Press release
Emerging Trends to Drive Business Accounting Software Market Growth at 9.7% CAGR Through 2029
Business Accounting Software Market
How Large Will the Business Accounting Software Market Size By 2025?
The market size for business accounting software has experienced significant expansion in the past few years. The estimated growth sees it rising from $24.48 billion in 2024 to $26.95 billion in 2025, which implies a compound annual growth rate (CAGR) of 10.1%. This promising advancement in the historical period is owed to factors such as manual accounting procedures, the expansion of small and medium enterprises (SMEs), cost-effectiveness and time-efficiency, global reach, and mandatory compliance stipulations.
How Big Is the Business Accounting Software Market Size Expected to Grow by 2029?
The market size for business accounting software is anticipated to witness significant growth in the upcoming years, escalating to $39.02 billion in 2029 with a compound annual growth rate (CAGR) of 9.7%. This growth for the projected period can be credited to an emphasis on user experience and client service, data security and compliance, and integration with third-party apps, along with increasing stress on automation. The forecast period is expected to see major trends such as a shift to subscription-based pricing, improved user experience (UX) and user interface (UI), integration with business intelligence tools, and expansion of cloud-based solutions.
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Which Key Market Drivers Powering Business Accounting Software Market Expansion and Growth?
The growth of the business accounting software market is projected to be fueled by a rise in accounting automation. The term accounting automation refers to the use of software applications to fulfill key tasks in managing a company's financial records. The push towards increased automation in accounting stems from the demand for efficiency, accuracy, and more effective processes, ultimately lessening the dependence on manual labor and the risk of human error. Accounting automation employs business accounting software to simplify procedures, improve data precision, and enable real-time financial management. For example, a survey by Sage Group plc, a UK-based enterprise software firm, in June 2022 revealed that 40% of the 1,400 company respondents adopted new technology to aid with the end-year closing process in 2022, a considerable rise from the 21% newcomer tech adopters in 2021. Additionally, 87% of respondents confirmed their use of either a cloud-based or hybrid accounting solution, reflecting a substantial growth of 29% from the prior year. Consequently, the trend of escalating automation in accounting is propelling the business accounting software market.
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Which Fast-Growing Trends Are Poised to Disrupt the Business Accounting Software Market?
Key corporations in the business accounting software industry are prioritizing the creation of innovative software such as Axway Financial Accounting Hub, aimed at digitally transforming business finance units. Axway Financial Accounting Hub (FAH) is a software package intended to simplify and automate financial accounting operations within organizations. For instance, Axway Software Solutions, an enterprise integration company from France, launched the Axway Financial Accounting Hub in June 2022. The software provides pertinent, superior-quality data to business divisions, facilitating operational superiority, agility, and confidence in financial data. This ground-breaking platform was developed to catalyze the digital transformation of companies' financial units. Axway's Financial Accounting Hub aims to help finance departments overcome hurdles in achieving operational efficiency, flexibility, and reliability with its innovative features.
What Are the Emerging Segments in the Business Accounting Software Market?
The business accounting softwaremarket 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 Global Leaders in the Business Accounting Software Market?
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 are the Top Profitable Regional Markets for the Business Accounting Software Industry?
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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