Press release
Accounting Software Market worth CAGR of 9.2% by 2032 | Key players Intuit , SAP SE, Oracle, Microsoft, UNIT4, Zoho Corporation
The accounting software market is a dynamic and evolving sector that plays a crucial role in aiding data-driven decisions and supporting financial management. The market is projected to experience significant growth, driven by various factors such as the integration of accounting software with other technologies, increasing demand for cloud-based solutions, and the adoption of strategies by key players.
The Accounting Software market is projected to grow from USD 14.71 billion in 2022 to USD 29.80 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.2% during the forecast period (2022 - 2030).
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Key Players and Market Share:
The major companies operating in the accounting software market include,
• Intuit Inc.
• The Sage Group
• SAP SE
• Oracle Corporation
• Microsoft Corporation
• Teamsystem Spa
• Xero Limited
• Freshbooks
• Epicor
• UNIT4
• Red Wing Software, Inc.
• Tally Solutions Private Limited
• Wolters Kluwer
• Ernst & Young Limited
• Zeta Software LLC
• Zoho Corporation, among others
The market is also witnessing increasing deployment of software in the Government & Public Sector and IT & Telecommunication sectors.
Key Driving Factors:
The demand for cloud-based accounting software is a major driving factor for market growth. Cloud-based solutions offer better security, real-time updates, and the ability to access financial information from anywhere, which has become increasingly important, especially in the wake of the COVID-19 pandemic. Additionally, the integration of artificial intelligence with accounting and mobile/app-based accounting software presents key market opportunities.
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Regional Demand:
North America emerged as the most significant global accounting software market, region's demand for effective accounting management in industrial, educational, and economic sectors is driving the market. Furthermore, businesses in both the public and private sectors prefer on-premise deployment models due to higher data security, contributing to the demand for on-premise solutions.
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Trends and Forecast:
The accounting software market is expected to rise at a considerable rate during the forecast period, with the increasing demand for cloud-based accounting software being a significant trend. The impact of COVID-19 has also led to a rise in demand for cloud-based accounting software, as businesses seek better security, real-time updates, and the ability to access financial information from anywhere.
Additionally, the integration of artificial intelligence with accounting and mobile/app-based accounting software presents key market opportunities.
In conclusion, the accounting software market is witnessing significant growth and evolution, driven by technological advancements, changing buyer preferences, and the increasing adoption of cloud-based solutions. The market is expected to continue to expand, offering opportunities for both established players and new entrants to capture a share of this dynamic and fast-changing marketplace.
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