Press release
Global Cloud Accounting Software Market to Reach 7.75 Billion by 2029, Growing at 9.5% CAGR
Cloud Accounting Software Market
The cloud accounting software market has grown strongly in recent years. It will expand from $4.9 billion in 2024 to $5.39 billion in 2025, with a CAGR of 9.9%. The growth is driven by business continuity planning, the need for data accessibility, scalability, cost reduction, and globalization.
The cloud accounting software market is forecasted to reach $7.75 billion by 2029, growing at a CAGR of 9.5%. This growth is attributed to collaboration ecosystems, mobile-first design, and blockchain integration. Trends include real-time collaboration tools and AI-driven automation.
What Factors Are Fueling Growth in the Cloud Accounting Software Market?
Increasing household income is expected to drive the growth of the cloud accounting software market. Cloud accounting software allows users to manage financial data remotely, improving real-time decision-making, accuracy in financial reporting, and operational efficiency. In September 2024, the United States Census Bureau reported a 4% increase in real median household income, reaching $80,610 in 2023. This growth in household income will propel the demand for cloud accounting software.
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Which Leading Companies Are Shaping the Growth of the Cloud Accounting Software Market?
Major companies operating in the cloud accounting software market are Microsoft Corporation, International Business Machine Corporation, Oracle Corp., SAP SE, Intuit Inc., Workday Inc., Dropbox Inc., Sage Group plc, BMC Software Inc., Yonyou Company Ltd., Xero Limited, Epicor Software Corporation, Infor Global Solutions, Zoho Corporation Pvt. Ltd., Verint Systems Inc., Kingdee International Software Group (Hong Kong) Co. Ltd., HelpSystems Inc., Carbonite Inc., FinancialForce.com Inc., Reckon Limited, Robocloud Technologies Private Limited, Apptivo Inc., KashFlow Software Ltd., Wave Financial Inc., MEGI Cloud Accounting Software
What Are the Major Trends Shaping the Cloud Accounting Software Market?
Leading companies in the cloud accounting software market are innovating with new software solutions, such as accounting and audit services, to streamline core accounting tasks. This software solution provides accounting firms with a comprehensive platform to manage operations efficiently. For example, in November 2023, Zoho Corporation, an India-based multinational technology company, launched Zoho Practice, a complete practice management solution for chartered accountants (CAs). This software serves as a one-stop solution for simplifying cloud accounting and auditing activities, allowing for internal communication with clients for various business needs. Additionally, it integrates with Zoho Books, enhancing functionality and insights for accounting professionals.
What Are the Key Segments of the Cloud Accounting Software Market?
The cloud accounting software market covered in this report is segmented -
1) By Type: Browser-Based, Application Service Providers , Software As A Service (SaaS)
2) By Enterprise Size: Small and Medium Enterprises, Large Enterprises
3) By End-user : Information Technology, Banking, Financial Services, And Insurance, Telecommunications, Healthcare, Government And Public Sector
Subsegments:
1) By Browser-Based: Cloud-Based Accounting Platforms, Web-Based Bookkeeping Solutions, Online Invoicing and Billing Systems, Expense Tracking Tools, Cloud Payroll Solutions, Financial Reporting and Analytics Tools, Tax Filing and Compliance Tools
2) By Application Service Providers (ASPs): Hosted Accounting Software Solutions, Cloud-Based Enterprise Resource Planning (ERP) Systems, Application Hosting for Accounting Software, Third-Party Hosted Tax and Accounting Services, Managed Accounting Services, Custom Accounting Software Hosting Solutions
3) By Software As A Service (SaaS): Subscription-Based Accounting Software, SaaS-Based Financial Management Platforms, SaaS Payroll and HR Integration, SaaS Invoicing and Billing Solutions, Cloud Taxation and Compliance Software, SaaS Expense Management Tools, SaaS Financial Forecasting and Reporting Tools
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Which Region Dominates the Cloud Accounting Software Market?
North America was the largest region in the cloud accounting software market in 2024. The regions covered in the cloud accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Cloud Accounting Software Global Market Report?
- Market Size Analysis: Analyze the Cloud Accounting Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cloud 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 Cloud Accounting Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cloud Accounting Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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