billing features,automated bank feeds, and so on is further promoting the business enterprises to adopt this software for their accounting activities.
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The government is another major vertical that has a high requirement of such a solution owing to the high volume of money transactions. The government of different countries istaking leverage of the custom accounting software solution to increase the productivity of the accounting activities, by archiving, automating, and integrating human resource systems. SAM Solutions Inc., Microsoft Corp., Oracle Corp., Sage Intacct Inc., SAP SE, Custom Soft, Davis Software, Inc., Diceus, EZ Accounting Pte. Ltd., Foundation Software, Inc., JobBOSS, and MBA Software & Consulting, Inc. among others. are the major providers of custom accounting software solutions to different verticals.
Global Custom Accounting Software Market-Segmentation
By Type
- Cloud-based
- Web-based
By Verticals
- Business Enterprise
- Government Department
- Educational Institutions
- Others
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