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Increasing Automation In Accounting Enhanced Business Accounting Software Market Growth Driver: A Major Catalyst in the Evolution of the Business Accounting Software Market in 2025
Business Accounting Software Market
The business accounting software market has seen rapid growth. It is projected to rise from $24.48 billion in 2024 to $27.06 billion in 2025, at a CAGR of 10.5%. The market's past growth can be attributed to the transition from manual accounting processes, the expansion of small and medium enterprises (SMEs), cost and time efficiencies, globalization, and regulatory compliance requirements.
The business accounting software market is forecasted to reach $39.95 billion by 2029, with a CAGR of 10.2%. Growth is attributed to user experience improvements, data security, automation, and third-party application integration. Trends include subscription-based pricing, cloud-based solutions, and business intelligence tool integration.
What Are the Key Drivers Behind the Growth of the Business Accounting Software Market?
Increasing automation in accounting is expected to drive the business accounting software market. Automation helps streamline financial processes, enhancing efficiency and accuracy while reducing manual errors. The growing adoption of business accounting software to manage financial records and enable real-time reporting is a key factor driving market growth. For instance, 40% of surveyed companies in 2022 embraced new technology for accounting, a significant increase from 21% the previous year. Therefore, the trend toward automation in accounting is fostering the growth of the accounting software market.
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Who Are the Major Industry Players Fueling Business Accounting Software Market Expansion?
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.
Which Key Developments Are Influencing the Business Accounting Software Market?
Key companies in the business accounting software market are focusing on innovative solutions such as the Axway Financial Accounting Hub to drive digital transformation in finance departments. Axway Financial Accounting Hub (FAH) is designed to automate and streamline financial accounting processes for businesses. For instance, in June 2022, Axway Software Solutions, a France-based enterprise integration company, launched Axway Financial Accounting Hub to provide high-quality financial data, enabling operational excellence, agility, and trust in financial reporting. This platform was developed to assist finance departments in overcoming challenges related to operational efficiency and data accuracy.
How Is the Segmentation of the Business Accounting Software Market Defined?
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
Subsegments:
1) By Commercial Accounting Software: Small Business Accounting Software, Mid- market Accounting Software
2) By Enterprise Accounting Software: ERP-Based Accounting Software, Standalone Enterprise Accounting Software
3) By Custom Accounting Software: Industry-Specific Custom Software, Tailored Custom Accounting Solutions
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What Is the Leading Region in the Business Accounting Software Market?
North America was the largest region in the business accounting software market in 2024. The regions covered in the business accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Business Accounting Software Global Market Report?
- Market Size Analysis: Analyze the Business Accounting Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Business Accounting Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Business Accounting Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Business Accounting Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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