The Business Research Company’s report on the Accounting Software Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the accounting software market further?
The increasing demand for automation in accounting processes is driving the growth of the accounting software market. The increasing demand from the finance and accounting professionals around the world for increasing the efficiency of the accounting processes generates higher demand for accounting software. According to a 2022 survey by Airbase, a spend management platform, comprising nearly 200 finance and accounting professionals in the US, 78% of the respondents agreed that automation would have a positive impact on their growth, and 47% said that a lack of automation was costing them time and money. Therefore, the increasing focus on automation in accounting processes drives the accounting software market growth.
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What are the key factors influencing the forecasted market size of the accounting software industry?
The accounting software market size has grown strongly in recent years. It will grow from $18.4 billion in 2024 to $20.18 billion in 2025 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to small and medium-sized enterprises (same) adoption, tax compliance requirements, integration with business systems.
The accounting software market size is expected to see rapid growth in the next few years. It will grow to $33.72 billion in 2029 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to advanced analytics and reporting, mobile accessibility, globalization and multi-currency support, industry-specific solutions. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ML) integration, mobile accounting apps, integration with fintech services, focus on user experience (UX) and designs, blockchain for enhanced security.
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Who are the leading competitors in the accounting software market?
Major companies operating in the accounting software market include Microsoft Corporation, Oracle Corporation, SAP SE, Intuit Inc., Infor Inc., The Sage Group plc, BKE Solutions LLC, Epicor Software Corporation, Xero Limited, Zoho Corporation Pvt. Ltd., Blackbaud Inc., Unit4 Business Software Limited, MYOB Group Pty Ltd, FreshBooks Inc., Wave Financial Inc., Tipalti Inc., FreeAgent Central Ltd., Reckon Limited, Red Wing Software Inc, Deskera Holdings Limited, Cougar Mountain Software Inc., Aplos Software LLC, AccountMate Software Corporation, Patriot Software LLC, Multiview Financial Software Inc., Acclivity Group LLC, Saasu Pty Ltd., Billy Solutions Inc., Kashoo Cloud Accounting Inc., ZarMoney Inc., Plooto Inc., 2ndsite Inc.
Which emerging trends are set to transform the accounting software market landscape?
Major companies operating in the accounting software market are focusing launching advanced solutions such as cloud-based accounting solution to provide users with easier access to their financial data, improve collaboration, and reduce costs. A cloud-based accounting solution refers to a software system that allows businesses to manage their financial transactions, bookkeeping, and reporting over the internet, enabling real-time access, collaboration, and updates from any location without the need for local installation or maintenance. For instance, in September 2022, Intuit, a US-based financial software company, launched QuickBooks Online Advanced in the UK, specifically designed for accounting professionals and growing small businesses. This cloud-based offering includes advanced features such as customizable performance tracking, automated backup and restoration capabilities, and enhanced reporting tools that leverage AI to deliver actionable insights, thereby enabling users to streamline their financial management processes and improve operational efficiency.
How do different geographies compare in terms of market share and growth potential in the accounting software market?
North America was the largest region in the accounting software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the accounting software market are experiencing the fastest growth?
The accounting software market covered in this report is segmented –
1) By Component: Solution, Services
2) By Type: Spreadsheets, Commercial Accounting Software, Enterprise Accounting Software, Custom Accounting Software
3) By Deployment Mode: On-Premise, Cloud
4) By Enterprise Size: Large Enterprises, SMEs
5) By Industry Vertical: BFSI, Retail and Ecommerce, Manufacturing, IT and Telecom, Healthcare, Government and Public Sector, Energy and Utilities, Media and Entertainment, Other Verticals
Subsegments:
1) By Solution: Cloud-Based Solutions, On-Premise Solutions, Mobile Accounting Solutions
2) By Services: Implementation Services, Support And Maintenance Services, Consulting Services
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How is the accounting software market defined, and what are its core characteristics?
Accounting software is a computer program that assists bookkeepers and accountants in recording and reporting financial transactions for a business. The accounting software is used for optimizing business financial accounting processes such as invoicing and billing, tax calculation, financial reporting, project management, and others. Accounting software is used by bookkeepers, accounting professionals, and business owners to process accounting transactions and manage accounts.
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