Press release
Strategic Forecast for the Business Accounting Software Industry: Market Outlook 2025-2034
Business Accounting Software
Business Accounting Software Market Size Growth Forecast: What to Expect by 2025?
The market for business accounting software has experienced rapid expansion in the recent past. Its size is set to increase from $24.48 billion in 2024 to $27.06 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.5%. The significant growth during the historical period is attributed to faculties like traditional accounting systems, development of small to medium-sized enterprises (SMEs), monetary and temporal efficiency, worldwide presence, and the need to meet regulatory compliance standards.
How Will the Business Accounting Software Market Size Evolve and Grow by 2029?
The market size for business accounting software is anticipated to experience notable expansion in the coming years. It is projected to escalate to $39.95 billion by 2029, with a compound annual growth rate (CAGR) of 10.2%. The anticipated growth within this forecast period is credited to factors such as emphasis on user experience and customer service, data security and compliance, amalgamation with third-party apps, and an increased focus on automation. Key trends expected in the forecast period encompass the move towards subscription-based cost models, superior user experience (UX) and user interface (UI), incorporation with business intelligence tools, and the spread of cloud-based solutions.
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What Drivers Are Propelling the Growth of Business Accounting Software Market Forward?
The surge in accounting automation is anticipated to give a significant push to the business accounting software market's expansion. Accounting automation involves the use of software applications for key tasks in maintaining a company's financial records. The push for more accurate, efficient, and simplified processes is a primary driving force behind the rising automation in accounting, leading to reduced manual labor and minimized human error. With the help of business accounting software, companies can streamline operations, augment data precision, and manage finances in real-time. As an example, a study conducted by the UK based software firm Sage Group plc in June 2022, involving 1,400 businesses, revealed that 40% of participants had adopted new technology to aid with their closing processes in 2022, a notable increase from the 21% in 2021. Furthermore, 87% of respondents signified their use of a cloud-based or hybrid accounting solution, marking a substantial 29% increase annually. Therefore, the rise in accounting automation is a key driver for the business accounting software market.
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Which Emerging Trends Are Transforming the Business Accounting Software Market in 2025?
Leading firms in the business accounting software sector are making concerted efforts to create innovative software, like Axway Financial Accounting Hub, aimed at digitally transforming their fiscal operations. Axway Financial Accounting Hub (FAH) is a software-based solution engineered to automate and simplify financial accounting tasks in organizations and businesses. For example, in June 2022, French enterprise integration firm, Axway Software Solutions, introduced the Axway Financial Accounting Hub, aimed at delivering dependable, top-notch data to corporate segments, thereby augmenting operational efficiency, dexterity, and faith in financial data. This revolutionary platform was conceptualised to lead the digital revolution in company finance departments. The Axway Financial Accounting Hub seeks to resolve issues that finance departments confront in attaining operational efficiency, agility, and confidence, thanks to its superior features.
What Are the Key Segments in the Business Accounting Software Market?
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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Who Are the Key Players Shaping the Business Accounting Software Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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