Newark, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 14.67 billion in 2023 global accounting software market will reach USD 30.52 billion in 2033. Accounting software provides a range of benefits including accounts receivable and payable management, tax compliance, cash flow analysis, trial balances, balance sheets, invoicing, income and expenditure statements, and payroll. By automating these processes, accounting software not only saves time and reduces costs but also minimizes errors, paving the way for industry growth. The market is further bolstered by increased investments in sectors such as BFSI, healthcare, retail, and e-commerce, as well as the rising adoption of cloud-based accounting solutions. The growth of automation in accounting processes and the emergence of virtual chief financial officers (CFOs) are also driving market expansion. Additionally, the sophistication of IT infrastructure and the growing use of mobile and app-based accounting software offer promising opportunities for market development. Investment in AI-focused accounting software is expected to contribute further to market growth. However, challenges such as data security and privacy concerns, as well as the high costs of accounting software, could hinder market progress.
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Scope of Accounting Software Market
| Report Coverage | Details |
| CAGR | 7.60 % from 2024 to 2033 |
| Market Size in 2023 | USD 14.67 Billion |
| Market Size by 2033 | USD 30.52 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Component, Deployment Mode, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Insight of the Global Accounting software Market
North America will dominate the market during the forecast period.
North America dominates the global accounting software market with a 35.01% revenue share in 2023, North America is a key region due to its high demand for accounting solutions across various sectors including healthcare, manufacturing, IT, e-commerce, and retail. The region's mature infrastructure and the need for effective accounting management are driving investments in software solutions. Time constraints and the state of the economy in North America also justify the additional costs associated with accounting software.
In 2023, the solution segment dominated the market with the largest market share of 54.23% and revenue of 7.95 billion.
The component segment is divided into services and solution. In 2023, the solution segment dominated the market with the largest market share of 54.23% and revenue of 7.95 billion.
In 2023, the on-premise segment dominated the market with the largest market share of 58.58% and revenue of 8.59 billion.
The deployment mode segment is divided into cloud and on premise. In 2023, the on-premise segment dominated the market with the largest market share of 58.58% and revenue of 8.59 billion.
Advancement in market
Focus Softnet launched FocusLyte, a cloud-based accounting software designed for small and medium-sized businesses to manage invoices and payments efficiently.
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Market Dynamics
Driver: Growing Demand for Cloud-Based Accounting Software.
The increasing need for instant business visibility through dashboards and report generation is driving the adoption of cloud-based accounting software. These solutions are preferred for their time and cost-saving benefits, and security remains a top priority for organizations selecting cloud-based systems. The rising demand for cloud computing is expected to fuel the market's growth.
Restraints: high implementation costs.
High implementation costs in the accounting software market arise from various factors. First, customization is often required to tailor the software to a business’s specific needs, which can involve expensive developer time. Second, integration with existing systems, such as ERP or CRM platforms, can be complex and require significant investment in technical expertise. Third, businesses need to invest in training staff to use the software effectively, which adds to upfront costs. Additionally, hardware upgrades may be necessary to support the software’s performance. These combined factors create substantial financial barriers, especially for small and medium-sized enterprises (SMEs).
Opportunities: Enhanced Billing and Invoicing Processes.
Accounting software addresses the challenges of manual invoicing and billing by automating these functions. This automation reduces errors, saves time, and improves accuracy in invoice creation and management. As businesses seek more efficient ways to handle billing, the demand for such software is likely to increase, presenting significant opportunities for market expansion.
Some of the major players operating in the global accounting software market are:
• Microsoft Corporation
• SAP SE
• Infor Inc.
• Xero Ltd.
• Oracle Corporation
• Sage Software Inc.
• Unit4 Business Software Limited
• Intuit Inc.
• Epicor Software Corporation
Key Segments covered in the market:
By Component
• Services
• Solution
By Deployment Mode
• Cloud
• On premise
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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