Accounting Software Market to Reach $70.2 Bn by 2030 | CAGR 19.6% Growth Forecast

According to a new report published by Allied Market Accounting Software Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component (Solution, Services), by Deployment Mode (On premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Type (Spreadsheets, Commercial Accounting Software, Enterprise Accounting Software, Custom Accounting Software), by Industry Vertical (BFSI, Retail and Ecommerce, Manufacturing, IT and Telecom, Healthcare, Government and Public Sector, Energy and Utilities, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030, The global accounting software market was valued at USD 11.9 billion in 2020 and is projected to reach USD 70.2 billion by 2030, growing at a CAGR of 19.6% from 2021 to 2030.

The global accounting software market is witnessing significant growth as businesses increasingly adopt digital solutions to streamline financial operations. Accounting software automates tasks such as bookkeeping, payroll, invoicing, tax calculation, and financial reporting, reducing manual effort and minimizing errors. With the rising complexity of financial regulations and the need for real-time insights, organizations across industries are seeking robust solutions to manage their finances efficiently.

The market growth is further fueled by the proliferation of cloud-based accounting platforms, which offer accessibility, scalability, and cost-effectiveness. Small and medium-sized enterprises (SMEs) are increasingly investing in cloud solutions to maintain accurate records, comply with taxation requirements, and enhance decision-making. Additionally, the integration of AI, machine learning, and analytics into accounting software is enabling predictive insights, fraud detection, and smarter financial planning.

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Market Dynamics
Growing Demand for Automation: The increasing need to automate accounting processes is driving market growth. Businesses are moving away from traditional manual bookkeeping to software solutions that reduce errors, save time, and enhance productivity. Automation also allows finance teams to focus on strategic tasks rather than routine operations.

Cloud Adoption: Cloud-based accounting software is experiencing strong adoption due to its flexibility, remote accessibility, and lower upfront costs. Organizations can access real-time financial data from anywhere, collaborate across departments, and scale their solutions as the business grows.

Integration of Advanced Technologies: The integration of AI, machine learning, and data analytics in accounting software is transforming financial management. These technologies enable predictive analytics, automated fraud detection, expense tracking, and personalized reporting, offering significant value to organizations.

Regulatory Compliance: Increasing regulatory and taxation complexities are pushing businesses to adopt accounting software that ensures compliance with local and international standards. Features like automated tax calculations, audit trails, and reporting tools help organizations avoid penalties and maintain accurate financial records.

Challenges and Barriers: Despite growth opportunities, the market faces challenges such as high implementation costs, data security concerns, and resistance to change among traditional businesses. Ensuring software integration with existing systems and protecting sensitive financial data are key concerns for organizations considering adoption.

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Segment Overview
The accounting software market is segmented based on deployment type (cloud-based and on-premise), organization size (SMEs and large enterprises), and end-user industry (BFSI, retail, IT & telecom, manufacturing, healthcare, and others). Cloud-based solutions dominate the market due to ease of use and cost efficiency, while large enterprises prefer on-premise systems for enhanced control and security.

On the basis of organization size, large enterprises dominated the accounting software market in 2020 and are expected to maintain this trend throughout the forecast period. This growth is driven by the increasing adoption of accounting software in large organizations to streamline accounting operations and tax filing processes. As enterprises expand, managing complex financial data becomes more challenging, prompting them to integrate large volumes of data into the cloud to enhance speed, accuracy, and scalability across the value chain. Additionally, cloud-based accounting solutions offer easy accessibility and greater control, further encouraging adoption among large enterprises.

Meanwhile, SMEs are projected to witness the fastest growth in the accounting software market in the coming years. This surge is primarily due to the increasing number of SMEs in developing economies across the Asia-Pacific region, including China, India, and Japan. SMEs are adopting accounting software to optimize their business operations and improve financial efficiency. Furthermore, ongoing government initiatives and digital SME campaigns worldwide are supporting the adoption of technology solutions, which is expected to fuel market growth further.

Looking at industry verticals, the IT & telecom sector led the market in 2020 and is expected to continue this trend during the forecast period. The growth in this sector is largely due to the widespread use of mobile devices and the push toward digitalization, accelerated by the global pandemic. The need for business agility and technology-driven accounting solutions has created lucrative opportunities for software adoption within this vertical.

However, the healthcare industry is expected to achieve the highest growth in the near future. Increasing adoption of accounting software in healthcare is enabling faster and more efficient financial management, tax planning, and administrative processes for medical practitioners and healthcare providers. The market in this sector is further boosted by enhanced data security, cost efficiency, improved connectivity, and intuitive user interfaces. Additionally, the growing trend of digitalization in healthcare facilities strengthens the demand for accounting solutions that support seamless operations and patient data management.

Regional Analysis
North America holds a dominant position in the accounting software market, driven by the presence of major software providers, high digital adoption, and stringent regulatory standards. The U.S. and Canada are investing heavily in cloud and AI-powered accounting solutions to improve operational efficiency.

Europe and the Asia-Pacific regions are witnessing rapid growth, with SMEs increasingly adopting cloud-based accounting software. Countries such as Germany, the UK, India, and China are emerging as key markets due to rising digitalization, growing business setups, and government initiatives promoting technological adoption in finance.

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Competitive Analysis
This report gives an in-depth profile of some key market players in the accounting software market, include Infor Inc., Intuit, Inc., Microsoft Corporation, Oracle Corporation, Sage Group Plc., SAP SE, Thomson Reuters, Xero Ltd., Zeta Software LLC, and Zoho Corporation. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.

Key Findings of the Study
• By component, the software segment dominated the accounting software market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
• On the basis of deployment mode, the on-premise segment accounted for the highest revenue of the market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
• Depending on organizational size, the large-scale segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate in the near future.
• Depending on the type, the commercial accounting software segment generated the highest revenue in 2020. However, the custom accounting software segment is expected to witness the highest growth rate in the near future.
• Depending on industry vertical, the IT & telecom industry generated the highest revenue in 2020. However, the healthcare industry is expected to witness the highest growth rate in the near future
• Region-wise, the accounting software market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the coming years.

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