Accounting Software Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Accounting Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Accounting Software Global Market Report 2024, The accounting software market size has grown rapidly in recent years. It will grow from $16.98 billion in 2023 to $18.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to small and medium-sized enterprises (same) adoption, tax compliance requirements, integration with business systems.

The accounting software market size is expected to see rapid growth in the next few years. It will grow to $29.36 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to advanced analytics and reporting, mobile accessibility, globalization and multi-currency support, industry-specific solutions. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ML) integration, mobile accounting apps, integration with fintech services, focus on user experience (UX) and designs, blockchain for enhanced security.

The increasing demand for automation in accounting processes is driving the growth of the accounting software market. The increasing demand from the finance and accounting professionals around the world for increasing the efficiency of the accounting processes generates higher demand for accounting software. According to a 2022 survey by Airbase, a spend management platform, comprising nearly 200 finance and accounting professionals in the US, 78% of the respondents agreed that automation would have a positive impact on their growth, and 47% said that a lack of automation was costing them time and money. Therefore, the increasing focus on automation in accounting processes drives the accounting software market growth.

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The accounting software market covered in this report is segmented –

1) By Component: Solution, Services

2) By Type: Spreadsheets, Commercial Accounting Software, Enterprise Accounting Software, Custom Accounting Software

3) By Deployment Mode: On-Premise, Cloud

4) By Enterprise Size: Large Enterprises, SMEs

5) By Industry Vertical: BFSI, Retail and Ecommerce, Manufacturing, IT and Telecom, Healthcare, Government and Public Sector, Energy and Utilities, Media and Entertainment, Other Verticals

Major companies operating in the accounting software market are focusing on innovative solutions, such as new cloud-based software, to meet evolving client needs, improve accessibility, and enhance data security. Cloud-based software refers to applications or programs that are hosted on remote servers and accessed via the internet rather than being installed on a local computer or device. For instance, in March 2023, Focus Softnet, an India-based software company, launched FocusLyte, its new accounting software. It is a cloud-based system that assists in handling invoices and company payments. It is primarily designed for small and medium enterprises, but it is equally efficient for enterprises with complex financial accounting processes. The system is popular among users due to its ease of use and extensive reporting capabilities.

The accounting software market report table of contents includes: