UAE Cloud Accounting Software Market Share

Market Share of UAE Cloud Accounting Software Industry

The vendors in the UAE Cloud accounting software market are moderately consolidated with an array of products and services. However, major vendors such as Intuit (QuickBooks), SAGE, Oracle, ODOO, Xero, Freshbooks, Al Nuaimi Auditors, and many more are highly preferred UAE Cloud Accounting software providers across various end users in the country.

• In March 2023, Focus Softnet developed and released its new accounting software - FocusLyte. It is a cloud-based system that aids in handling invoices and business payments. FocusLyte is mainly designed for small and medium businesses. Regardless, it is equally efficient for companies with complex financial accounting processes. The system is popular among firms due to its ease of usage and comprehensive reporting capabilities.
• In January 2023, Wafeq, a Dubai, UAE-based fintech startup that provides a cloud-based accounting tech platform, raised USD 3 million in seed funding. The round was led by Ra'ed Ventures with participation from Wamda Capital. Businesses using Wafeq create over 630,000 invoices monthly, with total monthly invoices exceeding USD 117 million. Wafeq meets every requirement of Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA), the UAE's Federal Tax Authority, and the Egyptian Tax Authority.

UAE Cloud Accounting Software Market Leaders

1. Intuit (QuickBooks)

2. Oracle

3. ODOO

4. SAGE

5. Xero

*Disclaimer: Major Players sorted in no particular order