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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 ...

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 ...

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 ...

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 ...

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 ...

POSITIONING OF THE ACTORS

6.1 Segmentation

.

  • Oracle Netsuite (Groupe Oracle)
  • Zoho
  • Intuit
  • Freshbooks
  • Xero
  • SAP
  • Smeup
  • Zucchetti

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Method

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Analysts 1 sector analyzed
in 40 pages
Method
Control

Analysts

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  • Expert opinion

Data

  • Databases
  • Press
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Control

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Method

  • Synthetic structure
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Analysts

Hugo Schott

chargé d'études économiques, Xerfi

Hugo Schott

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Mathieu Luinaud

Associate Consultant

Mathieu Luinaud

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Education Formation
Robin Charbonnier

PhD Industrial transformations

Robin Charbonnier

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Pierre D.

Analyst

Pierre D.

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Arnaud W.
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Ross Alumni Club France

Arnaud W.

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Amaury de Balincourt
Linkedin logo

Analyste de marché chez Businesscoot

Amaury de Balincourt

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Pierrick C.

Consultant

Pierrick C.

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Maelle V.

Project Finance Analyst, Consulting

Maelle V.

Héloise Fruchard

Etudiante en Double-Diplôme Ingénieur-Manager Centrale

Héloise Fruchard

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Imane Essadiq

EDHEC

Imane Essadiq

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Vincent D.

Auditeur

Vincent D.

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Eva-Garance T.

Eva-Garance T.

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Michela G.

Market Research Analyst

Michela G.

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Azelie P.

Market Research Analyst @Businesscoot

Azelie P.

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Cantiane G.

Market Research Analyst @Businesscoot

Cantiane G.

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Jules Decour

Consultant

Jules Decour

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Alexia V.

Alexia V.

Emil Ohlsson

Emil Ohlsson

Anna O.

Anna O.

Gabriel S.

Gabriel S.