New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Accounting Software Market By Software Type, By Deployment Mode, By Organization Size, By Vertical, By Region - Forecast 2030”, the market was valued USD 13.59 billion in 2021 and is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 9.2% to attain a valuation of around USD 29.80 Billion by the end of 2030.
Accounting Software Market Competitive Analysis
Eminent industry players profiled in the global Accounting Software Market report include:
- The Sage Group
- Intuit Inc.
- SAP SE
- Microsoft Corporation
- Oracle Corporation
- Teamsystem Spa
- Freshbooks
- Xero Limited
- Epicor
- Red Wing Software, Inc.
- UNIT4
- Tally Solutions Private Limited
- Ernst & Young Limited
- Zeta Software LLC
- Wolters Kluwer
- Zoho Corporation
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Accounting Software Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 29.80 Billion |
| Market Size in 2022 | USD 14.71 billion |
| Growth during 2022-2030 | 9.2% CAGR |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Integration of artificial intelligence with accounting and mobile/app-based accounting software |
Over the past few years, accounting systems have undergone a major transformation. One of the most remarkable developments is the introduction of digital accounting. Massive advantages of digital accounting have changed the way accounting practices are managed. With the help of accounting software, businesses can respond to the needs of their customers, offering fast, error-free services.
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Adapting to accounting software allows organizations to access their financial accounts, and manage accounting operations more efficiently with organizational and strategic planning, providing guidance, direction, and channelizing financial and business processes. Accounting software is witnessing a growing demand in the market, especially among micro, small, and medium enterprises.
Looking at the constantly rising revenues, market players are trying to develop digital-based credit balance recording solutions for small business owners. They focus on educating micro, small, and medium enterprises (MSMEs) on the advantages of digital accounting, making them comfortable with the technology and, thus, helping them grow their businesses.
Accounting Software Market – Segments
The market report is segmented into software types, deployment modes, organization size, verticals, and regions. The software type segment is sub-segmented into accounting software, billing & invoice software, payroll management software, enterprise resource planning system, tax software, and others.
The deployment mode segment is sub-segmented into on-premise and cloud. The organization size segment is sub-segmented into small & medium enterprises and large enterprises. The vertical segment is sub-segmented into BFSI, IT & telecommunication, manufacturing, retail & e-commerce, healthcare, and others. Further, the region segment is sub-segmented into the Asia-Pacific, Americas, Europe, and rest-of-the-world.
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Accounting Software Market – Regional Analysis
North America is to retain its dominance in the global accounting software market over the review period. The region demonstrates the early adoption of cloud technology and ERP solutions for accounting services management. Besides, rising numbers of SMEs and self-owned businesses in the region support the growth of the market.
Europe accounts for the second-leading share in the global accounting software market. Factors such as the existence of a large number of organizations and the adoption of ERP software solutions offer considerable accounting software market opportunities. Various technology providers operating in the regional market are expanding their product offerings, resulting in rapid growth.
The Asia Pacific accounting software market is growing at a rapid pace. In 2019, the region accounted for a significant accounting software market share. The proliferation of cloud technology, alongside the increasing strategic partnerships and investments by players operating in the region, influences the market growth.
Accounting Software Market - Competitive Analysis
Fiercely competitive, the accounting software market appears fragmented due to the competitive landscape formed by many large players and new entrants. Product launches, agreements & partnerships, mergers & acquisitions, and expansion are strategic initiatives traced from the recent proceedings in the market.
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Industry/ Innovation/ Related News
Feb. 13, 2023 --- Francisco Partners, a global technology investment firm, announced that it has made a strategic investment in GreenSlate, a payroll & production accounting solutions provider for the entertainment industry. Following the transaction, a private investment firm and an existing investor in the business, VSS Capital Partners (VSS), will make a new equity investment into the company.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
