Press release
The Online Accounting Software Market Projected to Reach USD 10.1 Billion by 2033
The global online accounting software market is experiencing growth due to several factors such as increase in adoption of innovative enterprise size and increase in trend of automation in accounting process. However, rise in investment for artificial intelligence (AI) -oriented accounting software hinders the market growth. Moreover, increase in adoption of mobile and app-based accounting software offers remunerative opportunities for the expansion of the online accounting software market.
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The global online accounting software market was valued at $5.2 billion in 2023, and is projected to reach $10.1 billion by 2033, growing at a CAGR of 6.6% from 2024 to 2033.
The online accounting software market is segmented into enterprise size, deployment mode, end user, and region. On the basis of enterprise size, the market is divided into large enterprises and small and medium-sized enterprises. On the basis of deployment mode, the market is divided into on-premises and cloud. As per end user, the market is segregated into BFSI, IT and telecom, government, automotive, retail and consumer goods, manufacturing, healthcare, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
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By deployment mode, the on-premise segment held the highest market share in 2023, accounting for nearly one-third of the global online accounting software market revenue and is likely to retain its dominance during the forecast period, owing to the enhancement of security features, as businesses seek to protect sensitive financial data through advanced encryption, multi-factor authentication, and stringent access controls.
By enterprise size, the large enterprise segment held the highest market share in 2023, accounting for more than half of the global online accounting software market revenue and is likely to retain its dominance during the forecast period, owing to shift towards cloud-based solutions is particularly prominent, offering scalability, real-time access to financial data, and improved collaboration across geographically dispersed teams.
By end user, the BFSI segment held the highest market share in 2023, accounting for two-fifths of the global online accounting software market revenue and is likely to retain its dominance during the forecast period, owing to the integration of advanced analytics and artificial intelligence (AI) to improve financial reporting, risk management, and decision-making processes. AI-powered tools help in automating routine accounting tasks, detecting fraud, and providing predictive insights, thus enabling more accurate and timely financial analysis.
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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global online accounting software market revenue and is expected to rule the roost in terms of revenue during the forecast period, owing to the rapid growth of cloud-based solutions, driven by the region's increasing internet penetration, mobile technology adoption, and the need for scalable and accessible accounting solutions. Cloud-based software offers businesses in Asia-Pacific real-time access to financial data, facilitating better decision-making and collaboration, particularly for small and medium-sized enterprises (SMEs) and startups.
The major players operating in the online accounting software market include Intuit Inc., Xero Limited, Freshbooks Inc., Zoho Corporation Pvt. Ltd., Sage Group plc, Oracle Corporation, Wave Financial Inc., KashFlow Software Ltd, MYOB Australia Pty Ltd, and FreeAgent Central Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the online accounting software industry.
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Industry Trends
● In March 2023, Focus Softnet announced the launch of its new accounting software, namely, FocusLyte, which is a cloud-based system that assists in handling company's invoices and payments. The software is mainly designed for medium and small enterprises.
● In January 2023, ezAccounting software from Halfpricesoft.com was updated. The company updated its software and made it available for customers at no additional cost. The software is expected to allow customers to process payroll and business tasks all in one easy and affordable software application.
● In August 2022, Intuit Accountants launched Intuit Tax Advisor Integrating Tax Prep and Advisory, a new, convenient insights tool for tax professionals to deliver tax advisory services. Intuit Tax Advisor seamlessly integrates with Intuit Accountant software, Lacerte, and ProConnect Tax, to provide insights and strategies for the tax professional's clients. ITA helps in all recommended tax strategies and estimated tax savings automatically populated in a personalized, client-friendly report for tax professionals to share with their clients and can be customized with specific firm logos and colors.
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