Global Cloud-based Financial Management Software Market Set to Reach USD 12.68 Billion by 2031, With a Sustainable CAGR Of 19.40% | Growth Market Reports

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Mar 23, 2023, 11:25 ET

PUNE, India, March 23, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Cloud-based Financial Management Software Market by Type (Web-based Software and Mobile-based Software), Application (Payroll Management Systems, Billing & Invoice Systems, Enterprise Resource Planning Systems, Revenue Management, Account Management, and Others), Enterprise (Small & Medium Enterprises and Large Enterprises), End-user (Corporate, Government, Investment Institutions, and Individuals), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031", the market was valued at USD 2.56 billion in 2022 and is expected to reach USD 12.68 billion, expanding at a CAGR of 19.40% by the end of 2031. The market growth is attributed to the growing adoption of cloud-based solutions and the rising demand for integrated financial management software.

Key Market Players Profiled in the Report

SAP
IBM
Microsoft
Oracle
Tyler Technologies
Intuit Inc.
Infor
SAS Institute Inc.
Sage Group plc
FinancialForce.com

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments, including type, application, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

Highlights on the Segments of the Cloud-based Financial Management Software Market

Based on type, the global market is bifurcated into web-based software and mobile-based software. The mobile-based software segment is anticipated to register a robust growth rate during the forecast period. The ease of use and faster operation of mobile-based software encouraged consumers to use mobile banking.

On the basis of application, the market is segregated into payroll management systems, billing & invoice systems, enterprise resource planning systems, revenue management, account management, and others. The account management segment is expected to expand at a high CAGR in the coming years. The ability of account management software to track transaction activities accelerates the market.

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Based on enterprise, the cloud-based financial management software market is fragmented into small & medium enterprises and large enterprises. The small and medium enterprises segment is anticipated to hold a higher revenue share of the market during the forecast period, due to the growing demand for automated billing features and the rapid expansion of small-scale industries.

On the basis of end-user, the market is segmented into corporate, government, investment institutions, and individuals. The corporate segment is anticipated to expand at a sustainable CAGR during the forecast period. This growth is attributed to the rapid expansion of commercial banks and insurance companies across the globe.

In terms of region, the global cloud-based financial management software market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to dominate the market and is expected to expand at a significant CAGR over the projected period, due to the increasing demand for financial advisors to reduce unnecessary taxes.

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Key Takeaways from the Study:

Financial management software used to manage all retail-related activities. It includes strategic planning, evaluating, billing, invoicing, and controlling all financial activities.
The main purpose of this software is to maximize profit and ensures long-term enterprise sustainability.
Cloud-based software helps in the efficient management of work as it offers increased security, flexibility, scalability, and faster processing speed.
Adoption of mobile banking and insurance systems increased in commercial banks and insurance companies, which drive the market growth.
Increasing technological advancement and the emergence of several payment-related apps create lucrative growth opportunities in the market.
Mobile banking allows one to handle and manage a company's financial data from remote locations, which boosts the demand for mobile-based software.
A potential growth opportunity for revenue management, which drives the market, is due to the growing requirement from large enterprises to calculate profit and losses.
The market in Asia Pacific is anticipated to hold a major share of the market during the forecast period. This growth is attributed to the wide acceptance of digitalized financial services in the corporate sector.

Read 210 Pages Research Report with Detailed ToC on "Cloud-based Financial Management Software Market by Type (Web-based Software and Mobile-based Software), Application (Payroll Management Systems, Billing & Invoice Systems, Enterprise Resource Planning Systems, Revenue Management, Account Management, and Others), Enterprise (Small & Medium Enterprises and Large Enterprises), End-user (Corporate, Government, Investment Institutions, and Individuals), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031"

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Key Segments Covered

Type

Web-based Software
Mobile-based Software

Application

Payroll Management Systems
Billing & Invoice Systems
Enterprise Resource Planning Systems
Revenue Management
Account Management
Others

Enterprise

Small & Medium Enterprises
Large Enterprises

End-user

Corporate
Government
Investment Institutions
Individuals

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

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