New York, United States, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The Global Enterprise Financial Management Software (EFM) Market Size is to Grow from USD 7.94 Billion in 2022 to USD 51.78 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 20.62% during the projected period.
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Enterprise financial management software (EFM) is an accounting software solution simplify the accounting process, save time, and ensure error-free transactions between businesses and clients. By archiving, automating, and integrating human resource systems, these systems are intended to boost productivity. Accounting software implementation in SMEs helps reduce errors in dealings with clients and companies, improving relationships and reputations while allowing time to focus on the core business idea. Increased investment by fintech firms in big data, mobility, and cloud technologies, on the other hand, is expected to provide numerous opportunities for the financial service software market to expand during the forecast period. Furthermore, the rise in demand for digital channels for banking, enhanced customer services provided by financial service software, and surge in demand for workforce optimisation solutions drive the growth of the financial service software market. The increased emphasis on improving financial services in commercial banks, such as payment, deposit, or lending services, is improving customer experience. However, the implementation of enterprise financial management software solutions for smaller businesses can be challenging due to the significant investments required in hardware, infrastructure, and personnel. These factors are expected to impede the growth of the market during the forecast period.
COVID 19 Impact
The COVID-19 pandemic outbreak, the financial services software industry experienced a surge in demand, which was attributed to an increase in digital innovations in the financial services sector, thereby enabling the financial services software market to grow. Furthermore, the expanding range of product offerings and convenience have played a significant role in increasing the use of financial services during the pandemic. COVID-19 has had a direct impact on the banking sector's day-to-day operations.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Enterprise Financial Management Software (EFM) Market Size, Share, and COVID-19 Impact Analysis, By Type (Web-based Software, Mobile-based Software), By Enterprise Size (Large Enterprises, Small Enterprises), By Application (Payroll Management Systems, Billing & Invoice System, Enterprise Resource Planning Systems, Time & Expense Management Systems, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The web-based software segment dominates the market with the largest revenue share over the forecast period
Based on the type, the global enterprise financial management software (EFM) market is segmented into web-based software and mobile-based software. Among these, the web-based software segment is dominating the market with the largest revenue share over the forecast period. Web-based software is low-cost to implement and does not require any capital or IT resources. This is one of the primary reasons why businesses prefer web-based software solutions from stay staffed technologies.
The enterprise size segment is witnessing significant CAGR growth over the forecast period.
On the basis of large enterprises, the global enterprise financial management software (EFM) market is segmented into large enterprises and small enterprises. Among these, the large enterprises segment is witnessing significant growth over the forecast period. Analysing and processing this massive amount of data manually can be overwhelming, resulting in errors and inefficiencies. Large corporations generate a large number of financial transactions, invoices, and other financial records. And it is critical that this data is correctly and quickly handled and interpreted such factors are expected to boost market growth during the forecast period.
The enterprise resource planning systems segment is expected to hold the largest share of the global enterprise financial management software (EFM) market during the forecast period.
Based on application, the global enterprise financial management software (EFM) market is classified into payroll management systems, billing & invoice system, enterprise resource planning systems, time & expense management systems and others. Among these, the enterprise resource planning systems segment is expected to hold the largest share of the enterprise financial management software (EFM) market during the forecast period. It can integrate a company's financials, supply chain, operations, commerce, reporting, manufacturing, and human resources into a single platform. ERP software manages data flow between a company's business processes, creating a single source of truth and streamlining operations across the enterprise.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The North American market for enterprise financial management software is the fastest growing, with the United States and Canada playing important roles. The market in this area is expanding due to the presence of large corporations and the increasing use of cloud-based financial management software solutions. The market in North America is also expanding due to increased demand for automation and data security features in financial management software.
Europe is expected to grow the fastest during the forecast period. The primary drivers of growth are the United Kingdom, Germany, and France. As a result of increased adoption of cloud-based financial management software solutions and a greater emphasis on data security and compliance, the market in this area is expanding.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global enterprise financial management software (EFM) market are Onestream Software LLC, The Sage Group Plc, Zoho Corporation, Xero Limited, IBM, Infor, Wave Financial, Epicor, Oracle, Freshbooks, Microsoft Corporation, Intuit, Inc, Lucanet Ag and others.
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Recent Developments
- In July 2023, PwC India and Zoho have announced a strategic partnership. PwC India and Zoho will collaborate to help medium to large enterprises in the country accelerate their digital transformation journey, allowing them to gain a competitive advantage in the market.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global enterprise financial management software (EFM) market based on the below-mentioned segments:
Enterprise Financial Management Software (EFM) Market, Type Analysis
- Web-based Software
- Mobile-based Software
Enterprise Financial Management Software (EFM) Market, Enterprise Size Analysis
- Large Enterprises
- Small Enterprises
Enterprise Financial Management Software (EFM) Market, Application Analysis
- Payroll Management Systems
- Billing & Invoice System
- Enterprise Resource Planning Systems
- Time & Expense Management Systems
- Others
Enterprise Financial Management Software (EFM) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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