Global Accounting Software
Market Report
2024
The Global Accounting Software market size will be USD 27,238.21 Million by 2028. The Accounting Software Industry's Compound Annual Growth Rate will be 9.94% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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As per Cognitive Market Research's latest published report, The Global Accounting Software market size will be $27,238.21 Million by 2028. The Accounting Software Industry's Compound Annual Growth Rate will be 9.94% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Accounting Software Market Sales Revenue 2028 | $ 27238.2 Million |
Global Accounting Software Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.94% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Accounting Software industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Accounting Software Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Accounting software is defined as software, which finds its applications, in several accounting and financing tasks. The data, related to the finances, are saved, which finds its application in several business transactions. The accounting software allows detailed tracking of financial transactions and near-instantaneous reporting and analysis.
Accounting software increases efficiency, as it is used to keep track of accounting transactions or to manage the money flowing in and out of business. It is widely, used as a software solution, for managing the accounts of a business, as it assists in managing account payables, account receivables, business payroll, general ledger, and other business modules.
Additionally, features that ensure the company's accurate financials, such as time-saving, cost-effective operation, and higher overall productivity, are expected to drive the demand. Besides, these factors make this software more deployable for small businesses.
Accounting software finds its applications, for the storage of several amounts of data, without taking the space. This results in companies, requiring less office space, as they don’t require, large file rooms to store binders of data. Less office space allows for cost savings.
Automation in the accounting industry is also an ongoing trend driven by software advancement. Accounting has been made highly automated without the need for significant physical intervention.
The latest accounting software has enabled organizations to minimize their human resources. This has led to efficient utilization of capital and better management of the available resources.
The rapid rise in the growth of business accounting mobile applications and the growing demand for an effective way to manage accounts of small businesses are expected to be the propelling factors, which are expected to drive the growth of the market.
The accounting software market can be segregated into types and applications. In terms of types, the market can be divided into, embedded accounting software, packages, online solutions, accounting software, desktop, and non-embedded solutions accounting software.
Nowadays, many small and large enterprises are adopting cloud-based services. The worldwide spending on cloud-based services grew at a 19.4% compound annual growth rate (CAGR) from nearly $70B in 2015 to more than $141B in 2019. Cloud-based services provide a wide range of services that are delivered on demand to companies and customers over the Internet. These services are designed to provide easy, affordable access to applications and resources, without the need for internal infrastructure or hardware.
Cloud-based services provide cost benefits when it is compared to conventional physical storage as it is estimated that cloud-based services would save 35% of the annual operations cost. In order to increase the market growth of small and medium enterprises cost benefits are necessary, which can be efficiently provided by cloud services. Cloud-based services offer elevated business performance due to various benefits such as agile deployment, secure & storage management, low total cost ownership, utility-based sharing models, and high-level computing.
The US is the most significant public cloud-based service market with projected spending of $124.6 billion in 2019.
Concerns associated with data security & protection (Access Detailed Analysis in the Full Report Version)
Expanding IT services in every sector (Access Detailed Analysis in the Full Report Version)
The global COVID-19 pandemic had a significant negative impact on enterprises all over the world. Due to the lockdown enforced by many governments, it has favorably benefited the use of accounting software. To ensure economic continuity during the epidemic, governments and corporations are increasingly requesting that employees work from home or transferring work to workers in less afflicted areas. To manage expenses while enhancing customer experience, the circumstance has nonetheless hastened the implementation of cutting-edge technology like AI-powered solutions, automated accounting, big data, and analytics.
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Intuit Inc.
The company is engaged in the software development and manufacturing of financial software. Some of the products, offered by the companies, include tax preparation applications, personal finance applications, and the small business accounting program. The company also offers, several products, such as Credit Karma, QuickBooks Self-Employed, Mint, TurboTax, Checks and Tas Forms, and others. The company also offers a free online service known as TurboTax Free File.
In December 2020, Intuit Inc. acquired Credit Karma
Acquisition of Credit Karma, by Intuit. The acquisition is expected to create a new consumer finance platform that helps consumers in making monetary decisions. This strategy is expected to increase its consumer base.
Oracle and Vodafone, the largest pan-European and African technology communications company, today announced a strategic partnership to modernize the operator’s European IT infrastructure and accelerate its transition to the cloud.
SAP SE and contract management software provider Icertis partnered with each other for advanced contract intelligence to accelerate digital transformation throughout the enterprise. To provide the use of Al-powered business automation and insights, the alliance intended to deliver value across the entire organization.
(Source:www.icertis.com/partners/sap/)
Top Companies Market Share in Accounting Software Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
In 2022, North America held the largest share of the accounting software market and it is predicted that over the projected period, the region would take the lead in the worldwide market. The presence of significant and well-known firms operating in accounting software across the US and investment by the US government for the supply of accounting management systems in various public and private organizations are anticipated to be the main drivers of growth in the region.
