The accounting software market in India is expected to grow at a rate of 19.2 percent per year through 2016, according to a new report.

As more small and midsized businesses implement accounting software, spending in the Indian software market is expected to rebound after the global economic crisis led to a slowdown in business investment. Software spending in India is expected to grow from $1.9899 billion in 2009 to $4.6735 billion in 2014, at a compound annual growth rate of 23 percent, according to TechSci Research.

TechSci anticipates that technologies such as accounting software that enable executives to understand their businesses better are likely to capture a greater amount of the IT budget in India. IT investments that revolve around accounting are likely to get greater investment.

TechSci’s study, “India Accounting Software’s Market Outlook 2016,” evaluates business and non-business issues related to the accounting software market in India, including trends, market potential, infrastructure and delivery models.

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