Accounting Software Market Size to Hit USD 20,408.0 Million by 2026 | Exhibiting a CAGR of 8.02%

Leading companies in the Accounting Software Market are Oracle (NetSuite), Sage Group Plc., Zeta Software LLC, Microsoft Corporation, Epicor Software Corporation, Xero Ltd., SAP SE, Intuit Inc., Infor, Inc., Acumatica Inc. and others

Pune, India, March 28, 2022 (GLOBE NEWSWIRE) -- The global Accounting software market was worth US$ 11,071.6 Mn in the year 2018. With the increasing adoption of accounting software, the market is expected to reach US$ 20,408.0 Mn by 2026. The global market is anticipated to register a remarkable CAGR of 8.02% during the forecast period.

Key Industry Development

  • In April 2019, Infor acquired Efficient Frontiers, Inc. dba ReServe Interactive. This acquisition is aimed to help Infor expand its presence in stadiums, entertainment centers, convention centers and others. The company uses the ReServe’s cloud-based platform to offer advanced functionalities via Infor CloudSuite hospitality.
  • In the same year and month, Xero announced the launch of a new subscription plan. This plan called “Payroll Only Subscription” helps small companies with processes such as Single Touch Payroll (STP).
  • In April 2019, RMS partnered with a leading cloud-based financial platform called M3 to help its clients offer the best hotel management solutions.
  • An accounting software provider called FreeAgent was acquired by Starling Bank to automate their tax and accounting management.

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Accounting Software Market Report Coverage:

Report Coverage Details
Forecast Period 2019-2026
Forecast Period 2019 to 2026 CAGR 8.02%
2026 Value Projection USD 20408.0 Million
Base Year 2018
Accounting Software Market Size in 2018 USD 11071.6 Million
Historical Data for 2015-2017
No. of Pages 123
Segments covered Component, Enterprise Size, End-Use Industry, Geography
Accounting Software Market Growth Drivers Increasing Demand for Cloud-Based Accounting Software
A significant trend observed in the penetration of the market across the range of end-use industries.

Market Growth Drivers:

Demand for Custom Accounting Software Stimulated Growth in the Market

A lead analyst at Fortune Business Insights said, “Preference towards new and advanced accounting software is increasing than conventional software as they have become obsolete.” He added, “Conventional accounting software lacked technological competitiveness, which creates an environment for expansion and upgradation of the accounting software market.” Accounting software helps to manage payroll and performs several other functions, saves time and money, and provides key insights to understand the business better. Over the forthcoming years, the user-interface of accounting software is expected to be more engaging to meet customer requirements.

Accounting software helps to increase efficiency as it has the ability to manage account receivables, account payables, and general ledger among others. Accounting calculations are complex and tedious, which compels businesses to purchase this software and perform calculations accurately without the use of manpower. Considering these factors, small businesses find it necessary to deploy accounting software.

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Regional Insights:

Rising Adoption of Technologically Driven Solutions in North America Propels Growth

In 2018, the market in North America was worth US$ 3,759.4 Mn. The region is expected to lead in the global accounting software market through the forecast period. The U.S. government is increasingly spending on installing accounting software systems in private and public organizations. This, coupled with the strong presence of players in the U.S., is expected to create growth opportunities for the market in the forthcoming years.

The rising adoption of modern technologies in Asia Pacific is driving the market. The penetration of business accounting apps is growing, which is enabling growth in the global market. The region is expected to register strong demand for enterprise relationship planning software to manage spreadsheets and understand tax management better. Moreover, the market generated a value of US$ 2635.9 Mn in the year 2018

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The Report Lists the Key Companies in the Global Market

  • Oracle (NetSuite) (The U.S.)
  • Sage Group Plc. (The U.K.)
  • Zeta Software LLC (The U.K.)
  • Microsoft Corporation (The U.S.)
  • Epicor Software Corporation (The U.S.)
  • Xero Ltd. (New Zealand)
  • SAP SE (Germany)
  • Intuit Inc. (The U.S.)
  • Infor, Inc. (The U.S.)
  • Acumatica Inc. (The U.S.)

Accounting Software Market Segments:

By Component

  • Software
  • Services

By Enterprise Size

  • Large
  • Small & Medium

By Type

  • Spreadsheets
  • ERP
  • Custom Accounting Software
  • Tax Management Software

By End-use Industry

  • BFSI
  • IT & Telecommunication
  • Government & Public Sector
  • Automotive
  • Retail & Consumer Goods
  • Oil & Gas
  • Manufacturing
  • Healthcare
  • Construction & Real Estate
  • Others (Education, Media & Entertainment etc.)

By Geography

  • North America (the USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

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