Summary

The global accounting software market, estimated at $12.01 billion in 2020, is expected to grow at a CAGR of 8.5% to reach $19.59 billion by 2026, driven by increasing corporate demand for efficient financial management. The trend towards cloud-based solutions has been accelerated by the COVID-19 pandemic, which forced companies to adopt remote working measures and increase their reliance on the Internet. infrastructure, with a notable spike in data traffic and software adoption by SMEs.

Digital Transformation in Italy: Booming opportunities for Accounting Software

The Italian market should particularly benefit from this growth, given the government's multi-billion euro investment to support digitization. Italy's small and medium-sized enterprises (SMEs), which lag behind large corporations in digital adoption, represent a significant opportunity for software suppliers. The Italian government's initiatives to improve digital skills and broadband coverage nationwide only reinforce this observation. Key players in the Italian market include Zucchetti.it, Smeup and TeamSystem, who are leveraging advanced features such as AI and Big Data to gain a competitive edge.

Analyzing the demand for accounting software within the Italian market, several key trends and figures emerge. With the country's low level of digitization, the Italian government's multi-billion euro investment to improve digital capabilities should further stimulate growth in the accounting software sector. Small and medium-sized enterprises (SMEs), which make up the bulk of Italy's business fabric, represent a significant opportunity for software suppliers, given that only 30% of them currently adopt at least one cloud computing service. The market is moving towards cloud-based solutions, a move accelerated by the COVID-19 pandemic, which has pushed companies to embrace remote working and digital tools.

As a result, more than half of Italian SMEs have adopted new software to ensure business continuity during the crisis, and almost a third have increased their software budgets by up to 50%. Increased demand for accounting software is not limited to the cloud space; there is considerable interest in integrating advanced features such as artificial intelligence (AI). In terms of demand by company size, almost half of Italian companies surveyed use business software, with large companies investing in innovations for accounting and administrative systems at a rate of around 21.4%, slightly higher than their investment in marketing innovations. For large companies with at least 250 employees, this rate rises considerably.

When it comes to digitizing SMEs, there is every reason to believe that this sector is gradually adopting software solutions. Some 91% of SMEs surveyed use software on a regular basis, and a large proportion of them are interested in making better use of technology to improve business processes. Yet obstacles remain, including cost, difficulty of use and perceived adequacy of training provided for new software - factors that could influence the adoption of accounting software solutions. SMEs' perception of their own digitization process is another crucial indicator. just 3% consider digital innovations unnecessary, while a sizeable majority consider themselves fully or partially digitized, indicating that they are open to adopting new digital tools, including accounting software. This optimistic outlook is reinforced by the fact that three quarters of companies recognize the importance of software in day-to-day operations, suggesting a positive trend for future software acquisition. Overall, these trends and figures indicate that the market is ripe for growth. Digital transformation, driven by large-scale investment and accelerated by public health concerns, has prepared the Italian market for increased demand for software solutions. to increased demand for sophisticated yet user-friendly accounting software solutions, particularly from SMEs looking to enhance their digital capabilities.

Key players in the Italian accounting software market

The Italian accounting software market is home to a dynamic set of players, each carving out a niche by offering targeted solutions for various sectors ranging from services to banking. Among these players are some well-known names that have made a significant contribution to shaping the accounting solutions landscape in the country.

  • Zucchetti: Zucchetti is a major player on the Italian software scene. It offers a complete suite of tools to support companies in all aspects of financial management, from basic accounting practices to sophisticated data analysis. Zucchetti has earned a reputation for being at the forefront of integrating technological advances such as AI and Big Data into its software, making it a choice for companies looking for cutting-edge solutions.
  • Smeup: Smeup is another worthy competitor on the market. This company caters to the needs of Italian SMEs with a range of ERP solutions that includes accounting software designed to streamline financial processes. Smeup is particularly appreciated for its user-friendly interfaces and customization options, which enable companies to tailor the software to their unique operational needs.
  • TeamSystem: Building on its position in the accounting software segment, TeamSystem stands out for its wide range of offerings, from general ledger to revenue management and beyond. Serving professionals and companies of all sizes, TeamSystem's solutions are renowned for their reliability and integration capabilities, enabling smoother workflows and greater data consistency across organizational departments.

Each of these players plays an essential role in the Italian accounting software market, not only by offering tailor-made solutions, but also by promoting the adoption and sophistication of digital tools in a country that fiercely embraces technological innovation in all its economic sectors. They offer a range of choices to Italian companies looking to modernize their accounting practices and gain a competitive edge in local and international markets. As the Italian government continues to invest in digitization, the positioning of these key market players is likely to evolve, leading to new collaborations and innovative product offerings in the future.

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  • Number of pages : 30 pages
  • Format : Digital and PDF versions
  • Last update : 15/11/2021
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Summary and extracts

1 Market overview

1.1 Definition and presentation

An accounting software is a program used by small and large companies to record and control the various transactions of the company and its economic and financial performance. Most of these programs are used for:  

  • General accounting
  • Accounting practices
  • Budgeting, financial reporting and asset management
  • Income tax return

The market is expected to grow significantly globally as more and more companies realize that good accounting and record keeping can be an advantage to their business. The market CAGR for the next 5 years is expected to be 8.5%.  

Italy is a country with a low level of digitalization, which is why the Italian government has recently invested several billion euros to catch up, which should fuel the growth of accounting software in the years to come. Furthermore, SMEs in Italy are an interesting opportunity for software vendors, as their level of digitalization is still quite low. The Italian market, thanks to the advent of the Cloud and the digitization of small businesses (such as those in the craft sector or small professionals), is expected to experience positive growth.

