NEW CASTLE, Delaware, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Online Accounting Software Market by Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), Deployment Mode (On-premise and Cloud), and End User (BFSI, IT and Telecom, Government, Automotive, Retail and Consumer Goods, Manufacturing, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the online accounting software market was valued at $5.2 billion in 2023, and is estimated to reach $10.1 billion by 2033, growing at a CAGR of 6.6% from 2024 to 2033.
Prime determinants of growth
The global online accounting software market is experiencing growth due to several factors such as increase in adoption of innovative enterprise size and increase in trend of automation in accounting process. However, rise in investment for artificial intelligence (AI) -oriented accounting software hinders the market growth. Moreover, increase in adoption of mobile and app-based accounting software offers remunerative opportunities for the expansion of the online accounting software market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $5.2 billion |
| Market Size in 2033 | $10.1 billion |
| CAGR | 6.6% |
| No. of Pages in Report | 245 |
| Segments Covered | Enterprise Size, Deployment Mode, End User, and Region |
| Drivers | Increase in adoption of innovative enterprise size |
| Increase in trend of automation in accounting process | |
| Opportunities | Increase adoption of mobile and app-based accounting software |
| Restraint | Rise in investment for artificial intelligence (AI) -oriented accounting software |
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The large enterprise segment is expected to maintain dominance during the forecast period
By enterprise size, the large enterprise segment held the highest market share in 2023, accounting for more than half of the global online accounting software market revenue and is likely to retain its dominance during the forecast period, owing to shift towards cloud-based solutions is particularly prominent, offering scalability, real-time access to financial data, and improved collaboration across geographically dispersed teams.
The on-premises segment is expected to maintain dominance during the forecast period
By deployment mode, the on-premise segment held the highest market share in 2023, accounting for nearly one-third of the global online accounting software market revenue and is likely to retain its dominance during the forecast period, owing to the enhancement of security features, as businesses seek to protect sensitive financial data through advanced encryption, multi-factor authentication, and stringent access controls.
The BFSI segment is expected to maintain dominance during the forecast period
By end user, the BFSI segment held the highest market share in 2023, accounting for two-fifths of the global online accounting software market revenue and is likely to retain its dominance during the forecast period, owing to the integration of advanced analytics and artificial intelligence (AI) to improve financial reporting, risk management, and decision-making processes. AI-powered tools help in automating routine accounting tasks, detecting fraud, and providing predictive insights, thus enabling more accurate and timely financial analysis.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global online accounting software market revenue and is expected to rule the roost in terms of revenue during the forecast period, owing to the rapid growth of cloud-based solutions, driven by the region's increasing internet penetration, mobile technology adoption, and the need for scalable and accessible accounting solutions. Cloud-based software offers businesses in Asia-Pacific real-time access to financial data, facilitating better decision-making and collaboration, particularly for small and medium-sized enterprises (SMEs) and startups.
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Major Key Players:
- Intuit Inc.
- Xero Limited
- Freshbooks Inc.
- Zoho Corporation Pvt. Ltd.
- Sage Group plc
- Oracle Corporation
- Wave Financial Inc.
- KashFlow Software Ltd
- MYOB Australia Pty Ltd
- FreeAgent Central Limited
The report provides a detailed analysis of these key players in the global online 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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About Us:
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.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
