Accounting Software Market

Accounting Software Market was valued at USD 13,942.1 million in 2022 and is projected to reach USD 25,997.6 million in 2030 and is expected to register a CAGR of 8.1% during the forecast period.

Introduction of the Accounting Software Market Report

Accounting software is a solution used by business owners, accounting professionals, and bookkeepers to manage accounts and account transactions. It is used for simplifying tasks, making data accessible, and automating tasks. Accounting software apps can be integrated with other business apps and helps in reducing data loss. With the use of accounting software, the chances of internal audits are decreased by more than 50%, which is one leading factor for the significant growth of the market.

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Market Dynamic

Major Accounting Software Market Drivers

The adoption of accounting software is expanding at breakneck speed, which has led to the introduction of digital accounting into the profession, thus raising the growth of the accounting software market size. New buyers in the market prefer software rather than manual accounting, which saves the cost and time for the user at the same time. Also, the software keeps track of the record and data and functionally, thus improving the operational efficiency of the user or the company, which has significantly driven the global accounting software market. Increasing trends in small and medium enterprises for accounting software have fueled the growth of the market. Small and medium-sized enterprises prefer accounting solutions as it improves the efficiency and reduces the cost of the individual for manual accounts management and transactions. Thus, with the increase in the number of small and medium-sized enterprises, the demand for accounting software has increased. For instance, according to “European Commission”, in 2018 SME’s accounted for about 99.8% of all enterprises, which indirectly reflects the bulk usage of accounting software. This is one of the emerging trends of the accounting software market trends which is surging the market growth.

The growing prominence of cloud-based accounting software has significantly contributed to the growth of the accounting software in the market. This is due to the advantages offered by the software, such as disaster recovery and data backup, and a high level of digital security software with inbound and outbound encryption. Thus, this is propelling the growth of the accounting software market share in terms of revenue.

Restraint in the Accounting Software Market

However, the cost and the implementation of the package is a major factor that is likely to hamper the overall accounting software market growth.

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Type – Segment Analysis

Based on the type, the billing and invoice system is projected to grow at a higher CAGR during the forecast period. The increasing use of cloud-based accounting software for billing and invoicing is a major factor that is surging the growth of the market. This cloud-based accounting software decreases the time to process and is highly cost-effective. Moreover, this type of software helps in improving the level of security.

End Users – Segment Analysis

Based on the end users, BFSI segment is expected to dominate the global accounting software market over the forecast period. The rising awareness related to the various benefits offered by accounting software such as basic invoicing and billing, helps in managing clients, reconcile bank accounts, and generate insightful financial reports that facilitate the smooth flow of businesses, is a major factor that is driving the growth of the market. Moreover, the increasing trend of integrating the accounting software with different online payment gateways to provide clients a secure means of payment is further surging the segment growth.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. This is mainly due to the growing penetration of business accounting mobile applications, along with the increasing adoption of cloud computing technologies and solutions in this region. Moreover, the increasing emphasis of the government to ease the organizational payments, transactions, and to generate a track of debt and assets, is further boosting the demand of the regional market.

Top Market Players

Various notable players operating in the market include Oracle, Sage, Zeta Software, Microsoft, Epicor Software Corporation, Xero Limited, SAP, Intuit, Infor, and Acumatica, Inc., among others. 

Key Developments:

• • In 2020, Intuit acquired Credit Karma, one of the leading consumer technology platform having 100 million members in the U.S., Canada, and the UK, for USD 7.1 million in cash and stock. The acquisition brough together the technology leaders to solve the personal fiancé problems that the consumer face in today’s world.
  • In 2019, Infor, acquired the Efficient Frontiers, Inc., one of the leading provider of cloud-based sales and catering, restaurant reservations, and floor management software, that servers restaurant, sports and entertainment, event center, and country clubs.

Segments Covered in the Report:

The global accounting software market has been segmented based on type, deployment, end users, and regions. Based on type, the market is segmented into billing and invoice systems, payroll management systems, enterprise resource planning systems, and time and expense management systems. Based on deployment, the market is segmented into on-premises and cloud. Based on end users, the market is segmented into BFSI, IT and telecommunication, govt. and public sector, automotive, retail and consumer goods, oil and gas, manufacturing, healthcare, construction and real estate and others. 

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Key questions answered in this research report:

• • At what pace is the global accounting software market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global accounting software market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global accounting software market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various deployment areas of global accounting software market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Accounting Software Market by Type

• • Billing and Invoice Systems
  • Payroll Management Systems
  • Enterprise Resource Planning Systems
  • Time and Expense Management Systems

Global Accounting Software Market by Deployment

• • On-Premises
  • Cloud

Global Accounting Software Market by End Users

• • BFSI
  • IT and Telecommunication
  • & Public Sector
  • Automotive
  • Retail and Consumer Goods
  • Oil & Gas
  • Manufacturing
  • Healthcare
  • Construction and Real Estate
  • Others

Global Accounting Software Market by Region

• • North America Accounting Software Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Deployment
    • By End Users
    • US Market All-Up
    • Canada Market All-Up

  • Europe Accounting Software Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By Deployment
    • By End Users
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Accounting Software Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By Deployment
    • By End Users
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Accounting Software Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By Deployment
    • By End Users
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region)  Market All-Up

Major Players Operating in the Accounting Software (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Oracle
  • Sage
  • Zeta Software
  • Microsoft
  • Epicor Software Corporation
  • Xero Limited
  • SAP
  • Intuit
  • Infor
  • Acumatica, Inc.