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Latin America Accounting Software Market Share, Size, Growth, Analysis, Trends, Forecast: By Component: Solution, Services; By Deployment Mode: Cloud, On-Premises; By Software: Commercial Accounting Software, Spreadsheet Software, Others; By Enterprise Size; By Industry Verticals; Regional Analysis; Competitive Landscape; 2023-2028
Latin America Accounting Software Market Outlook
The Latin America accounting software market size is projected to expand at a CAGR of 10.90% in the forecast period of between 2023 and 2028, driven by an increasing penetration of accounting apps, automation of accounting processes, and rise of data-driven financial analysis.
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Key Trends in the Market
Accounting software helps accountants analyse, track, retrieve, manage, and report daily financial transactions. With software, the probability of mistakes and errors is significantly reduced. An accounting software enables insightful reporting and better decision-making, while also makes auditing easier by automating accounting tasks and allowing real-time tracking of financial transactions. Comprehensive accounting software systems can be used to monitor assets, liabilities, revenues, and expenses.
- A key trend in the market is the availability of accounting software with multiple features such as general ledger (GL), sub-ledger, payable and receivable accounts, cash management, reporting and analytics, besides collection, asset, risk, and revenue management features. Advanced accounting software can manage budgets, handle payrolls, and even perform customer relationship management functions.
- Automating accounting and finance related tasks brings down costs. Besides, advanced accounting software can also perform data-driven financial analysis, enabling better decision-making. The pandemic, followed by fears of recession, is pushing organisations to cut costs and optimise their finances, which is leading to a growing demand for accounting apps in the Latin America accounting software market.
- Complementing the accounting automation needs is the cloud adoption and availability of accounting SaaS. They have come as a crucial advantage for SMEs that require custom-fit solutions, flexibility, and data-driven insights to ensure sufficient margins to survive in the market. Accounting SaaS facilitates metered usage, which brings down accounting automation costs without sacrificing advanced accounting software functionality.
Market Analysis
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Based on component, the market is segmented into solution and services. By deployment mode, the market is categorised into Cloud-based and on-premises. Based on software type, the Latin America accounting software market is divided into commercial accounting software, spreadsheet software, enterprise accounting software, and custom accounting software, among others. On the basis of enterprise size, the market is segmented into small and medium sized enterprises (SMEs) and large enterprises, among others.
By industry verticals, the market is divided into BFSI, manufacturing, government and public sector, IT and Telecom, pharmaceuticals and healthcare, retail, and media and advertising, among others. Based on country, the Latin America market for accounting software is segmented into Brazil, Argentina, and Mexico, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America Accounting Software market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Infor
- Microsoft Corporation
- SAP SE
- Zoho Corporation
- Intuit Inc
- Thomson Reuters Corporation
- Others
Market by Deployment Mode
Cloud-based accounting software and accounting SaaS are expected to outpace the demand for on-premises accounting software during the forecast period in the Latin America Accounting Software Market. They offer flexibility, scalability, and lower liability, besides bringing down costs. SMEs are likely to increasingly avail of cloud-based software and solution. Owing to minimal installation and maintenance costs, cloud adoption, and SaaS delivery model, their demand is expected to rise in the coming years. With the inherent advantages of metered usage, the option for using only the required features, and up-scaling, cloud deployment models are projected to support the growth of the Latin America accounting software market during the forecast period.
Market by Software Type
Among the accounting software types, enterprise accounting software is likely to account for a substantial share of the Latin America accounting software market. Enterprise accounting software can perform ERP functions along with the accounting tasks. Their key advantage lies in bringing together payroll and HR management, supply chain management, business intelligence, and financial management together. An increasing number of organisations are opting for advanced accounting features integrated into their existing ERP software. Similarly, many companies are choosing accounting software with necessary ERP features. Real-time availability of data across departments, and real-time transaction tracking ensures efficient management. It also makes the communication between the accounting team and various departments in the organisation easier.
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Competitive Landscape
Infor is a leader in cloud-based software products and is known for creating industry specific functionalities. Operating from over 45 locations with over 17,000 employees, it serves over 60,000 customers globally, with its innovative tools and deep-industry solutions. Infor’s financial and supply management solutions combine ERP with accounting and financial capabilities.
SAP SE is the world leading enterprise software company and a popular ERP vendor. Founded in 1972 and headquartered in Germany, the company today operates from over 130 countries across the five continents and boasts of an employee strength over 1,00,000. It offers accounting and financial software for professional accounting firms as well large corporations. SAP’s software are known for their excellent automation capabilities, agility, and productivity.
Intuit Inc is known for its popular accounting software for the SMEs, known as QuickBooks. Intuit is a customer-focused global technology platform that focuses on financial software. Founded in 1983 in California, Intuit has over 14000 employees, working from over a dozen offices across three regions globally. It helps small businesses and consumers in overcoming financial challenges.
