Overview and Scope
Accounting software is a computer program that assists bookkeepers and accountants in recording and reporting financial transactions for a business. The accounting software is used for optimizing business financial accounting processes such as invoicing and billing, tax calculation, financial reporting, project management, and others. Accounting software is used by bookkeepers, accounting professionals, and business owners to process accounting transactions and manage accounts.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the accounting software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the accounting software market report are Microsoft Corporation, Oracle Corporation, SAP SE, Intuit Inc., Infor Inc., The Sage Group plc, BKE Solutions LLC, Epicor Software Corporation, Xero Limited, Zoho Corporation Pvt. Ltd., Blackbaud Inc., Unit4 Business Software Limited, MYOB Group Pty Ltd, FreshBooks Inc., Wave Financial Inc., Tipalti Inc., FreeAgent Central Ltd., Reckon Limited, Red Wing Software Inc, Deskera Holdings Limited, Cougar Mountain Software Inc., Aplos Software LLC, AccountMate Software Corporation, Patriot Software LLC, Multiview Financial Software Inc., Acclivity Group LLC, Saasu Pty Ltd., Billy Solutions Inc., Kashoo Cloud Accounting Inc., ZarMoney Inc., Plooto Inc., 2ndsite Inc.
The accounting software market report table of contents includes:
1. Executive Summary
2. Accounting Software Market Characteristics
3. Accounting Software Market Trends And Strategies
4. Accounting Software Market – Macro Economic Scenario
5. Global Accounting Software Market Size and Growth
…..
32. Global Accounting Software Market Competitive Benchmarking
33. Global Accounting Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Accounting Software Market
35. Accounting Software Market Future Outlook and Potential Analysis
36. Appendix
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