Report Code: A14705 | Pages: NA | Mar 2023 | 1451 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Virtual Account Management Software Market
Request Now !Virtual Account Management (VAM) allows activity to be separated under a single, centralized bank account while still maintaining the visibility and reporting required for reconciliation and internal accounting. Virtual account management software solutions are used to simplify the accounting process, save time, and ensure that transactions between businesses and clients are error-free. Furthermore, by archiving, automating, and integrating human resource systems.
These systems are designed to boost productivity. In addition, virtual account management software helps SMEs to reduce errors in dealings with clients and companies, improving relationships and reputations while freeing up time to focus on the core business concept. Moreover, during the forecast period, the growing trend of small and medium businesses collaborating with e-commerce players and integrating with other online applications, such as automated bank feeds and automated billing features, is expected to drive virtual account management software adoption. Therefore, the surge in demand for virtual account management is expected to boost the growth of the virtual management software market in the upcoming years.
The global virtual account management software market is segmented on the basis of component, type, industry vertical, enterprise size and region. Based on component, the market is divided into software and services. In terms of type, the market is categorized into spreadsheets, ERP, custom accounting software and tax management. On the basis of industry vertical, the market is divided into BFSI, healthcare, retail, IT and telecommunication, travel & hospitality, transportation & logistics, media & entertainment, government and others. On the basis of enterprise size the market is divided into large enterprise and small & medium enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
Top Impacting Factors
The increasing trend of accounting automation and increased efficiency offered by virtual account management software are driving the growth of the market. In addition, the rise in adoption due to its improved accuracy propel the growth of the market. However, a lack of awareness might hamper the growth. Contrarily, reduced operational costs due to the elimination of outsourcing of bookkeeping are expected to provide lucrative opportunities to the market in the upcoming years.
Increase in Trend of Accounting Automation
Virtual account management software solutions are used to simplify the accounting process, save time, and ensure that transactions are error-free between a business and its customers. Furthermore, these systems are designed to increase productivity by hosting, automating, and integrating HR systems. In addition, the virtual account management software helps to reduce errors in customer-business relationships, improve relationships and reputation, and free up time to focus on the basic business concepts. Therefore, the increasing trend of accounting automation is expected to drive the growth of the virtual account software market during the forecast period.
Increased Efficiency Offered By Virtual Account Management Software
Accounting software, which is used to keep track of accounting transactions or manage money flowing in and out of a business, helps in increasing efficiency. It has emerged as a better solution for managing business accounts, as it can handle many business modules with ease. Furthermore, demand is expected to be driven by features that ensure the company's accurate financials, such as time-saving, cost-effective operation, and higher overall productivity. Moreover, firms or businesses buy virtual account management software to expand their capabilities and replace out-of-date systems. Therefore, the increased efficiency offered by the virtual management software is driving the growth of the virtual account management software market during the forecast period.
Key Benefits of the Report
Questions Answered in the Virtual Account Management Software Market Research Report
Virtual Account Management Software Market Report Highlights
Aspects | Details |
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By Component |
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By Type |
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By Industry Vertical |
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By Enterprise Size |
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By Region |
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Key Market Players | Oracle Corporation, Microsoft Corporation, Intuit Inc., Sage Group plc, Epicor Software Corporation, Xero Limited, Infor, Zoho Corporation Pvt Ltd, Red Wing Software Inc., Reckon Limited |
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