Lease Accounting Software Market report is segmented on the types, application and by regional & country level. Based upon types, global Lease accounting software market is segmented into cloud based, web based and other. On the basis of application the market is classified into large enterprises, SMEs and other.
Lease Accounting Software Market is valued at USD 391.17 Million in 2018 and expected to reach USD 1064.84 Million by 2025 with the CAGR of 15.38% over the forecast period.
Lease Accounting Software is designed for managing accounting operations and agreements that help to simplify the process of regulatory compliance. By lease accounting software, enterprises can able to perform asset level accounting and activate modifications in the middle of accounting periods as well as capable of reporting for disclosure through processes such as amortization, payment schedules and reporting of maturity analyses. Lease accounting software is widely deployed for a specific purpose application that allows the organizations to run reports for both internal lease management and external compliance obligations. As this software performs lease accounting processes automatically as well as user can access global lease-accounting engine. Lease Accounting Software keeps a complete audit history of all leases and related payments. This accounting software utilize as a transition tool that it can validate and report on all the critical lease data required for full compliance with both IFRS 16 and ASC 842.
The regions covered in this global Lease Accounting Software market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Global Lease Accounting Software market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for global Lease Accounting Software market are CoStar, Nakisa, MRI Software, LeaseAccelerator , Visual Lease, LeaseQuery, Deloitte, IBM, Accruent, ProLease, Tango, PowerPlan, KPMG, Nomos One, Soft4Lessee and other.
Increasing need to improve the accounting process in order to comply with new standards is anticipated to witness a high growth of Lease Accounting Software market.
Growth of Lease Accounting Software is primarily driven by both public and private sector is required to extract the data from them that are needed to comply with the accounting standard. For example; financial accounting standards (FASB) and International Accounting Standards Board (IASB) recently applied the new lease standards, thereby worldwide companies are increasingly need to provide detailed insights about leases in their financial statements. Implementation of lease accounting software has enabled the business leaders to access the specific information while they enter and renew leases. According to recent survey, more than 58% of public companies stated that they were implementing new systems for lease accounting. Moreover, payment collection is somewhat difficult to manage and time consuming process, thus lease accounting software is comprehensive system that tracks payments with security and makes it more efficient. However, this system is relatively expensive which may obstruct the growth of this market. The new lease accounting standards will offer investors and other stakeholders more transparent view to review the company’s financial position.
North America is dominating the Lease Accounting Software Market.
North America holds largest share for lease accounting software and is expected to dominate during forecast period. North American companies are significantly shifting towards the adoption of lease arrangements solutions and sign the contracts containing lease to support their business operations. The growth of financial companies has been shown a significant development in the leasing solutions with regards to increasing new accounting standards. The United States has invested in financial equipment and software which is around USD1.5 trillion with a growth rate 4.0% in 2015 compared to 5.5% growth in 2014. Asia pacific is exponentially growing region and the IFRS 16 is being increasingly implemented by some developing countries from the Asian region.
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