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Online Bookkeeping And Accounting Software Market Report 2024 - Online Bookkeeping Software Market Trends And Growth
Online Bookkeeping And Accounting Software Market
According to The Business Research Company's, The online bookkeeping and accounting software market size has grown rapidly in recent years. It will grow from $3.50 billion in 2023 to $3.97 billion in 2024 at a compound annual growth rate (CAGR) of 13.4. The growth in the historic period can be attributed to demand for efficiency, globalization, regulatory changes, demand for mobile-friendly accounting software, inventory management, customer relationship management.
The online bookkeeping and accounting software market size is expected to see rapid growth in the next few years. It will grow to $6.65 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to increasing emphasis on user experience, growing use of predictive analytics, security concerns, growing demand for advanced reporting and analytics, regulatory requirements, enhanced collaboration tools. Major trends in the forecast period include artificial intelligence and automation technologies, machine learning algorithms, blockchain technology, real-time financial reporting, integration with IoT devices, and customizable and scalable solutions.
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Market Drivers and Trends:
Increasing automation in accounting is expected to propel the growth of the online bookkeeping and 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 online bookkeeping and 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 online bookkeeping and accounting software market.
Major companies operating in the online bookkeeping and accounting software market are focused on developing innovative solutions, such as QuickBooks Online Accountant, to meet evolving business needs. QuickBooks Online Accountant streamlines financial processes, minimizes errors, and frees up time for businesses to focus on strategic activities. For instance, in May 2023, Intuit Inc., a US-based business software company specializing in financial software, launched QuickBooks Online Accountant globally, providing free access to accounting professionals in over 170 countries. The platform offers features such as a singular login and dashboard for real-time client data, automated transactions, workflows for task automation, integrated apps for various functions, and predictive AI-based tax estimations.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
NetSuite Inc, SAP SE, Intuit Inc, Workday Inc, Baker Tilly International Ltd, The Sage Group plc, Zoho Corporation, Epicor Software Corporation, Xero Limited, Workiva Inc, Kingdee International Software Group Limited, Ramp Business Corporation, Reckon Limited, The Neat Company, Botkeeper Inc, Wave Financial Inc, Dext, Hubdoc Inc, Pandle Accounting Software, TaxSlayer Pro LLC, LessAccounting LLC, Accountzontrack LLC, FreshBooks Inc, Cougar Mountain Software Inc, FreeAgent Central Limited, KashFlow Software Ltd.
Online Bookkeeping And Accounting Software Market 2024 Key Insights:
• The online bookkeeping and accounting software market size is expected to see rapid growth in the next few years. It will grow to $6.65 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%.
• Increasing Automation In Accounting Enhanced Online Bookkeeping And Accounting Software Market Growth
• Technological Innovations In Online Bookkeeping And Accounting Software
• North America was the largest region in the online bookkeeping and accounting software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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