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Business Accounting Software Market Share, Trends, Size, Major Players And Forecast To 2033
Business Accounting Software Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to manual accounting processes, growth of small and medium enterprises (SMEs), cost and time savings, globalization, regulatory compliance requirements.
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%. The growth in the forecast period can be attributed to focus on user experience and customer support, focus on data security and compliance, integration with third-party applications, growing emphasis on automation. Major trends in the forecast period include shift towards subscription-based pricing models, enhanced user experience (UX) and user interface (UI), integration with business intelligence (bi) tools, expansion of cloud-based solutions.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Business Accounting Software Market 2024 Key Insights:
• 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%.
• Increasing Automation In Accounting Enhanced Business Accounting Software Market Growth
• Strategic Focus On Product Development In Business Accounting Software
• North America was the largest region in the business accounting software market in 2023
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