What is the growth rate of the Accounting Software Market?

The accounting software market is growing at a CAGR of more than 19.4% over the forecast period (2022-2028).

What is the global market size of Accounting Software Market?

Accounting Software Market size was valued at USD 13.59 billion in 2021 and is poised to grow from USD 14.71 billion in 2022 to USD 29.8 billion by 2030, growing at a CAGR of 9.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Accounting Software Market?

The market for accounting software has a fair amount of consolidation. The majority of the market is controlled by the top competitors. Additionally, since new players are eventually purchased by the top players, they cannot sustain the market for a longer period of time. Existing players already have a clientele that does not want to convert to new players. Oracle Corporation, Microsoft Corporation, Intuit Inc., SAP SE, Sage Software Inc., Infor Inc., Epicor Software Corporation, Xero Ltd., and Unit4 Business Software Limited are a few examples of major players. 'QuickBooks', 'Xero', 'FreshBooks', 'Zoho Books', 'Sage Intacct', 'NetSuite', 'Wave Accounting', 'KashFlow', 'MYOB', 'FreeAgent', 'Sage 50cloud', 'Odoo', 'Acumatica Cloud ERP', 'Microsoft Dynamics 365', 'SAP Business One', 'Oracle NetSuite ERP', 'Epicor ERP', 'Infor ERP', 'SYSPRO ERP', 'Workday Financial Management'

What is the key driver of Global Accounting Software Market?

Concerns About Accuracy, Privacy Breach Risk, and Security: If outdated software of any kind is used, users face the risk of being hacked and having their data lost or stolen. According to Verizon's 2019 Data Breach Investigation Report, few businesses are as sensitive as finance. The truth is that fraudsters take less time to figure out how to get around a user who uses a brand-new system from a trusted provider. Secure technology will be used to back up the financial and corporate data, reducing the risk of loss, theft, and hacking. The system's flaws are also reduced via better software integration. By lowering the need for manual entry and reducing the danger of crucial financial data being stolen the company will be able to comply with data security standards more easily.

Which region accounted for the largest share in Global Accounting Software Market?

With the biggest revenue share in the accounting software market in 2021, North America emerged as the market leader and is anticipated to maintain its position throughout the forecast period. This results from a deeper comprehension of business analytics tools. In addition, the presence of significant and prominent companies in the Accounting Software industry across the United States, as well as government funding for the installation of accounting management systems in a range of private and public organizations, are expected to augment regional expansion.

Accounting Software Market Size, Share, Growth Analysis, By Type(Spreadsheets, Payroll Management Software, Billing & Invoicing Processing Software, Commercial Accounting Software), By Deployment Mode(Cloud, and On-premises), By Component(Solutions, and Services), By End User(Retail, BFSI, Manufacturing, IT & Telecom), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2014 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 124 | Figures: 77

Accounting Software Market Dynamics

Accounting Software Market Drivers

Demand for Small and Medium Enterprises (SMEs)

The start-up scene is lighting up around the world, resulting in many small and medium enterprises. Ensuring compliance with financial regulations and maintaining proper accounts is necessary for these new companies, which drives market growth.

Implementation of Strict Regulations

Tax and financial regulations are continuously changing and becoming more and more complex and strict. Accounting software helps businesses and individuals keep track of these regulations and maintain compliance to avoid legal issues.

Accounting Software Market Restraints

Complexity in Migration

Migrating from a legacy accounting management system to software is quite a complex task as most legacy systems might not be compatible with advanced software and technologies. This is projected to hinder the adoption of accounting software going forward.

Data Privacy and Security Concerns

Accounting software manages critical and crucial financial data of individuals and organizations, security and privacy of this data could be compromised through the solution, and this is expected to impede market development.

Accounting Software Market Report Snapshots

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FAQs

QuickBooks Online, Zoho Books, FreshBooks, Wave Accounting, and TallyPrime are majorly used softwares in accounting.

The accounting software market is growing at CAGR of more than 19.4% over the forecast period (2022-2028).

Accounting Software Market size was valued at USD 15.07 Billion in 2022 and is poised to grow from USD 16.28 Billion in 2023 to USD 30.18 Billion by 2031, growing at a CAGR of 8.02% during the forecast period (2024-2031).

Accounting software providers are projected to invest in the development of novel solutions using advanced technologies. Automation will also be a key trend for accounting software companies in the future. Developing accounting software with a better user interface that is simple to use and access with good security features will also be a key area of interest for market players. Providing accounting software on a subscription or pay-as-you-use basis will also generate good revenue for accounting software companies in the future 'QuickBooks (US) ', 'Xero (New Zealand) ', 'FreshBooks (Canada) ', 'Zoho Books (India) ', 'Sage Intacct (US) ', 'NetSuite (US) ', 'Wave Accounting (Canada) ', 'KashFlow (UK) ', 'MYOB (Australia) ', 'FreeAgent (UK) ', 'Sage 50cloud (UK) ', 'Odoo (Belgium) ', 'Acumatica Cloud ERP (US) ', 'Microsoft Dynamics 365 (US) ', 'SAP Business One (Germany) ', 'Oracle (US) ', 'Epicor ERP (US) ', 'Infor ERP (US) ', 'SYSPRO ERP (South Africa) ', 'Workday Financial Management (US)'

The start-up scene is lighting up around the world, resulting in many small and medium enterprises. Ensuring compliance with financial regulations and maintaining proper accounts is necessary for these new companies, which drives market growth.

Customized Accounting Software Development: Developing and offering customized accounting software will be a major trend that will help companies expand their business scope in the long run. Every business and individual has different demand from their accounting software and hence customization and personalization are expected to play a vital role in future market development.

Presence of key accounting software providers in the North American region helps it emerge as the dominant region in the world. Presence of a strict regulatory compliance framework for financial management and taxes is also a key factor that makes the United States the leading revenue generator for accounting software companies in this region. Moreover, increasing willingness of businesses to opt for accounting software and services to maintain compliance will also help the market growth in this region.

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Accounting Software Market Dynamics

Accounting Software Market Report Snapshots

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FAQs

Which are the Softwares majorly used in Accounting?

What is the growth rate of the Accounting Software Market?

What is the global market size of Accounting Software Market?

Who are the key vendors in the Accounting Software Market?

What is the key driver of Accounting Software Market?

What is the key market trend for Accounting Software Market?

Which region accounted for the largest share in Accounting Software Market?

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