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GCC Accounting Software Market to Showcase Noteworthy Growth with the Proliferation of Small & Medium Enterprises
The GCC Accounting Software Market is projected to grow at a CAGR of around 8.9% during the forecast period of 2024-29, cites MarkNtel Advisors in the recent research report. The region has experienced a remarkable growth of SMEs, thanks to a thriving entrepreneurial ecosystem and government support. Countries like the UAE and Saudi Arabia have been actively providing business counseling, financial assistance, technical guidance, and more, which resulted in the emergence of numerous new SMEs. These SMEs are increasingly in need of scalable and compliant financial management solutions, which led to rising demand for accounting software solutions across the region.
Furthermore, countries such as Qatar, the UAE, and Saudi Arabia are determined to diversify their economies beyond traditional oil and gas industries. To achieve this goal, they are focused on expanding their SME ecosystems, fostering entrepreneurial activities, and supporting the digitalization of small and medium businesses through collaborations with IT firms. For instance,
- In 2022, as part of the National Program for Small and Medium Enterprises, the UAE government unveiled three significant initiatives that offer entrepreneurs and SME owners a range of integrated services. These initiatives are designed to enhance their growth opportunities and facilitate market access.
The demand for effective financial management and accounting solutions would soar as these SMEs grow and expand, and would support the market's expansion.
Furthermore, in their quest to promote digitalization among small and medium-sized businesses, these countries actively engage with IT companies. Companies and financial institutes across the GCC countries have been partnering with accounting software providers to escalate their digitalization goals. Thus, SMEs undergoing digital transformation would adopt technology solutions to streamline their operations, owing to which the demand for accounting software solutions would surge, further states the research report, “GCC Accounting Software Market Analysis, 2024.”
ERP Accounting Software to Showcase Substantial Growth
Based on the type, the market is further bifurcated into, Spreadsheet, ERP, Custom Accounting Software, and Tax Management Software. The ERP segment has seen a major demand among others, owing to its comprehensive capabilities and appeal to medium to large-sized organizations. ERP has been widely adopted by the retail industry because it unifies a variety of business functions, including accounting and finance.
Moreover, Saudi Arabia, the UAE, Qatar, and other countries in the region stand as the largest consumer market within the GCC. This favorable market environment has facilitated the flourishing of various retail companies, such as Panda Retail Co (Savola Group), Carrefour (USDA), etc. As the retail sector expands, the demand for ERP accounting software has surged, driven by the need to efficiently manage critical aspects of their operations, including sales, inventory, purchasing, and financial transactions.
Furthermore, the region's governments are actively supporting digital technologies as part of their strategic vision plans. This push towards digitization is expected to have a positive impact on the growth of e-commerce. With the increasing expansion of e-commerce businesses, there will be a heightened requirement for robust systems to handle online sales and payment processing. This, in turn, will further drive the adoption of ERP accounting software in the coming years.
Saudi Arabia Set to Surge Ahead in the Market
Geographically, Saudi Arabia has experienced significant growth as a result of its efforts to diversify its economy and lessen its reliance on oil exports while fostering non-oil sectors. These initiatives have led to the rise of Fintech companies in the country, which has been instrumental in driving the digitalization of financial services. Fintech companies have introduced innovative solutions, including online payment platforms, mobile banking, and digital wallets, compelling traditional financial institutions to adopt modern tools like accounting software to streamline and automate financial processes effectively.
Moreover, as part of its economic diversification efforts, the government has initiated several initiatives that have prompted companies to invest in expanding their operations. As a result of these initiatives, industrial activities in sectors like petrochemicals, manufacturing, pharmaceuticals, and others are expected to witness significant growth. The rapid expansion of business activities in these sectors will create a pressing need for advanced accounting software to efficiently manage their financial operations, cope with the complexities of their growing enterprises, and ensure accurate financial reporting in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Oracle Corporation, Infor Inc., SAP, Thomson Reuters, Sage Group Plc, Zoho Books, Zeta Software, Microsoft Corporation, Epicor, Tally Solutions, etc. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & solution adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-29?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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