Other major market players include Microsoft Corporation, Zoho Corporation, and Thomson Reuters Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Deployment Mode |
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| Breakup by Software Type |
|
| Breakup by Enterprise Size |
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| Breakup by Industry Verticals |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Market Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Latin America Accounting Software Market Analysis
8.1 Key Industry Highlights
8.2 Latin America Accounting Software Historical Market (2018-2022)
8.3 Latin America Accounting Software Market Forecast (2023-2028)
8.4 Latin America Accounting Software Market by Component
8.4.1 Solution
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Services
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Latin America Accounting Software Market by Deployment Mode
8.5.1 Cloud
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 On-Premises
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Latin America Accounting Software Market by Software Type
8.6.1 Commercial Accounting Software
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Spreadsheet Software
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Enterprise Accounting Software
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Custom Accounting Software
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Others
8.7 Latin America Accounting Software Market by Enterprise Size
8.7.1 Small and Medium Sized Enterprises (SMEs)
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Large Enterprises
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Others
8.8 Latin America Accounting Software Market by Industry Verticals
8.8.1 BFSI
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Manufacturing
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Government and Public Sector
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 IT and Telecom
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Pharmaceuticals and Healthcare
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
8.8.6 Retail
8.8.6.1 Market Share
8.8.6.2 Historical Trend (2018-2022)
8.8.6.3 Forecast Trend (2023-2028)
8.8.7 Media and Advertisement
8.8.7.1 Market Share
8.8.7.2 Historical Trend (2018-2022)
8.8.7.3 Forecast Trend (2023-2028)
8.8.8 Others
8.9 Latin America Accounting Software Market by Country
8.9.1 Market Share
8.9.1.1 Brazil
8.9.1.2 Argentina
8.9.1.3 Mexico
8.9.1.4 Others
9 Regional Analysis
9.1 Brazil
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Argentina
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.3 Mexico
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyers Powers
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Key Company Profiles
11.2.1 Infor
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Microsoft Corporation
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 SAP SE
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Zoho Corporation
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Intuit Inc
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Thomson Reuters Corporation
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Others
12 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Accounting Software Market: Key Industry Highlights, 2018 and 2028
2. Latin America Accounting Software Historical Market: Breakup by Component (USD Million), 2018-2022
3. Latin America Accounting Software Market Forecast: Breakup by Component (USD Million), 2023-2028
4. Latin America Accounting Software Historical Market: Breakup by Deployment Mode (USD Million), 2018-2022
5. Latin America Accounting Software Market Forecast: Breakup by Deployment Mode (USD Million), 2023-2028
6. Latin America Accounting Software Historical Market: Breakup by Software Type (USD Million), 2018-2022
7. Latin America Accounting Software Market Forecast: Breakup by Software Type (USD Million), 2023-2028
8. Latin America Accounting Software Historical Market: Breakup by Enterprise Size (USD Million), 2018-2022
9. Latin America Accounting Software Market Forecast: Breakup by Enterprise Size (USD Million), 2023-2028
10. Latin America Accounting Software Historical Market: Breakup by Industry Verticals (USD Million), 2018-2022
11. Latin America Accounting Software Market Forecast: Breakup by Industry Verticals (USD Million), 2023-2028
12. Latin America Accounting Software Historical Market: Breakup by Country (USD Million), 2018-2022
13. Latin America Accounting Software Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Accounting Software Market Structure.
Key Questions Answered in the Report
The accounting software market in Latin America is projected to grow at a CAGR of 10.90% between 2023 and 2028.
The major market drivers for accounting software in Latin America are automation of accounting processes, rise of data-driven financial analysis, penetration of accounting apps, and SaaS models of accounting software.
The Latin America accounting software market key trends are the growing adoption of accounting software by SMEs, shift towards cloud-based accounting solutions, and a greater focus on accounting software with specialised features for enterprises.
The key players in the accounting software market in Latin America are Infor, Microsoft Corporation, SAP SE, Zoho Corporation, Intuit Inc, and Thomson Reuters Corporation, among others.
Brazil, Argentina, and Mexico are significant countries in the Latin America market for accounting software.
The primary components of accounting software in Latin America are solution and services.
The key accounting software types include commercial accounting software, enterprise accounting software, spreadsheet software, and custom accounting software, among others.
The various industry verticals for accounting software in Latin America are BFSI, manufacturing, government and public sector, IT and telecom, retail, pharmaceuticals and healthcare, and media and advertisement, among others.
Some of the leading advantages of accounting software are its ability to reduce errors, automate processes, generate reports, streamline tax filing, manage records, and simplify sharing of accounting records.
Cloud computing and storage, data science, and innovations in SaaS architecture will likely have a positive impact on the accounting software market in Latin America.
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