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The Accounting Software Market is expected to grow at a CAGR of 8.5% over the forecast period. Over the past two decades, the financial and accounting software solution market has witnessed numerous changes. One of the most significant changes is the cloud-based offering of accounting software solutions.
Accounting software processes and records accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It mainly functions as an accounting information system. Moreover, the accounting software also keeps track of cash flows and transactions, performs calculations, and generates reports. Eventually, accounting software may help improve profitability, efficiency, and operations and reduces costs. The accounting software market is segmented by Deployment Type (On-premise, Cloud-based), Organization Size (Small and Medium Enterprises, Large Enterprises), and Geography.
The accounting software market is moderately consolidated. The top players occupy a significant share of the market. Moreover, existing players already have their client base, which doesn't want to switch to new players, and new players cannot sustain the market for a more extended period as they get acquired by the top players in the long run. Some key players include Oracle Corporation, Microsoft Corporation, Intuit Inc., SAP SE, Sage Software Inc., Infor Inc., Epicor Software Corporation, Xero Ltd., and Unit4 Business Software Limited.
In-depth industry statistics and market share insights of the Accounting Software sector for 2020, 2021, and 2022. The Accounting Software research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Accounting Software report PDF.
The global market is expected to have a significant growth in the forecast period owing to the demand for computerized accounting. A significant trend observed in the accounting software industry is due to the ongoing shift from the conventional way of storing financial records manually to using an accounting information system. In the past, accounting software focused on basic accounting needs such as general ledger, accounts receivable, accounts payable, payroll, and occasionally inventory.
North America generated an accounting software market revenue of US$ 3,759.4 Mn in 2018 and is anticipated to emerge dominant in the global market during the forecast period. Growth witnessed in the region is likely to be driven by the presence of the strong and prominent players operating in accounting software across the U.S. and spending by the U.S. government for the provision of accounting management systems in various public and private organizations.
Likewise, Asia Pacific generated a market revenue of US$ 2,635.9 Mn in 2018 and is expected to witness growth in the investments of the small and medium enterprises for adopting the technologically enhanced software. Also, the accounting software market growth in Asia Pacific is on the verge of an economic revolution with the emergence of a banking and financial sector. The emerging economies of China, India, and Singapore are expected to be the key contributors to the market.
The report on accounting software provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the market. The global market has been segmented by type, component, enterprise size, end-use industry, and geography. By type, the global market is categorized into spreadsheets, ERP, custom accounting software, tax management software.
Along with this, the report provides an elaborative analysis of the accounting software market dynamics and competitive landscape. Various key insights provided in the report on the market are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, an analysis of pages printed by digital technology, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape.
Accounting software supports organizations to record and process accounting transactions within functional modules which includes payroll, trial balance, accounts payable and others. In 2018, globally accounting software market accounted for USD 11,071.6 Mn.
According to Fortune Business Insights, the accounting software market is projected to grow at a compounded annual growth rate (CAGR) of 8.02% due to integration of accounting software with other technology such as big data, optical character recognition and others.
North America is expected to hold the maximum share in the global accounting software market during the forecast period followed by Europe. In North America, there is increasing deployment of software in Government & Public Sector and IT & Telecommunication.
In terms of enterprise size, globally large enterprise is accounting maximum market revenue share, as there is rising deployment of different solutions for betterment of process and increase operational efficiency. Also, large enterprises are upgrading their existing solutions with technological advanced solutions.
Oracle (NetSuite) (The U.S.), Sage Group Plc., Microsoft Corporation, Xero Ltd. (New Zealand) and SAP SE (Germany) are among the leading market players functioning in accounting software market. The market leaders are making considerable investment in advanced technology and analytics tools and intrioduction of SaaS based solutions in the market
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