USD 13.59 billion
Report ID: SQMIG45A2014 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 61 | Figures: 75
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).
Computer programmes known as accounting software accountants record and report a company's financial activities. The requirements for them vary among businesses. Some people might merely want standard, off-the-shelf accounting software, whilst others might require complex, specialized accounting software. The world's most popular platform is QuickBooks from Intuit. Accounts receivable, accounts payable, subledger accounting, reporting, and analytics are just a few of the regular financial activities that are managed and recorded by accounting software for a firm.
Auditing is made simpler by accounting software's ability to quickly access accounting data, especially for audits that require analyzing data from prior years. This assists not only with internal audits but also with financial inquiries for tax purposes by outside organizations like the Internal Revenue Service (IRS). There are software programmes for organizations of various kinds, ranging from Microsoft, SAP, and Oracle systems for massive enterprises to Intuit's QuickBooks for small to medium-sized businesses. Some of the outstanding features are expense reporting, LIFO and FIFO inventory reporting, point-of-sale connectivity, document management, batch management, and multi-currency transaction recording.
Currently, dashboard and reporting applications, supply chain management, customer relationship management (CRM), and accounting software all work together. All financial transactions within functional modules like accounts payable, accounts receivable, payroll, and trial balance are processed and recorded using accounting software. In a similar vein, it creates dashboards, reports, and calculates cash flows in addition to tracking transactions. Accounting software is widely used by both small and large businesses to track financial transactions.
US Accounting Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 13.59 billion
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Global Accounting Software Market is segmented based on the Components, Deployment Mode, enterprise size, type, Accounting Software industry vertical, and region. Based on the Components, the Market is segmented as Solution and Services. Based On Deployment Mode, the Market is segmented as on premise and Cloud. Based on enterprise size, the market is segmented into Large Enterprises, SMEs. Based on type, the market is segmented into Spreadsheets, Commercial Software, Enterprise Software, Custom Software. Based on Accounting Software industry vertical, the market is segmented into BFSI, Retail and Ecommerce, Manufacturing, IT and Telecom, Healthcare, Government and Public Sector, Energy and Utilities, Media and Entertainment, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Accounting Software Market Analysis by Components
The solution segment led the accounting software market size by component in 2020, and this trend is anticipated to continue throughout the course of the forecast period. Its use has many advantages for the sector, including the ability to streamline operations, do away with manual labor, and spend less time and money, all of which contribute to the market's expansion. But in the approaching years, the services sector is anticipated to have the largest market share. This can be explained by the fact that accounting services have a wide range of advantages, including simple tax preparation, cash flow analysis, trial balance, balance sheet, invoicing, income & expense statements, and payroll. Furthermore, these services improve the way software is installed, boost the use of current installations by improving, and minimizing deployment cost & risks.
Accounting Software Market Analysis by Deployment Mode
Global market has been segmented on the basis of deployment mode as on premise and Cloud. Among these, the on-premise segment has acquired largest market share as there are many benefits that come with this on-premise deployment, including the high level of data protection and safety. Because on-premise deployment models have higher data security and fewer data breaches than cloud-based deployment models, businesses prefer them, which fuels demand for them in both the public and private sectors. However, the cloud segment is anticipated to develop at the fastest rate in the next few years due to an increase in the use of cloud-based software because it is less expensive and requires less upkeep. The flexibility and scalability it offers to improve business operations also fuels the market for accounting software's expansion.
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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.
The North American end-user applications have been driven to invest in solutions by the developed infrastructure and time constraints. These solutions are being used more frequently by the healthcare, information technology, manufacturing, E-Commerce, and retail industries to boost their revenue. The North American economic situation offers another justification for spending the extra money needed for installation, maintenance, and other related costs for effective operation. A faster growth rate is currently being seen in the Asia-Pacific region as a result of the region's increased adoption of cutting-edge technologies.
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Accounting Software Market Driver
The outdated system is replaced with the business buy accounting software solution since managing the operations is time-consuming and difficult. For reliable computations and data generation, accounting officials are increasingly utilizing software solutions.
Custom accounting software is useful for business-oriented accounting requirements across the full range of records, payables, and receivables. It is also used in the firm's finance and tax calculations, as well as for the generation and processing of invoices. Both a traditional and a cloud-based approach can be used to summarize and perform financial data. A customized accounting system may work in conjunction with business-related software such as customer relationship management (HRMS), stock administration, asset management, financial planning, and analysis.
Accounting Software Market Restraint
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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.
Accounting Software Market Top Player's Company Profiles
Accounting Software Market Recent Developments
Financial businesses are increasingly utilizing big data analytics, and that is a market trend. When used with commercial software, big data technologies like Amazon Kinesis and Amazon Redshift aid enterprises in streamlining their data management procedures. Additionally, it makes data analysis for businesses more effective. The development of big data and analytics tools has made it simple for businesses to convert unstructured data into structured data that is valuable.
The growing demand for business accounting mobile applications is another significant trend that has lately gained pace in the market for business software. These programmes can manage routine accounting tasks including accepting payments, sending invoices, locating receipts, creating budgets, and keeping track of expenses.
Users must regularly assess the company's development as a business owner and take the necessary actions to ensure its long-term viability. Accounting reports help users understand financial trends and examine the company's growth patterns. However, since the user must manually aggregate data and add formulas for each report, creating reports with spreadsheets takes time. The creation of reports is automated by accounting software, saving time and labor. The three most crucial financial statements for a company to comprehend are the balance sheet, cash flow statement, and profit and loss statement.
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According to our global accounting software market Analysis, in terms of Component, Solution segment held the largest market share. The market is segmented into On-premise and Cloud based on deployment model. In the market, the on-premise segment acquired the largest revenue share. According to projections, North America has dominated the market and Europe comes in second in the market in terms of revenue contribution share.
|Market size value in 2021||USD 13.59 billion|
|Market size value in 2030||USD 29.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Accounting Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Accounting Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Accounting Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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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).
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