The Business Research Company’s report on the Accounting And Budgeting Software Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the accounting and budgeting software market?
The increase in the number of startups is expected to propel the growth of the accounting and budgeting software market going forward. Startups refer to newly established companies or businesses in the early stages of development and growth. Accounting and budgeting software for startups streamlines financial management, aids in tracking expenses, optimizes budgets, and provides real-time insights crucial for informed decision-making during the early growth stages. For instance, in April 2023, according to the Center for Entrepreneurs’ business startup index report 2022, a UK-based entrepreneurship foundation, the registration for new businesses hit a record high in 2022, with a 4.53% increase from 2021, reaching 790,390 startup registrations in 2022. Therefore, the increase in the number of startups drives the accounting and budgeting software market.
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How has the accounting and budgeting software market size evolved, and what are the latest forecasts for its expansion?
The accounting and budgeting software market size has grown rapidly in recent years. It will grow from $24.01 billion in 2024 to $26.72 billion in 2025 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to digitization of accounting, regulatory compliance needs, cost reduction initiatives, market competition
The accounting and budgeting software market size is expected to see rapid growth in the next few years. It will grow to $43.17 billion in 2029 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to cloud computing adoption, automation and ai integration, remote work, globalization and scalability, cybersecurity concerns. Major trends in the forecast period include mobile accounting applications, data analytics and predictive insights, integration with e-commerce platforms, user experience and design, sustainability reporting.
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Which major companies dominate the accounting and budgeting software market?
Major companies operating in the accounting and budgeting software market include Microsoft Corporation, Prophix Software Inc., Oracle Corporation, SAP SE, Intuit Inc., Wolters Kluwer N.V., Blackbaud Inc., Zoho Corporation Private Limited, Deltek Inc., Xero Limited., NetSuite Inc, Coupa Software Inc., Odoo, Sage Group plc, Adaptive Inc., Expensify Inc., Planful Inc., Acumatica Inc., Wave Financial Inc., FreshBooks, Workday Adaptive Planning, Chargebee Inc., Scoro Software, FreeAgent, Questica, AccountMate Software Corporation, MIP Fund Accounting, 2ndSite Inc., Kashoo, TimeCamp Inc.
What trends will shape the future of the 8k technology market?
Innovations in accounting tracking tools are a key trend gaining popularity in the accounting and budgeting software market. Major companies operating in the accounting and budgeting software market are introducing new accounting tracking and management tools to meet specific demands and sustain their position in the market. For instance, in June 2023, Ledgible, a US-based audit and accounting software company, launched its new NFT Suite, offering professional NFT portfolio management, tax and accounting tracking, reporting, and year-round planning. The suite is a full-service portfolio tracking tool for active investors, traders, and funds, providing easy access to Ethereum-based NFT portfolios. The platform tracks and presents realized and unrealized gain or loss data, enabling informed buying and selling decisions.
Which region dominates the accounting and budgeting software market, and what factors contribute to its leadership?
North America was the dominant region in the accounting and budgeting software market in 2024. The regions covered in the accounting and budgeting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How is the accounting and budgeting software market segmented, and which segment holds the largest share?
The accounting and budgeting software market covered in this report is segmented –
1) By Type: Accounting Software, Budgeting Software
2) By Deployment Type: On-Premise, Software As A Service (SaaS)
3) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises
4) By Application: Personal Money Management, Business Money Management
5) By Industry Vertical: Information Technology(IT) And Telecom, Healthcare, Government And Public Sector, Energy And Utilities, Banking, Financial Services And Insurance (BFSI), Retail And Ecommerce, Manufacturing, Other Industry Verticals
Subsegments:
1) By Accounting Software: Small Business Accounting Software, Enterprise Accounting Software, Cloud-Based Accounting Solutions, On-Premise Accounting Solutions
2) By Budgeting Software: Corporate Budgeting Software, Personal Budgeting Software, Budget Forecasting Tools, Collaborative Budgeting Solutions
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How is the accounting and budgeting software market defined?
Accounting and budgeting software refers to computer programs or applications designed to assist businesses and individuals in managing their financial records, tracking income and expenses, preparing financial statements, and creating budgets. It is used to efficiently manage financial data and streamline financial processes for businesses and individuals by keeping track of an organization’s actual expenditure and sales data versus budget, defining key performance indicators (KPIs), and reporting in real-time on the performance of your business.
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