SAP ranked leader in worldwide financial accounting applications
WALLDORF, Germany, Aug. 18, 2011 /PRNewswire/ -- SAP AG (NYSE: SAP) today announced it has been placed in top position by IDC in the "Worldwide Financial Accounting Applications 2010 Vendor Share" report. SAP was recognized as a market leader for both "2008-2010 worldwide revenue" and "2010 growth and market share" for financial accounting applications.
SAP® solutions for financial accounting span end-to-end processes to deliver greater insight and visibility across organizations, helping CFOs transform their business. SAP has made significant investments to help ensure that financial accounting applications improve performance, increase confidence in financial reporting and address changing financial compliance requirements. These investments can be seen in recent product innovations delivered to the market that cover existing solutions for shared services, treasury and financial risk management, travel and expense management, receivables management, invoice to pay and the financial close. The addition of new developments — including a new accelerator for profitability analysis powered by the SAP HANA™ platform and new mobile applications, including payment approvals, travel and expense management and strategy management — further extend the transformational value of the finance portfolio from SAP.
"We are very excited to be recognized by IDC as the leading provider of financial accounting software worldwide," said James Fisher, vice president, Marketing Finance Solutions, SAP. "CFOs and finance professionals globally are using SAP solutions to not only successfully navigate a business environment characterized by intensified competition, uncertain market conditions and increased regulatory oversight, but to also drive best practices across the finance organization that enable them to function as a true strategy partner to the business."
SAP's commitment to delivering innovation has been further showcased through customer successes (see "STEF-TFE Group Accelerates Cash Flow With SAP" and "Dow Chemical Leverages Accelerated Close Solutions"). For more information on how SAP helps companies achieve superior financial performance, visit the Financial Excellence page on sap.com and the Industries and Solutions newsroom. Follow SAP on Twitter at @sapnews. View a summary of the IDC report, "Worldwide Financial Accounting Applications 2010 Vendor Share."
IDC Report summary
This IDC study provides a sizing of the financial accounting applications market in 2010. A list of vendors' market share and 2010 growth rates is provided along with a discussion of the performance of the market and market drivers in 2010. The financial accounting applications market reached $13.7 billion worldwide in 2010, a 4.6% growth rate over 2009.
"The potential for greatest growth in 2011 and beyond lies with specialized financial applications that automate finance and accounting business processes, such as financial risk and compliance management, travel and expense management, and supporting ecommerce, and that improve end-user experience with business intelligence and collaboration tools surfaced at those key decision points of the business process. In addition, companies will increasingly look at software-as-a-service alternatives for fit with their business requirements," said Scott Guinn, research director, Enterprise Applications.
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