The global cloud accounting service market is anticipated to grow at a CAGR of 9.8% during the forecast period. The growth of the market is attributed to the factors including acquisitions, collaborations, and product launches adopted by the key market players. For instance, in March 2023, Focus Softnet launched FocusLyte, a new accounting software which is a cloud-based system that assists in handling company's invoices and payments. The software is mainly designed for medium and small enterprises. The system is popular among users owing to its ease of use and extensive reporting capabilities.

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In addition, partnerships, collaborations, and acquisitions strategies enable key market players to expand their offerings, enter new markets, technology integration, innovation, and research. This innovation drives market growth by meeting the evolving needs of businesses and providing solutions that deliver increased efficiency and accuracy in financial processes. In March 2023, Nordnet announced a broadened, five-year partnership with Google Cloud to drive innovation and accelerate its transition to the cloud. Nordnet came into the partnership with Google Cloud to offer its customers safe infrastructure and data analytics services across the Nordics. By 2025, Nordnet anticipates that cloud computing will be the primary component of its online offerings.

Global Cloud Accounting Service Market Report Segment

By Type 

• Software-as-a-Service (SaaS)
• Application Service Providers
• Browser-based

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

By Industry Vertical 

• BFSI 
• Retail and Ecommerce
• Manufacturing
• IT and Telecom
• Healthcare
• Government and Public Sector
• Energy and Utilities
• Media and Entertainment
• Others

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Cloud Accounting Service Market Report Segment by Region

North America          

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific   

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

·        Acclivity Group LLC

·        Epicor Software Corp.

·        FreshBooks USA Inc

·        Infor

·        KashFlow Software

·        MYOB Group

·        Reckon Ltd.

·        Red Wing Software, Inc.

·        Saasu Pty Ltd

·        The Sage Group plc

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