NEW CASTLE, Delaware, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cloud Accounting Software Market by Type (Browser-Based, SaaS and Application Service Providers (ASPs)), and Enterprise Size (Large Enterprise and SMEs): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the cloud accounting software market was valued at $3.5 billion in 2023, and is estimated to reach $7.0 billion by 2032, growing at a CAGR of 7.8% from 2024 to 2032.
Prime determinants of growth
The global cloud accounting software market is experiencing growth due to several key factors. The increase in demand for efficient financial management solutions, driven by the need for real-time access to accounting data and streamlined financial processes, is leading to higher adoption rates. Enhanced awareness among businesses about the benefits of reducing operational costs and improving accuracy in financial reporting is also contributing to the market growth. However, high cost associated with implementing advanced cloud accounting software systems and the complexities involved in integrating these solutions with existing financial infrastructure is projected to hinder market expansion to some extent.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $3.5 billion |
| Market Size in 2032 | $7.0 billion |
| CAGR | 7.8% |
| No. of Pages in Report | 200 |
| Segments Covered | Type, Enterprise Size, and Region. |
| Drivers | Rising Adoption of Technology by Businesses |
| Growing Demand for Remote Work and Flexibility | |
| Automation and Streamlined Accounting Processes | |
| Opportunities | Expansion into New Markets |
| Integration with Artificial Intelligence (AI) and Machine Learning (ML) | |
| Restraint | Security Concerns and Data Breaches |
| Limited Internet Connectivity |
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The SMEs segment contributes a major share in the growth of the cloud accounting software market
Based on enterprise size, the SMEs segment held the highest market share in 2023, accounting for around one-fifth of the global cloud accounting software market revenue, and is likely to retain its dominance throughout the forecast period. The increase in trend of small and medium enterprises collaborating with e-commerce players and integration with other online applications, such as automated bank feeds, automated billing features, and others, is expected to further drive the adoption of accounting software during the forecast period. It helps increase efficiency, as it is used to keep track of all the accounting transactions and manage the money flowing in and out of business.
The browser-based, SaaS segment is expected to experience fastest growth throughout the forecast period
Based on type, the browser-based, SaaS segment held the highest market share in 2023, accounting for nearly four-fifths of the global cloud accounting software market revenue, and is likely to retain its dominance throughout the forecast period. This is due to its accessibility, allowing users to manage finances from any location with an internet connection. It offers cost-effective, scalable solutions without the need for extensive IT infrastructure, and continuous updates ensure users always have access to the latest features and security enhancements.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2023, accounting for half of the global cloud accounting software market and is expected to remain dominant by 2032. Growing expenditures in R&D and technical improvements in the area are primarily responsible for the market's revenue growth in North America. The presence of strong and prominent players operating in accounting software across the U.S., as well as spending by the U.S. government for the provision of accounting management systems in various public and private organizations, are likely to drive growth in the North American region.
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Major Industry Players: -
- Sage Group plc
- Oracle Corporation
- Infor Inc.
- Workday Inc.
- Xero Limited
- Intuit Inc.
- Microsoft Corporation
- Epicor Software Corporation
- Unit4 N.V
- SAP SE.
The report provides a detailed analysis of these key players in the global cloud accounting software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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