Tally retains market leadership

Tally has long been the leader in the finance and accounting sector, but MargERP is emerging as a powerful competitor. In the future, it is possible that MargERP could even supplant Tally as the go-to solution for finance and accounting.

India's finance and accounting software market is booming due to increased digital adoption, regulatory requirements, and a need for operational efficiency.

Factors driving demand for F&A software in India include increased efficiency and competitiveness. This market is set to expand, creating new opportunities for businesses.

ResearchandMarkets report forecasts 8.5% CAGR growth for India's F&A software market. Investment in SaaS has surged by 62.5% and is projected to reach $6.5 billion by 2022.Tally is currently the top F&A software in India's market, followed by Marg ERP and Zoho Books, according to survey results.

Tally scored the highest in the Familiarity Index at 99%, while Marg ERP surprised with a close score of 90%, thanks to robust features, functionality, and strong marketing campaigns. Zoho Books, QuickBooks, and KhataBook scored 43%, 42%, and 41%, respectively, indicating low familiarity among Indian businesses and individuals.

Apart from brand name and quality of product, initial price is more important than after sales service while selecting vendor of Financial & Accounting Software.

Tally has a 98% spontaneous awareness score, making it the most popular brand in Indian accounting software market. Marg ERP and QuickBooks scored 90% and 88%, respectively, while KhataBook and Zoho Books trailed with 78% and 66% scores, indicating lower brand recognition.

Almost all users take MargERP and Tally into consideration when selecting their next financial and accounting software.

Tally dominates the market with 51% usage, Marg ERP follows with 38%, while QuickBooks trails with 7%. Zoho Books and KhataBook have scores of only 2% and 1%, respectively.

Marg ERP has a Future Growth Index score of 96%, which is a significant increase from its Current Usage score of 38%, suggesting that it has been successful in attracting and retaining customers. Marg ERP is expected to become a strong competitor to Tally, which has a score of 94%.

Zoho Books has a Future Growth Index score of 52%, KhataBook has a score of 40%, while QuickBooks has the lowest score of 28%, despite being a popular global brand.

Tally was chosen for its strong brand name and initial price, while Marg ERP was chosen for its well-known brand name and quality of product. QuickBooks was selected for its excellent after-sales support and service, and Zoho Books and KhataBook were chosen for the quality of their solutions.

By Satya Sundar Mohanty, CyberMedia Research & Ashok Pandey, PCQUEST