Xero has been named as a worldwide leader in IDC's MarketScape: Worldwide SaaS and Cloud-Enabled Small Business Finance and Accounting Applications 2020 Vendor Assessment.
The independent study by IDC evaluates the strategies, product and service offerings, capabilities, and current and future market success factors from 10 companies. Xero was positioned in the Leaders category.
IDC says Xero's strategy, product offerings and customer service were key criteria assessed by the IDC MarketScape, which noted one of Xero's key strengths is it's open API strategy and machine learning for code-free accounting.
"Xero offers small businesses and their advisors a solution that provides deep cloud accounting functionality coupled with an extensive ecosystem of 800+ third-party app partners. The ecosystem provides valuable access for small businesses to add point solutions as needed,” says Kevin M. Permenter, IDC research manager, enterprise applications.
The IDC MarketScape includes an overview of the overall market for cloud financial management and accounting software, as well as advice for navigating the options among software packages specifically targeting small businesses and their advisors.
The report also notes that the most successful software packages within this segment have found a balance of features and functionalities to satisfy the professional accountant (structure and compliance) and the non-accountant user (simplicity and accessibility).
The IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilises a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market.
IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
Xero CEO Steve Vamos says, “Xero was founded to change the game for small business and we're proud to now help over two million global subscribers transform the way they do business.
“Our cloud-based accounting software connects small businesspeople to their accountants and bookkeepers, and the right numbers, anytime, anywhere, on any device," he says.
"Our purpose is to help make life better for people in small business, their advisors and communities around the world. We are proud to be recognised by IDC as a leading cloud-enabled platform serving small business.”