Dublin, April 20, 2023 (GLOBE NEWSWIRE) -- The "Accounting Software Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global accounting software market grew from $15.73 billion in 2022 to $17.71 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The accounting software market is expected to grow to $27.3 billion in 2027 at a CAGR of 11.4%.
Technological advancement is a key trend gaining popularity in the accounting software market. Major companies in the accounting software market are integrating advanced technologies such as AI (artificial intelligence) to launch innovative solutions. For instance, in July 2021, Xero, a New Zealand-based accounting software company, launched new planning, insights, and reporting tool, Analytics Plus, for small and medium-sized businesses. The tool combines cash flow forecasting and advanced predictions using AI to give businesses insights into different financial parameters.
In October 2021, FreshBooks, a Canada-based invoice and accounting software company, acquired FastBill for an undisclosed amount. With this acquisition, FreshBooks gained access to FastBill's expertise in European Union tax filing policies and enhanced accounting technologies. FreshBooks intends to expand into new markets and expand its platform to be more extensive. FastBill is a Germany-based accounting software provider.
North America was the largest region in the accounting software market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the accounting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
Major players in the accounting software market are Intuit Inc., Sage Software Inc., SAP SE, Oracle Corporation, Microsoft Corporation, Infor Inc., Epicor Software Corporation, Unit4 Business Software Limited, Xero Ltd., Zoho Corp, Red Wing Software Inc., MYOB Group Pty Ltd., Reckon Ltd., Saasu Pty Ltd., and Tally Solutions Private Limited.
Scope
Markets Covered:
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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $17.71 billion |
| Forecasted Market Value (USD) by 2027 | $27.3 billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Accounting Software Market Characteristics
3. Accounting Software Market Trends And Strategies
4. Accounting Software Market - Macro Economic Scenario
5. Accounting Software Market Size And Growth
6. Accounting Software Market Segmentation
7. Accounting Software Market Regional And Country Analysis
7.1. Global Accounting Software Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Accounting Software Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes
- Intuit Inc
- Sage Software Inc
- SAP SE
- Oracle Corporation
- Microsoft Corporation
For more information about this report visit https://www.researchandmarkets.com/r/fv3xs
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