Accounting Software Market Size and Growth Rate:
According to our research report, Accounting Software Market size is poised to reach USD 16950 Million by the end of 2023 from USD 11230 Million in 2017 and this market witnessed a growth rate of 7.1% during the forecast period 2018-2023.
Market Overview and Predictions:
- Over the last two decades, the global accounting software market has witnessed several changes, buoyed by the technological advancements in the field of storage and computing
- A recent survey shows that, among the enterprises that are planning to opt for an enterprise resource planning solution, more than 50% are expected to choose cloud as the deployment model. Agility, lower startup cost, and faster deployment are the major benefits of cloud-based solutions.
- Accounting software solutions are used to streamline the accounting process, in order to save time, as well as to ensure an error-free transaction between the companies and clients.
- These systems are also designed to increase productivity, by archiving, automating, and integrating human resource systems.
- In the case of small businesses, accounting software implementation helps to comb errors out of dealings with clients and companies, improving relationships and reputations, while ensuring time to focus on the core business idea.
- The increasing worldwide IT software spending (CAGR – 7.2%) and raising awareness about accounting software (when compared to accounting on paper) are expected to drive the market for accounting software, globally.
- Rising demand for compelling user-interfaces and increasing demand for forensic accountants are also thriving the accounting software market growth.
- Additionally, technological advancements, like integration with other online applications, such as e-commerce websites, automated bank feeds, automated billing features, etc. are expected to further increase the adoption of accounting software.
- The trend of small and medium enterprises collaborating with e-commerce players is expected to drive the adoption of accounting software during the forecast period.
How Accounting Software Market is performing in different geographies?
North America – This region is dominating the market, due to the highest number of vendors and also a high rate of integration of accounting software with smartphones, tablets, and computers across the region.
Europe - Rising development of the IT BFSI sector, coupled with increasing demand for forensic accountant applications is driving the region’s demand over the forecast period.
Asia Pacific - APAC is the fastest growing market for accounting software, due to factors, such as rising penetration of business accounting mobile applications and higher adoption of cloud computing technologies and solutions across the region.
Latin America - The increasing internet penetration among various industries and increasing investment in the SaaS market is driving the regional growth of the Latin America market.
The Middle East and Africa - The increasing government support for cloud adoption and increasing foreign vendors investment in the region is driving the demand in the Middle East and Africa region.
What are the companies leading the Global Accounting Software Market:
- Intuit Inc.
- Sage Software Inc.
- SAP SE
- Oracle Corporation (NetSuite)
- Microsoft Corporation
- Infor Inc.
- Epicor Software Corporation
- Unit4 Business Software Limited
- Xero Ltd
- Red Wing Software Inc.
- Acumatica Inc.
- Open Systems Inc.
- Zoho Corp
- MYOB Ltd
- Acclivity Group LLC
- Yonyou Network Technology Co. Ltd
- Deltek Inc.
- Syspro Impact Software Inc.
Detailed Segmentation of the Global Accounting Software Market:
Accounting Software Market – By Installation Type:
- Database Accounting
- Installed Accounting
Accounting Software Market – By End-User Scale:
- Entry and Micro Businesses
- Small and Medium Businesses
Accounting Software Market – By Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This report helps you understand:
- To gain a detailed understanding of the key market influencers and various stakeholders
- Analyze the competitive landscape, including the key stakeholders that provide accounting software solutions around the world
- To gain an insight on the regional and country-level trends and adoption of the accounting software solutions in various end-user verticals
- To gain a well-rounded view of the adoption across various organization sizes and types of deployment in the global accounting software market