Online Bookkeeping And Accounting Software Market (2024-2033) | Insights, Industry Outlook, Growing Trends And Top Key Players

The online bookkeeping and accounting software market size is expected to see rapid growth in the next few years. It will grow to $6.65 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%.  The growth in the forecast period can be attributed to increasing emphasis on user experience, growing use of predictive analytics, security concerns, growing demand for advanced reporting and analytics, regulatory requirements, enhanced collaboration tools. Major trends in the forecast period include artificial intelligence and automation technologies, machine learning algorithms, blockchain technology, real-time financial reporting, integration with IoT devices, and customizable and scalable solutions.

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Segmentation & Regional Insights
The online bookkeeping and accounting software market covered in this report is segmented –

1) By Type: Cloud-Based, On-Premises
2) By Pricing Model:  Subscription-Based, Pay-As-You-Go
3) By Application: Small And Medium Enterprises (SMEs), Large Enterprises

North America was the largest region in the online bookkeeping and accounting software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online bookkeeping and accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
Increasing automation in accounting is expected to propel the growth of the online bookkeeping and accounting software market going forward. Automation in accounting refers to utilizing software applications to perform essential functions in maintaining a business’s financial records. Increasing automation in accounting is driven by the need for efficiency, accuracy, and streamlined processes, ultimately reducing manual labor and human error. Automation in accounting utilizes online bookkeeping and accounting software to streamline processes, enhance data accuracy, and facilitate real-time financial management. For instance, in June 2022, according to a survey among 1,400 company respondents conducted by Sage Group plc, a UK-based enterprise software company, 40% of survey participant companies embraced new technology to assist with the closing process in 2022, compared to a 21% proportion of new technology adopters in 2021. Further, 87% of respondents are using either a cloud-based or hybrid accounting solution, marking a significant increase of 29% compared to the previous year. Therefore, increasing automation in accounting is driving the online bookkeeping and accounting software market.

Key Industry Players
Major companies operating in the online bookkeeping and accounting software market are NetSuite Inc., SAP SE, Intuit Inc., Workday Inc., Baker Tilly International Ltd, The Sage Group plc, Zoho Corporation, Epicor Software Corporation, Xero Limited, Workiva Inc., Kingdee International Software Group Limited, Ramp Business Corporation, Reckon Limited, The Neat Company, Botkeeper Inc., Wave Financial Inc., Dext, Hubdoc Inc., Pandle Accounting Software, TaxSlayer Pro LLC, LessAccounting LLC, Accountzontrack LLC, FreshBooks Inc., Cougar Mountain Software Inc., FreeAgent Central Limited, KashFlow Software Ltd.

The online bookkeeping and accounting software market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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