Cloud Accounting Software Market | Value and Size Expected to Reach USD 45.3 billion at CAGR of 19.6%| Forecast Period 2022-2029

A type of software called cloud accounting enables businesses to access, manage, and save their financial data on the cloud rather than on local or on-premises servers or PCs. It does away with the need to install and maintain pricey hardware and software by giving users a secure, real-time view of their financial data from anywhere in the world. Due to the growing adoption of cloud technology by businesses around the world and its benefits, including cost-effectiveness, ease of accessibility from anywhere in the world, scalability, and increased productivity, the market for cloud accounting software is predicted to grow significantly during the forecast period. By 2029, it is projected that the global market for cloud accounting software will be worth $45.3 billion, growing at a CAGR of 19.6%.

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The demand for affordable, secure, and adaptable solutions that let businesses cut operational costs, increase profits, and gain a competitive edge in the market is fueling the rapid growth of cloud accounting software. The advent of cloud accounting software has transformed how businesses handle their accounts.

Due to its low operational cost, flexibility, scalability, and improved financial accounting efficiency, the cloud-based deployment option is anticipated to experience the largest growth over the projected period. Cloud accounting software is becoming more and more popular among businesses because of its low cost, dependable and secure cloud infrastructure, enhanced compliance, and more accurate data. Cloud accounting software users can access the system from any place or device, giving them better mobility and accessibility.

With relatively low cost, scalability, and ease of deployment, SMEs are anticipated to embrace cloud accounting software at the highest rate of any organisation size. Small and medium-sized businesses (SMEs) are frequently concerned with saving money, thus they value cloud-based accounting software's low operating expenses. Additionally, SMEs value the scalability and ease of implementation of cloud accounting software since it enables them to scale up or down without the need for extra hardware or software as their business needs change.

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Given the high adoption of cloud-based solutions among small and medium-sized businesses in the region as well as the availability of a large number of small and medium-sized businesses that have adopted cloud-based accounting solutions, the North American region is anticipated to lead the global market for cloud accounting software in terms of revenue. The North American region is anticipated to have the biggest revenue share in the worldwide cloud accounting software market during the forecasting period as a result of these factors.
To give its QuickBooks Online users improved scalability and performance, Intuit Inc., a pioneer in the world of cloud accounting software solutions, announced its partnership with Microsoft Azure in January 2022. Through this collaboration, Intuit will be able to provide its clients faster and more reliable cloud-based accounting services.

Leading cloud accounting software vendor Xero announced in March 2022 that it has partnered with Microsoft to offer its users the same advantages that Intuit would get from the Azure relationship. With a cheap and dependable service, Xero wanted to increase small business owners' access to cloud accounting.

One of the biggest producers of financial management software, Intuit, announced its collaboration with Microsoft's Azure cloud platform in January 2021. Through this alliance, Intuit will be able to provide its clients a platform that is both more safe and reliable.

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