Press release
Accounting Software Market Size, Trends, Growth, Outlook 2024-2033
Accounting Software Market
The Business Research Company offers in-depth market insights through Accounting Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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 Driver - The Surge Of Automation Propelling Accounting Software 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.
Competitive Landscape:
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.
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Top Trend - Innovations In Cloud-Based Solutions Transform Accounting Software Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Accounting Software Market Characteristics
3. Accounting Software Market Trends And Strategies
4. Accounting Software Market - Macro Economic Scenario
5. Accounting Software Market Size And Growth
…..
27. Accounting Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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