Accounting Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Accounting Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Accounting software Market

The accounting software market size was valued at USD 11.071 billion in 2018, and the market is now projected to grow to USD 20.408 billion by 2026, exhibiting a CAGR of 8.02% during the forecast period of 2019-2026.

The pandemic has also led to the reconsideration of financial management as the companies think about risks mitigation and the expenses cut. Advancements in technology and specifically AI and automation have yet again enriched accounting software, which minimizes errors on a human level and lets the professional focus on decision making. In general, COVID-19 has facilitated the development of digital solutions in the field of accounting throughout the entire process of its functioning corresponding to the modern challenges in the business world. This boosted the accounting software market growth.

Today, the solutions that stand out provide business visibility in real time through simple creation of dashboards and reports. Advanced processes of consolidating, reporting and analysing consolidated financial statements from a number of business organizations are increasing dramatically. To handle finance, corporate bodies are adopting accounting software. This factor drives the accounting software market share.

A current development in the accounting software market is with the integration of AI and ML. These ones enable expenses classification, fraud monitoring, and even the formation of the future financial statement to be done automatically. AI is also being used to provide real-time query in Chat Bots and make the software easier and economical.

Comprehensive Analysis of Accounting software Market

The accounting software market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided into 4 Segments, by type, by component, by enterprise size and by end-use industry. On the basis of the component, the global market is divides into software and services. On the grounds of enterprise size, the market is segmented as large enterprise and small and medium enterprise. Segmented by the end-use industry, the market for the product is divided into banking financial services, IT & telecommunication, government & public sector, automotive, retail & consumer goods, oil & gas, manufacturing, healthcare, construction and real estate, others.

The Asia Pacific region was valued at USD 2.635 billion in 2018. Asia Pacific holds the largest market share in accounting software market because of the increasing number of SMEs and shifting to digitalization. Governments around the world as players in the region encourage digitization; for instance, India’s GST increase which pushes software utilization. Using cloud technology is on trend and It is being adopted even in countries like China and Japan increasingly. Also, inexpensive methods act beneficial in response to a wide range of requirements.

Oracle (NetSuite) (U.S.), Sage Group Plc. (U.K.), Zeta Software LLC (U.K.), Microsoft Corporation (U.S.), Epicor Software Corporation (U.S.), Xero Ltd. (New Zealand), SAP SE (Germany) and Intuit Inc. (U.S.) are significant players in the hardware and software IT services market. They are the key player that ensures the industry's success while still having to keep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In April 2019, RMS collaborated with M3, a cloud-based financial tool, to provide clients with integrated hotel management services. Hotels and resorts that use M3 for accounting and analytics now has the possibility to connect with RMS for additional information about the management of their properties.

Segmentation Table

ATTRIBUTE DETAILS

By Component

Software

Cloud-Based

On-Premise

Services

Managed

Professional

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)