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Business Accounting Software Market: In-Depth Analysis of Market Share, Key Segments, Significant Trends, and Growth Forecast to $36.27 Billion by 2033
Business Accounting Software Market
As per the report, the business accounting software market size has grown rapidly in recent years. It will grow from $22.25 billion in 2023 to $24.48 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The business accounting software market size is expected to see rapid growth in the next few years. It will grow to $36.27 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
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Increasing Automation In Accounting Enhanced Business Accounting Software Market Growth
Increasing automation in accounting is expected to propel the growth of the business 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 business 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 business accounting software market.
Strategic Focus On Product Development In Business Accounting Software
Major companies operating in the business accounting software market are focused on developing innovative software, such as Axway Financial Accounting Hub, to provide a digital transformation of business finance departments. Axway Financial Accounting Hub (FAH) is a software solution designed to streamline and automate financial accounting processes within organizations and businesses. For instance, in June 2022, Axway Software Solutions, a France-based enterprise integration company, launched Axway Financial Accounting Hub to provide relevant, high-quality data to business units, supporting operational excellence, agility, and trust in financial data. This innovative platform was designed to drive the digital transformation of companies' finance departments. The Financial Accounting Hub by Axway aimed to address the challenges faced by finance departments in achieving operational excellence, agility, and trust through its advanced features.
The business accounting software market covered in this report is segmented -
1) By Type: Commercial Accounting Software, Enterprise Accounting Software, Custom Accounting software
2) By Deployment: Cloud-Based, On-Premises
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
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Major companies operating in the business accounting software market are Microsoft Corp., International Business Machine Corporation, Oracle Corp., SAP SE., Salesforce Inc., NatWest Group plc, Intuit Inc., Roper Technologies Inc., Workday Inc., H and R Block Inc., Sage Group plc, Xero Limited, Epicor Software Corporation, Infor Inc., Zoho Corporation Pvt. Ltd., Verint Systems Inc., Priority Software Ltd., deLaski Technologies Inc., Red Wing Software Inc., FinancialForce.com Inc., ZipBooks Software solutions Pvt. Ltd., KashFlow Software Ltd., Wave Financial Inc., Yendo Inc., Gridlex Inc.
Contents of the report:
1. Executive Summary
2. Business Accounting Software Market Report Structure
3. Business Accounting Software Market Trends And Strategies
4. Business Accounting Software Market - Macro Economic Scenario
5. Business Accounting Software Market Size And Growth
…..
27. Business 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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