The accounting software market in India is poised to boom.
According to the report from TechSci Research, “India Accounting Software Market By Type, By End-User, Competition Forecast & Opportunities, 2011–2021,” the country should see a combined annual growth rate of over 14 percent between 2016 and 2021 in its accounting software market.
Increasing IT spending and rising awareness about the benefits of accounting software as compared to paper-based accounting systems are expected to boost revenue growth in India accounting software market over the next five years.
The report stated that a growing need to analyze huge volumes of accounting data is fueling demand for accounting software in India. Over the past few years, the accounting software market has undergone radical changes in terms of consumer acceptance in India. Moreover, adoption of enterprise mobility and the bring-your-own-device concept among small and midsized enterprises is also growing.
“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,” said Karan Chechi, research director with TechSci Research, a research-based global management consulting firm, in a statement. “Increasing collaborations of small and medium enterprises with e-commerce players is also projected to drive adoption of accounting software in the coming years.”
In 2015, IT spending in India stood at around $67 billion, and this is further expected to grow at a robust pace until 2021.The nation’s software industry was valued at $3.8 billion in 2011, and by 2015 had grown to $5.6 billion.
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