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Emerging Trends Influencing The Growth Of The Online Bookkeeping And Accounting Software Market: Technological Innovations In Online Bookkeeping And Accounting Software
Online Bookkeeping And Accounting Software
How Big Is the Online Bookkeeping And Accounting Software Market Size Expected to Be by 2034?
In recent years, there has been a significant increase in the size of the online accounting and bookkeeping software market. The market, which is predicted to expand from $3.97 billion in 2024 to $4.51 billion in 2025, is expected to see a compound annual growth rate (CAGR) of 13.9%. The historical growth in the market has been fueled by the desire for efficiency, the impact of globalization, regulatory shifts, the demand for mobile-compatible accounting software, inventory administration, and customer relations management.
Over the coming years, the market size of online bookkeeping and accounting software is projected to experience swift expansion, and by 2029, it will have expanded to $7.58 billion, seeing a Compound Annual Growth Rate (CAGR) of 13.8%. This surge within the forecast duration can be attributed to a variety of factors such as the increasing focus on user experience, rising application of predictive analytics, security issues, an elevated demand for sophisticated reporting and analytics, regulatory stipulations, and improved cooperation tools. The prediction period will also witness major trends such as the advent of artificial intelligence and automated technologies, machine learning algorithms, blockchain technology applications, real-time financial reporting, inclusion with IoT gadgets, and adaptable, scalable solutions.
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What Are the Emerging Segments Within the Online Bookkeeping And Accounting Software Market?
The online bookkeeping and accounting software market covered in this report is segmented -
1) By Type: Cloud-Based, On-Premises
2) By Pricing Model: Subscription-Based, Pay-As-You-Go
3) By Application: Small And Medium Enterprises (SMEs), Large Enterprises
Subsegments:
1) By Cloud-Based: Saas (Software-As-A-Service) Solutions, Subscription-Based Models, Cloud Hosting And Maintenance Services
2) By On-Premises: Licensed Software, Perpetual Licensing Models, On-Site Deployment And Support
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What Long-Term Drivers Are Shaping Online Bookkeeping And Accounting Software Market Trends?
The anticipated rise in accounting automation is likely to catalyze the expansion of the online bookkeeping and accounting software market. Accounting automation involves the use of software applications to carry out fundamental tasks of preserving a company's financial records. The surge in accounting automation is a result of a quest for improved effectiveness, precision, and simplified processes, which consequently diminishes manual work and reduces human mistakes. Automating the accounting process leverages online bookkeeping and accounting software to optimize procedures, heighten data precision, and enable immediate financial oversight. For example, a survey by Sage Group plc, a British enterprise software company, in June 2022 among 1,400 business respondents showed that 40% of the companies surveyed have adopted new technology to assist with the closing process in 2022, a substantial rise from 21% adoption in 2021. Furthermore, 87% of survey respondents utilize a cloud-based or combination accounting method, marking a noteworthy growth of 29% from the previous year. Hence, the growing shift towards automation in accounting is spurring the development of the online bookkeeping and accounting software market.
Who Are the Top Competitors in Key Online Bookkeeping And Accounting Software Market Segments?
Major companies operating in the online bookkeeping and accounting software market are 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.
What Online Bookkeeping And Accounting Software Market Trends Are Gaining Traction Across Different Segments?
Major firms active in the realm of online accounting and bookkeeping software strive to devise innovative solutions to accommodate the changing needs of businesses, with Quick*Books Online Accountant as a prime example. This platform simplifies financial operations, reduces the risk of errors, and gives businesses more time to strategize. As an illustration, in May 2023, an American company known for its financial software, Intuit Inc., released Quick*Books Online Accountant on a global scale, offering free usage to accounting experts in over 170 countries. The platform includes benefits like a unified login and dashboard for real-time client information, automated transactions, task automation workflows, integrated apps for several functions, and AI-powered predictive tax calculations.
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Which Regions Are Becoming Hubs for Online Bookkeeping And Accounting Software Market Innovation?
North America was the largest region in the online bookkeeping and accounting software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online bookkeeping and 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 Online Bookkeeping And Accounting Software Market?
2. What is the CAGR expected in the Online Bookkeeping And Accounting Software Market?
3. What Are the Key Innovations Transforming the Online Bookkeeping And Accounting Software Industry?
4. Which Region Is Leading the Online Bookkeeping And Accounting Software Market?
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