BURNABY, British Columbia, May 21, 2014 /PRNewswire/ --
Online and Customized Accounting Software to Significantly Contribute Towards Boosting India's Accounting Software Market During 2014-19
Accounting software is used to record and process accounting transactions. The overall Indian accounting software market is dominated by the core accounting software segment, followed by practice management and software tools segments. Practice management software allows users and managers to plan their tasks and efficiently manage work, while removing bottlenecks. Practice management software is being majorly adopted by medium and large enterprises.
During 2010-13, large revenue growth in overall market revenues of accounting software market was witnessed on account of rising end user awareness in India. This is being further supported by the mandatory requirement for all companies to submit accounting records through computer based excel sheet instead of the traditional paper based accounting record. In India, southern region has been spurring the demand for accounting software, while increasing demand from western and northern is projected to furtherpropel the market in coming years. Increasing demand for customized accounting software by the companies, coupled with expected International Financial Reporting Standards (IFRS) implementation in the country, is anticipated to drive market revenues during the next five years.
According to a recently published TechSci Research report, "India Accounting Software Market Forecast & Opportunities, 2019", the Indian accounting software market revenues are projected to grow at a CAGR of around 16.1% during 2014-19.Tally Solutions Pvt. Ltd., Busy Infotech Pvt. Ltd., Marg Compusoft Pvt. Ltd., and Intuit Technology Services Pvt. Ltd. are the major players in the country's accounting software market. These major companies are gearing up to capitalize on the available and emerging opportunities in retail, distribution and manufacturing sectors in the country. Further, the cloud based accounting software solutions and real time data analysis features are expected to further increase accounting software adoption in India.
"SME segment is the leading revenue contributing segment in Indian accounting software industry. Further, the rapid increment in the number of SMEs along with their increasing IT spending is expected to augment revenue growth in the country's accounting software market.However, the industry continues to face a stiff challenge from piracy software, which is resulting in huge revenue losses for the industry players.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Accounting Software Market Forecast & Opportunities, 2019" has analyzed the potential of the accounting software market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
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SOURCE TechSci Research