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How big is the accounting practice management software market today, and what are its future growth expectations?
The accounting practice management software market size has grown rapidly in recent years. It will grow from $0.8 billion in 2024 to $0.9 billion in 2025 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to the increasing adoption of digital technologies, growing demand for automation, the rise of cloud-based solutions, the shift towards remote working environments, and increasing emphasis on secure data storage.
The accounting practice management software market size is expected to see rapid growth in the next few years. It will grow to $1.4 billion in 2029 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to the adoption of blockchain, the shift towards subscription-based pricing models, the development of niche solutions for specialized industries, increased demand for mobile-friendly accounting software solutions, and advanced cybersecurity measures. Major trends in the forecast period include integration of artificial intelligence (AI), enhanced integration capabilities, increasing focus on customizable features, implementation of real-time reporting and analytics tools, and advanced compliance management tools.
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What have been the primary factors driving the accounting practice management software market’s growth?
The growth of cloud-based solutions is expected to propel the growth of the accounting practice management software market going forward. A cloud-based solution refers to applications, storage, on-demand services, computer networks, or other resources accessed via the internet through a provider’s shared cloud computing infrastructure. The growth of cloud-based solutions is due to cost-efficiency, global reach, expanding businesses, and remote work and collaboration. The accounting practice management software streamlines operations on the cloud by offering remote access, real-time collaboration, and scalable infrastructure, enhancing efficiency and flexibility for accounting firms. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, a total of 45.2% of EU enterprises utilized cloud computing services in 2023, which represents a 4.2 percentage point increase compared to 2021. These services encompass access to software, computing power, storage capacity, and more over the internet. Therefore, the growth of cloud-based solutions is driving the growth of the accounting practice management software market.
What are the key segments within the accounting practice management software market?
The accounting practice management software market covered in this report is segmented –
1) By Type: On-Premise, Cloud-Based
2) By Deployment: Integrated, Standalone
3) By Application: Small And Medium-sized Enterprises (SMEs), Large Enterprises
4) By End-User Sector: Banking And Finance, Healthcare, Manufacturing, Retail
Subsegments:
1) By On-Premise: Desktop-Based Accounting Practice Management Software, Self-Hosted Solutions, On-Premise Software With Custom Integrations
2) By Cloud-Based: Saas (Software As A Service) Accounting Practice Management, Cloud-Based Collaboration And Workflow Solutions, Cloud-Based Time And Billing Management Software, Cloud Accounting And Client Management Software
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Which key players are shaping the accounting practice management software market?
Major companies operating in the accounting practice management software market are Intuit Inc., Thomson Reuters Corp., Sage Group plc, Xero Limited, Unit4 N.V, Canopy Pte. Ltd., MYOB Group Co Pty Ltd., IRIS Software Group, BigTime Software Inc., Dext Prepare Inc., Capterra Inc., Onvio LLC, TPS Cloud Axis Software Inc., OfficeTools Inc., Aero Workflow Inc., EasyCloud Consultants Pvt Ltd., TaxDome Inc., Pixie Labs Inc., Senta Saas Limited, Karbon Inc., Financial Cents Inc., ApprovalMax Ltd., AccountancyManager Ltd.
How will emerging trends drive the accounting practice management software market throughout the forecast period?
Major companies operating in the accounting practice management software market are focusing on developing innovative technologies, such as GPT-powered artificial intelligence tools, to gain a competitive edge in the market. A GPT-powered artificial intelligence tool is a software application or platform that utilizes OpenAI’s Generative Pre-trained Transformer (GPT) model to perform various tasks. For instance, in May 2023, Karbon Inc., a US-based software company, launched the GPT-powered artificial intelligence tool Karbon AI. Karbon AI aims to boost accountant efficiency and enhance client experiences by optimizing email management. Its features include summarizing lengthy email threads, adjusting email tones, prioritizing inbox messages, and generating email drafts based on prompts and workflow tasks.
How do regional factors impact the accounting practice management software market, and which region is the largest contributor?
North America was the largest region in the accounting practice management software market in 2023. The regions covered in the accounting practice management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Accounting Practice Management Software Market Report 2025 Offer?
The accounting practice management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Accounting practice management software is a specialized software designed to help accounting firms efficiently manage their internal operations and client engagements. These software solutions aim to streamline administrative tasks, improve collaboration among team members, enhance client communication, and ultimately increase productivity and profitability for accounting practices.
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