Cloud Accounting Software Market to Grow Dramatically Due to the Pandemic

CAPE TOWN, South Africa - Nov. 3, 2020 - PRLog -- According to Verified Market Reports, the global cloud accounting software market is forecasted to grow at a significant rate, growing at 8.5% during the forecast period of 2019-2025.

While the forecast was made in 2019, the market, global economy and world has seen systemic shift in 2020, due to COVID-19, that is likely to impact, and increase, growth even more significantly across South Africa than expected.

What is cloud accounting software and why is it seeing an increase in growth?

Cloud-based solutions, and more specifically cloud accounting software, has been around for the last decade, and is seeing significant strides in growth due to a variety of factors; most notably a shift and reprioritisation of resources from hardware to software and then cloud. All in an effort to streamline, enhance and improve efficiency across various business units.

The impact of COVID-19 on cloud trends

The impact of COVID-19 has been no less than a systematic shift for the global economy and small businesses as whole. It has put in motion and allowed for radical digital transform that was touted as trends for the next decade and beyond – all in a period of under 6 months.

While once on the roadmap, cloud strategy has become a core focus for business, most notably to innovate and reduce various business risks, that are even more highlighted during the pandemic.

Remote work is another sweeping trend across the world in light of the pandemic. PWC has reported (https://www.pwc.co.za/en/publications/covid-19-cfo-pulse-...) that while CFOs in Africa are prioritising new workplace safety measures (76%) and reconfiguring work sites to promote distancing (76%), remote work is a high priority and is being implemented as much as possible.

There is no doubt that cloud adoption has seen an increase across the world due to COVID-19 and has allowed for opportunities for business shifts and pivots.

Overall predictions for the cloud accounting software market

While the global cloud accounting software market is forecasted to grow at a significant rate, growing at 8.5% during the forecast period of 2019-2025, COVID-19 has seen an even more rapid pace of adoption across cloud and other services.

As more and more businesses take steps to innovate and pivot to digital, across business functions, the right cloud accounting software (https://quickbooks.intuit.com/za/cloud-accounting-software/) is critical, now more than ever.

Overall, cloud adoption and the business growth it enables will be critical for growth for a global, post-COVID-19 recovery.

Rae Sturm is a content writer for QuickBooks (https://quickbooks.intuit.com/za/), South Africa.