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Business Accounting Software Market Anticipated To Witness Robust Growth, Surpassing $39.95 Billion By 2029
Business Accounting Software
What Is the Current Business Accounting Software Market Size and Its Estimated Growth Rate?
The market size of business accounting software has seen considerable expansion in the past few years. It's projected to increase from $24.48 billion in 2024 to $27.06 billion in 2025, at a compound annual growth rate (CAGR) of 10.5%. The significant growth observed in the historical period is mainly due to manual accounting procedures, the growth of small and medium businesses (SMEs), cost-effectiveness, time saving aspects, globalization, and compliance with regulatory requirements.
The market size of business accounting software is predicted to witness a steep rise in the coming years, escalating to $39.95 billion by 2029 with a compound annual growth rate (CAGR) of 10.2%. This growth during the forecast period is mainly because of the emphasis on user experience and customer support, data security and compliance, third-party applications integration, and increasing focus on automation. The forecast period also sees key trends like a shift towards subscription-based pricing models, enhanced user experience (UX) and user interface (UI), integration with business intelligence tools, and the growth of cloud-based solutions.
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How Are Emerging Segments Shaping the Business Accounting Software Market Landscape?
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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Which Growth Factors Are Influencing Business Accounting Software Market Expansion?
The surge in accounting automation is anticipated to stimulate the expansion of the business accounting software market. Accounting automation involves the use of software tools to carry out vital tasks in keeping track of a company's financial transactions. The growth of accounting automation is propelled by the demand for efficiency, precision, and streamlined operations, thus decreasing manual labor and errors made by humans. Accounting automation employs business accounting software to simplify procedures, improve the accuracy of data, and enable real-time financial administration. For example, a survey in June 2022, conducted by Sage Group plc, a UK-based enterprise software company, with 1,400 corporate respondents showed that 40% of the surveyed companies adopted new technologies to help with the year-end closing process in 2022, a step up from the 21% adoption rate in 2021. Moreover, either a cloud-based or hybrid accounting solution is being utilized by 87% of surveyed companies, indicating a substantial growth of 29% compared to the previous year. Hence, the growth of the business accounting software market is fueled by the rise in accounting automation.
Who Are the Dominant Players Across Different Business Accounting Software Market Segments?
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.
What Business Accounting Software Market Trends Are Gaining Traction Across Different Segments?
The key players in the business accounting software market, like Axway Financial Accounting Hub, are concentrated on creating unique software that spurs the digital evolution of corporate finance divisions. Axway's Financial Accounting Hub (FAH) is a software tool built to enhance and automate finance accounting procedures within companies. For example, in June 2022, Axway Software Solutions, an enterprise integration company based in France, introduced the Axway Financial Accounting Hub to offer relevant and high-quality data to business sectors, bolstering operational efficiency, agility, and confidence in financial data. This inventive platform was created to propel the digital revamping of an organization's financial sectors. The Financial Accounting Hub from Axway has been designed to confront the difficulties experienced by finance divisions in striving for operational efficiency, agility, and trust through its sophisticated features.
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Which Geographic Regions Are Expected to Dominate the Business Accounting Software Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Business Accounting Software Market?
2. What is the CAGR expected in the Business Accounting Software Market?
3. What Are the Key Innovations Transforming the Business Accounting Software Industry?
4. Which Region Is Leading the Business Accounting Software Market?
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