Xero is the fastest growing financial applications vendor in the world according to the International Data Corporation’s new report.
IDC, a world leader in technology research, recently released their annual report. They report on market sizing and share for finance and financial payroll software providers*.
Not only was Xero the fastest growing financial application, it also ranked as the fastest growing company in the payroll accounting space.
- 74.7% YoY revenue growth in 2014 – fastest growing company in the payroll accounting space
- 80.3% YoY revenue growth in 2014 – fastest growing financial applications vendor
In any business there are a few key markers that help you stay on course. My three are:
- Product innovation is 5x ahead of the curve
- Customer adoption is at scale
- People and customers deeply love your product or service
The IDC report shows me that we’re on the right path for Xero. Three standout facts:
- Demand for accounting and payroll systems is on the rise – the market grew from $17.1 billion in 2013 to $18 billion in 2014
- Small business is a catalyst for much of the growth as enterprise-level tools are now available for them
- Xero is globally #1 for growth at 80 percent followed by Workday
At over 540,000 subscribers on the Xero platform we already have over 20,000,000 businesses interacting. And it feels like we’re on track towards our vision of millions of small business thriving on our platform.
There are 200 million small businesses and counting. Feels like the biggest opportunity on the web. I would love to hear your thoughts.
Chris Teeling is the Global Head of Strategy at Xero.