Pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The global accounting software market size was valued at USD 11.07 Billion in 2018. It is estimated to reach USD 20.4 Billion by 2026 at 8.02% CAGR during the forecast period. Fortune Business Insights™ has shared this information in its latest research report titled, “Accounting Software Market Forecast, 2013-2026.” The rapid shift from the traditional way of managing financial records to adopting an accounting information system is the key trend in global market. The growing demand for computerized accounting across different end-use industries is surging the adoption of accounting software.
Key Industry Development
Infor acquired Efficient Frontiers, Inc. dba ReServe Interactive. This acquisition aims to help Infor expand its presence in stadiums, entertainment centers, convention centers and others.
RMS partnered with a leading cloud-based financial platform called M3 to help its clients offer the best hotel management solutions.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 8.02% |
| 2026 Value Projection | USD 20.4 Billion |
| Base Year | 2018 |
| Accounting Software Market Size in 2018 | USD 11.071 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 123 |
| Segments covered | Component, Enterprise Size, Type End-User and Geography |
Key Takeaways
- Accounting software market size in North America was USD 3.75 Billion in 2018
- Large enterprises and medium enterprises are heavily relying on accounting software to monitor financial transactions.
- Cloud-based accounting software to exhibit a huge growth during the forecast period, 2019-2026.
- By end-user, BFSI and IT are generating highest demand for cloud based accounting software market
- Major driving factors include real time reporting, cost effectiveness, cloud storage and more
Growth Drivers:
- Demand for Custom Accounting Software to Stimulate Growth
- A lead analyst at Fortune Business Insights said, “Preference towards new and advanced accounting software is increasing than conventional software as they have become obsolete.” He added, “Conventional accounting software lacked technological competitiveness, which creates an environment for expansion and upgradation of the accounting software market.”
- Accounting software helps to manage payroll and performs several other functions, saves time and money, and provides key insights to understand the business better.
- Over the forthcoming years, the user-interface of accounting software is expected to be more engaging to meet customer requirements.
- Accounting software helps to increase efficiency as it has the ability to manage account receivables, account payables, and general ledger among others.
- Accounting calculations are complex and tedious, which compels businesses to purchase this software and perform calculations accurately without the use of manpower. Considering these factors, small businesses find it necessary to deploy accounting software.
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Regional Insights:
Rising Adoption of Technologically Driven Solutions in North America Propels Growth
In 2018, the market in North America was worth US$ 3,759.4 Mn. The region is expected to lead in the global accounting software market through the forecast period. The U.S. government is increasingly spending on installing accounting software systems in private and public organizations. This, coupled with the strong presence of players in the U.S., is expected to create growth opportunities for the market in the forthcoming years.
The rising adoption of modern technologies in Asia Pacific is driving the market. The penetration of business accounting apps is growing, which is enabling growth in the global market. The region is expected to register strong demand for enterprise relationship planning software to manage spreadsheets and understand tax management better. Moreover, the market generated a value of US$ 2635.9 Mn in the year 2018.
List of companies operating in the global accounting software market:
- Oracle (NetSuite) (The U.S.)
- Sage Group Plc. (The U.K.)
- Zeta Software LLC (The U.K.)
- Microsoft Corporation (The U.S.)
- Epicor Software Corporation (The U.S.)
- Xero Ltd. (New Zealand)
- SAP SE (Germany)
- Intuit Inc. (The U.S.)
- Infor, Inc. (The U.S.)
- Acumatica Inc. (The U.S.)
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Major Table of Contents:
5.1. Key Findings / Summary
5.2. Market Sizing Estimations and Forecasts – By Component (US$ Mn)
5.2.1. Software
5.2.1.1. Cloud
5.2.1.2. On-premise
5.2.2. Services
5.2.2.1. Managed
5.2.2.2. Professional
5.3. Market Sizing Estimations and Forecasts – By Enterprise Size (US$ Mn)
5.3.1. Large
5.3.2. Small & Medium Enterprises
5.4. Market Sizing Estimations and Forecasts – By Type (US$ Mn)
5.4.1. Spreadsheets
5.4.2. ERP
5.4.3. Custom Accounting Software
5.4.4. Tax Management Software
5.5. Market Sizing Estimations and Forecasts – By End-use Industry (US$ Mn)
5.5.1. Banking Financial Services and Insurance (BFSI)
5.5.2. IT & Telecommunication
5.5.3. Government & Public Sector
5.5.4. Automotive
5.5.5. Retail & Consumer Goods
5.5.6. Oil & Gas
5.5.7. Manufacturing
5.5.8. Healthcare
5.5.9. Construction & Real Estate
5.5.10. Others (Education, Media & Entertainment etc.)
5.6. Market Analysis, Insights and Forecast – By Geography (US$ Mn)
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Middle East and Africa
5.6.5. Latin America
6. North America Accounting Software Market Analysis, Insights and Forecast, 2015-2025
6.1. Key Findings / Summary
6.2. Market Sizing Estimations and Forecasts – By Component (US$ Mn)
6.2.1. Software
6.2.1.1. Cloud
6.2.1.2. On-premise
6.2.2. Services
6.2.2.1. Managed
6.2.2.2. Professional
6.3. Market Sizing Estimations and Forecasts – By Enterprise Size (US$ Mn)
6.3.1. Large
6.3.2. Small & Medium Enterprises
6.4. Market Sizing Estimations and Forecasts – By Type (US$ Mn)
6.4.1. Spreadsheets
6.4.2. ERP
6.4.3. Custom Accounting Software
6.4.4. Tax Management Software
6.5. Market Sizing Estimations and Forecasts – By End-use Industry (US$ Mn)
6.5.1. Banking Financial Services and Insurance (BFSI)
6.5.2. IT & Telecommunication
6.5.3. Government & Public Sector
6.5.4. Automotive
6.5.5. Retail & Consumer Goods
6.5.6. Oil & Gas
6.5.7. Manufacturing
6.5.8. Healthcare
6.5.9. Construction & Real Estate
6.5.10. Others (Education, Media & Entertainment etc.)
TOC Continued…!
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FAQs
How big is the accounting software market?
Accounting software market size was USD 11.07 Billion in 2018.
How fast is the accounting software market growing?
The accounting software market will exhibit a CAGR of 8.02% during the forecast period, 2019-2026
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