New York US, Oct. 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Accounting Software Market: By Industry, By Deployment, By Organization Size and Region - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 38.08 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 8.14% during the assessment timeframe.
Accounting Software Market Analysis
The global accounting software market will reach USD 38.08 billion at an 8.14% CAGR by 2030, as per the Market Research Future report.
Accounting Software Market Key Players
Eminent market players profiled in the global accounting software market report include-
- Intuit Inc.
- Sage
- SAP
- Oracle
- Microsoft
- Xero Limited
- Kingdee Internation Software Group (HK) Ltd
- Priority Software
- FreshBooks
- Assist Cornerstone
- Epicor
- Unit4
- Tally Solutions Private Limited
- yonyou (Hong Kong) co., Ltd.
- Infor
- Workday
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Accounting Software Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 38.08 Billion |
| Growth Rate | CAGR of 8.14% from 2022 to 2030 |
| Key Market Opportunities | The developments are focusing on the mobile-based accounting software solution |
| Key Market Drivers | Accounting officials are increasingly adopting accounting software solutions for precise calculations and accurate data generation |
Accounting Software Market Drivers
Increasing Need for Cloud-Based Accounting Software to Boost Market Growth
Leading systems now provide real-time company visibility through straightforward dashboard and report creation. The amount of thorough financial aggregation, reporting, and analysis across numerous company organizations is significantly expanding. Organizations are embracing accounting software to manage their finances. Due to the growing demand for cloud computing, end-use industries are adopting cloud-based accounting software at a faster rate since it saves time and money. The organization's primary worry in choosing cloud-based accounting software is security. The increasing need for cloud-based accounting software will boost market growth over the forecast period.
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Accounting Software Market Opportunities
Seamless Billing and Invoicing Process to offer Robust Opportunities
Billing and invoicing are essential business processes that generate the majority of the company's revenue. If done manually, managing to invoice on paper is unpleasant, time-consuming, and prone to errors. When a user receives recurring orders, it is impossible to generate accurate invoices each time a customer makes a purchase from them. It is exceedingly difficult to track bills and remind customers to make payments without automated solutions. Accounting software effectively addresses these issues and offers features that make invoice generation easy. The seamless billing and invoicing process will offer robust opportunities for the market over the forecast period.
Restraints and Challenges
Inaccuracy to Act as Market Restraint
Issues such as inaccuracy, security, and risk of privacy beach may act as market restraints over the forecast period.
Accounting Software Market Segmentation
The global accounting software market is bifurcated based on organization size, deployment, and industry.
By industry, healthcare will lead the Accounting Software Market in the assessment period.
Based deployment, on-premise will dominate the market over the forecast period.
By organization size, on-premise will spearhead the market over the forecast period.
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COVID-19 Analysis
Every industrial sector's economic size has been adversely impacted by the COVID 19 epidemic. As a result, even the major market players struggle to preserve their positions and run their operations while keeping the social distance. To avoid disruptions, the work-from-home culture has been adopted by a number of IT sectors. A number of nations have long-term stopped their production lines and other essential corporate operations. The need for solutions which lets employees work from home has increased as a result of this factor. These elements have recently had a favorable effect on the market growth for accounting software. Growing businesses are increasingly concentrating on their business operations and revenue divisions in an effort to cut costs now that the pandemic has impacted their economic conditions. These consciously made efforts by small and medium-sized businesses have prompted them to install accounting software in order to effectively track financial data, bill customers, maintain stock and inventory, choose the best purchase for an order, etc.
Accounting Software Market Regional Analysis
North America to Lead Accounting Software Market
At the moment, accounting software solutions are widely used in North America. The area has a greater number of economic, educational, and industrial sectors that need proper accounting management. The North American end-user applications have been driven to invest in Accounting Software solutions by the developed infrastructure and time constraints. Accounting Software solutions are being used more frequently by healthcare, manufacturing, information technology, 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. The Accounting Software Market is dominated by North America. The use of accounting software is currently expanding rapidly throughout North America. The area has a greater concentration of contemporary industrial, academic, and business sectors that need reliable accounting software. The region's end-user applications have been compelled to invest resources in accounting software solutions due to infrastructure improvements and time constraints. Accounting software solutions are increasingly being used by a growing number of businesses in the healthcare, IT, manufacturing, and retail industries to boost their profits. The North American financial situation provides further support for allocating funds to the additional costs associated with the installation procedure, maintenance, and other connected charges for efficient operations. In 2018, the accounting software market in North America brought in US$3,759.4 Mn, and it is predicted that over the projected period, the region will take the lead in the global market. The presence of significant and well-known firms operating in accounting software across the US and investment by the US government for the provision of accounting management systems in various public and private organizations are likely to be the main drivers of growth in the region.
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APAC to Have Admirable Growth in Accounting Software Market
The Asia-Pacific area is anticipated to have faster growth for accounting software, particularly as a result of the region's increased embrace of cloud computing technologies and solutions. Furthermore, the expansion of the cloud and SaaS market will probably be aided by the emergence of small businesses and increased SME investment. The local governments play a key role in the development of the cloud integration services market throughout the region by putting up various measures to increase corporate confidence in the cloud, opening up new prospects for the industry under study. Demand for the market under study is further increased by the government's increasing focus on the area to facilitate organizational payments and transactions and produce a track of debt, obligations, and assets. Market revenue in Asia Pacific was US$ 2,635.9 Mn in 2018, and investments by small and medium-sized businesses in adopting technologically advanced software are predicted to increase. Additionally, with the advent of a banking and financial sector, the growth of the accounting software industry in Asia Pacific is on the cusp of an economic revolution. The principal contributors to the industry are anticipated to be the growing economies of China, India, and Singapore.
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