India's Accounting Software Market To Grow At 14% Till 2021
Rising demand for real time analysis, increasing online adoption and growing awareness about benefits of Accounting Software will drive Accounting Software market in India. According to TechSci Research report, the Accounting Software market in India is projected to grow a CAGR of over 14 percent during 2016 - 2021.
India is one of the fastest growing software markets in the world, owing to the presence of various leading global software players such as Microsoft, Accenture, Oracle, etc. Increasing IT spending and rising awareness about the benefits of accounting software as compared to paper based accounting system is expected to boost revenue growth in India accounting software market over the next five years. In 2015, IT spending in India stood at around US$ 67 billion, and this is further expected to grow at a robust pace until 2021.
In India, there were 276.8 million internet users in 2015, and this is projected to reach 320.9 million by 2016. Furthermore, growing need to analyze huge volumes of accounting data is fueling demand for accounting software in India. Over the past few years, accounting software market has undergone radical changes in terms of consumer acceptance in India. Moreover, adoption of enterprise mobility and BYOD concept among small and medium enterprises is also growing in the country. Enterprise Resource Planning accounting software dominates India accounting software market as the software helps reduce complexity of handling large financial transactions for enterprises. Tally Solutions, Busy Infotech, Marg Compusoft, Intuit Technologies, and SAP India are few of the leading players operating in India accounting software market.
“Technological advancements, rising integration of accounting software with various online applications such as automated billing features, automated bank feeds, e-commerce websites, etc., coupled with increasing adoption of cloud computing is anticipated to drive accounting software market in the country through 2021. Increasing collaborations of small and medium enterprises (SMEs) with e-commerce players is also projected to drive adoption of accounting software in the coming years.”, said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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