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A recently published analytical report description by Markntel Advisors, a leading consulting, data analytics, and market research firm describes prime factors of the market expansion using recent developments and achievements of market players. Such as Zoho Books, a cloud-based accounting software that is set to take your business a step further into the future, and facilitates audit, analysis, and record all financial transactions easily. Lately, in 2023 Zoho announced the launch of new corporate tax features in Zoho Books, FTA-accredited cloud accounting software to enable businesses, solopreneurs, and freelancers to automate corporate tax compliance. This adoption of new advancements aids in seeking comprehensive attention from the users and therefore favors the lucrative growth of the GCC Accounting Software Industry.
The report further comprises “GCC Accounting Software Market Research Report: By Deployment Type (Cloud- Based, On-Premise), By Solution (Software- Based, Service), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Type (Spreadsheet, ERP, Custom Accounting Software, Tax Management Software), By End User (BFSI, IT & Telecommunication, Automotive, Retail & Consumer Goods, Oil & Gas, Manufacturing, Healthcare, Government & Public Sector, Construction & Real Estate, Others) Forecast (2024-2029)”, According to the report, The GCC Accounting Software Market size is valued at around USD 121 million in 2024 and is estimated to grow at a CAGR of around 8.9% during the forecast period, i.e., 2024-29.
Leading Segmentation Analysis Based On End-user, Type and Country
The GCC Accounting Software market is segmented into six segments based on deployment type, end user, solutions, type, enterprise size, and country.
Based on End-User, the market is segmented into BFSI, IT & Telecommunication, Automotive, Retail & Consumer Goods, Oil & Gas, Manufacturing, Healthcare, Government & Public Sector, Construction & Real Estate, Others in 2024, The Government and public sector segment will dominate the GCC Accounting Software Market
Based on Type, the market is segmented into Spreadsheet, ERP, Custom Accounting Software, and Tax Management Software, in 2024, the EPR segment will dominate the GCC Accounting Software Market
Based on Country, the market is segmented into The UAE, Saudi Arabia, Oman, Kuwait, Bahrain, and Qatar, Saudi Arabia dominates the GCC Accounting Software Market
Mounting Integration of Robotic Process Automation Benefits Exponential Market Growth
The growing adoption of Robotic Process Automation (RPA) in Accounting witnessed significant growth in the GCC accounting software industry. The market players started offering RPA, resulting in a prominent increment in the use cases of RPA in various accounting functions such as inter-company accounting, account reconciliations, cost and inventory accounting, and general ledger functions in recent years.
Major Market Players and Recent Updates: Strengthening the Industry Growth
Highlighting the recent update that demonstrates the further growth and market expansion:
Infro Inc. in 2023 revealed that NEFC group had successfully implemented Infor M3, the company is a prominent UAE-based holding company, the robust enterprise resource planning ERP system designed specifically for equipment-focused businesses.
Additionally, to strengthen their market position, certain market players such as
Oracle Corporation, Infor Inc., SAP, Thomson Reuters, Sage Group Plc, Zoho Books, Zeta Software, Microsoft Corporation, Epicor, Tally Solutions, and others, are operating, not only to raise revenue but also to seek comprehensive attention and popularity from large customers. Therefore, looking forward towards futuristic growth and betterment.
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