Global Accounting Software Market

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 News

  • In June 2022, Oracle and Vodafone, the largest pan-European and African technology communications company, today announced a strategic partnership to modernize the operator’s European IT infrastructure and accelerate its transition to the cloud.
  • In June 2022, SAP SE and contract management software provider Icertis Partnered with each other. To provide the use of AI-powered business automation and insights, our alliance intended to deliver value across the entire organization.
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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Concerns About Accuracy, Privacy Breach Risk, and Security: If outdated software of any kind is used, users face the risk of being hacked and having their data lost or stolen.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.

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.

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