The market trend is towards the use of the Cloud, which has been brought about largely by the pandemic. Its advantages are: better coordination between all workers, lower costs in terms of hardware maintenance and antivirus installation, and greater data security thanks to the automatic backup option. Given the highly dynamic and innovation-driven international system, the Italian market is trying to emulate large foreign companies by focusing on artificial intelligence and "Big Data" management. Finally, the country is looking into the implementation of accounting software for public administration.

Some Italian software used mainly by accountants are : Zucchetti.it, Smeup or TeamSystem.

1.2 The global market

The accounting software market was estimated to be worth $**.** billion in **** and is expected to grow at a CAGR of *.*% through **** to reach a size of $**.** billion [***] 

Evolution of the global accounting software market size World, ****-****, in billions of dollars Source Mordor Intelligence  

Companies acquire accounting software both to replace ...

1.3 The domestic market

A study conducted by the Digital Innovation Observatory in collaboration with the Politecnico di Milano published in July **** provides us with an overview of the Italian market. In order to quantify the value generated by the market studied, the information on company turnover extracted from the AIDA database in **** has been ...

1.4 Impact of the Covid-19 pandemic

While the accounting software market was already growing in recent years, the Covid-** pandemic has only accelerated this trend. The impact of the Covid-** crisis accelerated the digitalization of many industries by prompting companies to adopt telecommuting measures (***) to protect employees from a possible contamination. Teleworking software and applications were then ...

2 Analysis of the demand

2.1 Demand driven by large companies

According to an ISTAT study published in **** on digitalization and technology in Italian companies, **.*% of the firms surveyed stated that they use accounting management software.

Companies with at least ** employees that have adopted management softwares Italy, ****-****, in % and in numbers Source: ****

In addition, companies that acquire their first management software ...

2.2 Digitization of SMEs to fuel market growth

The digitization of SMEs, accentuated by the health crisis, is still in its first stages. A Capterra study, published in ****, therefore focused on the digitalization of SMEs.

First, **% of companies surveyed stated that they use some type of software on a regular basis. The most used software in SMEs according to ...

2.3 SMEs' perception of their digitalization

The perception of SMEs on their digitization process is an important factor that helps indicate the propensity of these companies to acquire an accounting software. According to the Digital Observatory in the PMI, only *% of SMEs think that digital innovations are not necessary to develop their business.

Distribution of the perception ...

3 Market structure

3.1 A dynamic low-medium concentration market

Accounting software is a sub-category of business software, which is used to automate business processes within companies.

The Politecnico di Milano associated with Osservatori analyzed the turnover of *,*** business software companies in Italy. They found a market of low-medium concentration, in which **% of companies belonging to a group contribute to **% of ...

3.2 Sales channels and partnerships

According to interviews conducted by the Politecnico di Milano and AssoSoftware, the software companies manage the implementation of their own solutions and manage the project on a turnkey basis, i.e. they are committed to the client (***) to provide all the services necessary for the work to be completed and ready ...

3.3 A rather disparate market

The Italian software companies present in the business software market are mainly small. According to the Politecnico di Milano and AssoSoftware, **% of them have between ** and ** employees, and a turnover of less than ** million euros.

Distribution of management software companies by revenue and number of employees

Source: ****

*Highlighted figures represent ...

4 Analysis of the offer

4.1 Characteristics of accounting software

There are many accounting software programs that are organized around six typical features:

Management of accounting entries Management of VAT registers and VAT settlements Balance sheet printouts and reclassification Materials Management/Deadlines Creation of invoices, credit notes and DDT Management of electronic invoices

The use of a management software allows the ...

4.2 Product Typology

According to the Politecnico di Milano and the Digital Innovation Observatory, *,*** business software products were available on the Italian market in ****, which corresponded to an average of * products per software company. Moreover, only *% of companies had a catalog of more than ** products. Among the management software, the modules specialized in administration ...

4.3 A highly specialized offer

As seen in the previous section, it is quite difficult to standardize a product given the many sectors and companies on the Italian market. The editors have therefore a rather large margin of positioning, and often decide to specialize themselves.

Nearly half of the publishers surveyed stated that they produce at ...

4.4 The high added value of innovations

New technologies, such as cloud, artificial intelligence, big data or blockchain will guide future software innovations. 

Software with at least one innovative trend, by company size Italy, ****-****, in % Source: ****

In contrast, only *% of the management software present an innovative dynamic. This trend is explained by a rather fragmented market, where ...

5 Regulation

5.1 Regulations

From a legal point of view, it is necessary to find a balance between two opposing interests. The public interest must be promoted through technical progress, but, at the same time, the private property of companies or individuals must be protected. In Italy, software are therefore protected by a copyright with ...

5.2 The recovery and resilience plan for a more digital future

The EU Member States set out in their recovery and resilience plans the reforms and investments they wish to implement by ****. Once submitted, the Commission assesses them within two months and translates their content into legal acts. On the basis of a Commission proposal, the Council has in principle four weeks ...

6 Positioning of the actors

6.1 Segmentation

.

List of charts

  • Evolution of the global accounting software market size
  • Software market turnover
  • Impact of the health crisis on software purchases
  • Evolution of innovations by type of process
  • [Copy] Companies with at least 10 employees that have adopted management softwares
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Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Oracle Netsuite (Groupe Oracle)
Zoho
Intuit Italia
Freshbooks
Xero
Smeup
Zucchetti

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