Overview and Scope
Accounting and budgeting software refers to computer programs or applications designed to assist businesses and individuals in managing their financial records, tracking income and expenses, preparing financial statements, and creating budgets. It is used to efficiently manage financial data and streamline financial processes for businesses and individuals by keeping track of an organization’s actual expenditure and sales data versus budget, defining key performance indicators (KPIs), and reporting in real-time on the performance of your business.
Sizing and Forecast
The accounting and budgeting software market size has grown rapidly in recent years. It will grow from $21.34 billion in 2023 to $23.86 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to digitization of accounting, regulatory compliance needs, cost reduction initiatives, market competition.
The accounting and budgeting software market size is expected to see rapid growth in the next few years. It will grow to $37.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to cloud computing adoption, automation and ai integration, remote work, globalization and scalability, cybersecurity concerns. Major trends in the forecast period include mobile accounting applications, data analytics and predictive insights, integration with e-commerce platforms, user experience and design, sustainability reporting.
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Segmentation & Regional Insights
The accounting and budgeting software market covered in this report is segmented –
1) By Type: Accounting Software, Budgeting Software
2) By Deployment Type: On-Premise, Software as a Service (SaaS)
3) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises
4) By Application: Personal Money Management, Business Money Management
5) By Industry Vertical: Information Technology(IT) And Telecom, Healthcare, Government And Public Sector, Energy And Utilities, Banking, Financial Services and Insurance (BFSI), Retail and Ecommerce, Manufacturing, Other Industry Verticals
North America was the dominate region in the accounting and budgeting software market in 2023. The regions covered in the accounting and budgeting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in the number of startups is expected to propel the growth of the accounting and budgeting software market going forward. Startups refer to newly established companies or businesses in the early stages of development and growth. Accounting and budgeting software for startups streamlines financial management, aids in tracking expenses, optimizes budgets, and provides real-time insights crucial for informed decision-making during the early growth stages. For instance, in April 2023, according to the Center for Entrepreneurs’ business startup index report 2022, a UK-based entrepreneurship foundation, the registration for new businesses hit a record high in 2022, with a 4.53% increase from 2021, reaching 790,390 startup registrations in 2022. Therefore, the increase in the number of startups drives the accounting and budgeting software market.
Key Industry Players
Major companies operating in the accounting and budgeting software market report are Microsoft Corporation, Prophix Software Inc., Oracle Corporation, SAP SE, Intuit Inc., Wolters Kluwer N.V., Blackbaud Inc., Zoho Corporation Private Limited, Deltek Inc., Xero Limited., NetSuite Inc, Coupa Software Inc., Odoo, Sage Group plc, Adaptive Inc., Expensify Inc., Planful Inc., Acumatica Inc., Wave Financial Inc., FreshBooks, Workday Adaptive Planning, Chargebee Inc., Scoro Software, FreeAgent, Questica, AccountMate Software Corporation, MIP Fund Accounting, 2ndSite Inc., Kashoo, TimeCamp Inc.
The accounting and budgeting software market report table of contents includes:
1. Executive Summary
2. Accounting And Budgeting Software Market Characteristics
3. Accounting And Budgeting Software Market Trends And Strategies
4. Accounting And Budgeting Software Market – Macro Economic Scenario
5. Global Accounting And Budgeting Software Market Size and Growth
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32. Global Accounting And Budgeting Software Market Competitive Benchmarking
33. Global Accounting And Budgeting Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Accounting And Budgeting Software Market
35. Accounting And Budgeting Software Market Future Outlook and Potential Analysis
36. Appendix
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