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).

Global Accounting Software Market Size, Share, Growth Analysis, By Component(Solution, Services), By Deployment Mode(On premise, Cloud) - Industry Forecast 2024-2031

Report ID: SQMIG45A2014 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 61 | Figures: 75

Global Accounting Software Market Regional Insights

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.

Global 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 13.59 billion in 2019 and is poised to grow from USD 14.71 billion in 2023 to USD 29.8 billion by 2031, growing at a CAGR of 9.2% in the forecast period (2024-2031).

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'

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.

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Global Accounting Software Market Size, Share, Growth Analysis, By Component(Solution, Services), By Deployment Mode(On premise, Cloud) - Industry Forecast 2024-2031

Global Accounting Software Market Regional Insights

Global Accounting Software Market Report Snapshots

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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?

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What is the key market trend for Global Accounting Software Market?

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

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