How much is the cloud accounting software market worth, and how is it expected to expand?
The cloud accounting software market size has grown strongly in recent years. It will grow from $4.9 billion in 2024 to $5.39 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to business continuity planning, data accessibility, scalability requirements, cost reduction, globalization.
The cloud accounting software market size is expected to see strong growth in the next few years. It will grow to $7.75 billion in 2029 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to collaborative ecosystems, environmental sustainability initiatives, regulatory compliance updates, cybersecurity enhancements. Major trends in the forecast period include integration with emerging technologies, mobile-first design, real-time collaboration tools, blockchain integration, ai-driven automation.
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Which industry factors have accelerated the cloud accounting software market’s expansion?
The increasing household income is expected to propel the growth of the cloud accounting software market going forward. It refers to an upward trend or growth in all household members’ total earnings or revenue over a specified period. Cloud accounting software allows service providers to access financial data and perform accounting tasks from anywhere with an internet connection. It offers real-time updates and enables timely decision-making, enhances accuracy in financial reporting, and improves overall operational efficiency. For instance, in September 2024, according to the United States Census Bureau, a US-based government agency, the real median household income increased by 4% from 2022, reaching $80,610 in 2023. Therefore, increasing household income is driving the growth of the cloud accounting software market.
What are the primary segments of the cloud accounting software market?
The cloud accounting software market covered in this report is segmented –
1) By Type: Browser-Based, Application Service Providers , Software As A Service (SaaS)
2) By Enterprise Size: Small and Medium Enterprises, Large Enterprises
3) By End-user : Information Technology, Banking, Financial Services, And Insurance, Telecommunications, Healthcare, Government And Public Sector
Subsegments:
1) By Browser-Based: Cloud-Based Accounting Platforms, Web-Based Bookkeeping Solutions, Online Invoicing and Billing Systems, Expense Tracking Tools, Cloud Payroll Solutions, Financial Reporting and Analytics Tools, Tax Filing and Compliance Tools
2) By Application Service Providers (ASPs): Hosted Accounting Software Solutions, Cloud-Based Enterprise Resource Planning (ERP) Systems, Application Hosting for Accounting Software, Third-Party Hosted Tax and Accounting Services, Managed Accounting Services, Custom Accounting Software Hosting Solutions
3) By Software As A Service (SaaS): Subscription-Based Accounting Software, SaaS-Based Financial Management Platforms, SaaS Payroll and HR Integration, SaaS Invoicing and Billing Solutions, Cloud Taxation and Compliance Software, SaaS Expense Management Tools, SaaS Financial Forecasting and Reporting Tools
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Which firms are leading the cloud accounting software market?
Major companies operating in the cloud accounting software market are Microsoft Corporation, International Business Machine Corporation, Oracle Corp., SAP SE, Intuit Inc., Workday Inc., Dropbox Inc., Sage Group plc, BMC Software Inc., Yonyou Company Ltd., Xero Limited, Epicor Software Corporation, Infor Global Solutions, Zoho Corporation Pvt. Ltd., Verint Systems Inc., Kingdee International Software Group (Hong Kong) Co. Ltd., HelpSystems Inc., Carbonite Inc., FinancialForce.com Inc., Reckon Limited, Robocloud Technologies Private Limited, Apptivo Inc., KashFlow Software Ltd., Wave Financial Inc., MEGI Cloud Accounting Software
Which market trends are set to define the future of the cloud accounting software market?
Major companies operating in cloud accounting software are focusing on innovating new software solutions such as accounting and audit services, to manage core accounting tasks. This software solution is designed to help accounting firms streamline their operations efficiently by providing a comprehensive platform. For instance, in November 2023, Zoho Corporation, an India-based multinational technology company, launched Zoho Practice, an end-to-end practice management solution for chartered accountants (CAs). The software may act as a one-stop solution for simplifying a cloud accounting and auditing firm’s activities and allowing internal and internal communication with clients for several business requirements. Additionally, the software integrates with Zoho Books, enhancing the overall functionality and insights available to accounting professionals.
Which geographic trends are shaping the cloud accounting software market, and which region has the highest market share?
North America was the largest region in the cloud accounting software market in 2024. The regions covered in the cloud accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Cloud Accounting Software Market Report 2025 Offer?
The cloud accounting software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Cloud accounting software refers to software applications that provide accounting and financial management functionalities through cloud-based platforms. Instead of being installed on individual computers or servers, cloud accounting software operates entirely online, accessible through web browsers or dedicated mobile apps.
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