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Accounting Practice Management Software Market Size, Share, Growth Analysis Report 2024-2033
Accounting Practice Management Software Market Size
According to The Business Research Company's, The accounting practice management software market size has grown rapidly in recent years. It will grow from $0.72 billion in 2023 to $0.80 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to the increasing adoption of digital technologies, growing demand for automation, the rise of cloud-based solutions, the shift towards remote working environments, and increasing emphasis on secure data storage.
The accounting practice management software market size is expected to see rapid growth in the next few years. It will grow to $1.25 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to the adoption of blockchain, the shift towards subscription-based pricing models, the development of niche solutions for specialized industries, increased demand for mobile-friendly accounting software solutions, and advanced cybersecurity measures. Major trends in the forecast period include integration of artificial intelligence (AI), enhanced integration capabilities, increasing focus on customizable features, implementation of real-time reporting and analytics tools, and advanced compliance management tools.
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Market Drivers and Trends:
The growth of cloud-based solutions is expected to propel the growth of the accounting practice management software market going forward. A cloud-based solution refers to applications, storage, on-demand services, computer networks, or other resources accessed via the internet through a provider's shared cloud computing infrastructure. The growth of cloud-based solutions is due to cost-efficiency, global reach, expanding businesses, and remote work and collaboration. The accounting practice management software streamlines operations on the cloud by offering remote access, real-time collaboration, and scalable infrastructure, enhancing efficiency and flexibility for accounting firms. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of enterprises within the European Union procured cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Further, compared to 2021, EU enterprises' purchases of cloud computing services rose by 4% in 2023. Additionally, medium-sized enterprises saw a notable uptick in adoption, with 59% purchasing cloud computing services in 2023, up from 53% in 2021. Therefore, the growth of cloud-based solutions is driving the growth of the accounting practice management software market.
Major companies operating in the accounting practice management software market are focusing on developing innovative technologies, such as GPT-powered artificial intelligence tools, to gain a competitive edge in the market. A GPT-powered artificial intelligence tool is a software application or platform that utilizes OpenAI's Generative Pre-trained Transformer (GPT) model to perform various tasks. For instance, in May 2023, Karbon Inc., a US-based software company, launched the GPT-powered artificial intelligence tool Karbon AI. Karbon AI aims to boost accountant efficiency and enhance client experiences by optimizing email management. Its features include summarizing lengthy email threads, adjusting email tones, prioritizing inbox messages, and generating email drafts based on prompts and workflow tasks.
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• 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.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Intuit Inc., Thomson Reuters Corp., Sage Group plc, Xero Limited, Unit4 N.V, Canopy Pte. Ltd., MYOB Group Co Pty Ltd, IRIS Software Group, BigTime Software Inc., Dext Prepare Inc., Capterra Inc., Onvio LLC, TPS Cloud Axis Software Inc., OfficeTools Inc., Aero Workflow Inc., EasyCloud Consultants Pvt Ltd, TaxDome Inc., Pixie Labs Inc., Senta Saas Limited, Karbon Inc., Financial Cents Inc., ApprovalMax Ltd., AccountancyManager Ltd.
Accounting Practice Management Software Market 2024 Key Insights:
• The accounting practice management software market size is expected to see rapid growth in the next few years. It will grow to $1.25 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Cloud-Based Solutions Fueling Growth In The Accounting Practice Management Software Market
• Integration Of GPT-Powered AI Enhances Accounting Practice Management Software Offerings
• North America was the largest region in the accounting practice management 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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