The current report Scope analyzes Accounting Software Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Accounting Software Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Accounting Software Industry growth. Accounting Software market has been segmented with the help of its Type, Application , and others. Accounting Software market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Embedded accounting is defined as a financial instrument that consists of a non-derivative host contract. The embedded accounting systems are used for the assessment, of whether any embedded derivatives contained in the contract are required to be separated from the host contract and accounted for as if they were stand-alone derivatives. The embedded accounting systems, are used for the elimination of the volatility created by the repeated adjustment of a financial instrument's value. The Embedded Accounting Software Packages revenue will be USD 15,532.99 Million by 2028.
Online Solutions Accounting Software
Online solutions accounting is the application of online and internet technologies to the business accounting function. Online solutions accounting software is defined as the changes in accounting due to computing and networking technologies.
Desktop Non-embedded Solutions Accounting Software
A non-embedded device is a computer that works on its own and is the end product itself. The software solutions are used in the non-embedded desktops, for the determination of the accounting software.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Accounting Software Industry. Request a Free Sample PDF!
Manufacturing is defined as the technologies, which is widely used in the processing of raw materials, or parts in the finished goods, or parts into finished goods through the use of tools, machinery, and chemical processing. Manufacturing is a value-adding process allowing businesses to sell finished products at a higher cost than the value of the raw materials used. The accounting software is used for the determination of the inventory, stock, and processing of the fees. These are some of the factors, which are expected to boost the growth of the market. Manufacturing segment revenue will be USD 5,195.92 Million by 2028.
BFSI comprises commercial banks, insurance companies, non-banking financial companies, cooperatives, pension funds, mutual funds, and other smaller financial entities. The Banking part of BFSI may include core banking, retail, private, corporate, investment, and cards. Accounting software is widely used, across the BFSI for the determination of several activities, which are expected to drive the growth of the market.
Healthcare and pharmaceutical industries are associated with the treatment of patients. The industries also offer several services, which find their application in the healthcare industry. Medical accounting software applications are used for the determination and streamlining of the accounting processes. Accounting software finds its application in the elimination of the errors, associated with manual data entry. Accounting software for healthcare includes several applications and features that support the management of day-to-day accounting and business practices.
The telecommunications industry encompasses, the transmission of information over several technical communication systems. The advancement and development in technology have enabled the rise in the growth of the market. Accounting software finds its application in the IT and telecom industry, to maximize productivity, and assist in maintaining customer service.
Government and public sector, comprise the portion of the economy that is composed of all levels of government and government-controlled enterprises. It does not include private companies, voluntary organizations, and households. The rise in the adoption of accounting software, for the determination of accounts in the public sector, is expected to boost the adoption of the software in the market.
The industry includes grocery, trade, logistics, and the supplier industry. Digitalization provides great opportunities, but also challenges, for the industry. The rise in the adoption of new technologies in the retail sector has led to an increased demand for accounting software services.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Accounting Software market report 2024 Edition by contacting our team.
Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
As a research analyst, Swasti brings a unique blend of analytical prowess and strategic thinking to the table. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations. Her passion lies in leveraging data-driven approaches to guide decision-making and drive organizational success.
I played a central role in market research endeavors and competitive analysis. I have a demonstrated ability to leverage diverse data sources, employing advanced analytics tools to discern patterns and trends. My collaborative approach facilitated effective communication of insights, fostering a culture of data-driven decision-making within the organization. I am committed to continuous professional development, actively seeking opportunities for skill enhancement through workshops, industry conferences, and staying abreast of emerging trends in research methodologies.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Accounting Software Market is witnessing significant growth in the near future.
In 2023, the Embedded Accounting Software Packages segment accounted for noticeable share of global Accounting Software Market and is projected to experience significant growth in the near future.
The Manufacturing segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Intuit Inc., SAP SEx and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Type | Embedded Accounting Software Packages, Online Solutions Accounting Software, Desktop Non-embedded Solutions Accounting Software |
Application | Manufacturing, BFSI, Healthcare and pharmaceuticals, Telecom and IT, Government & Public Sector, Retail & Consumer Goods, Other |
List of Competitors | Intuit Inc., Sage Software Inc, SAP SEx, Oracle Corporation, Microsoft, Infor Inc, Horizon Technology Solutions, Zoho Corp, FreshBooks, NetSuite, Deltek, Epicor Software Corporation, Unit4 Business Software Limited, Xero Ltd, Red Wing Software Inc., Open Systems Inc., nQativ Solutions, Debitoor, Workday Inc. |
This chapter will help you gain GLOBAL Market Analysis of Accounting Software. Further deep in this chapter, you will be able to review Global Accounting Software Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Accounting Software Market Trends North America Accounting Software Technological Road Map North America Accounting Software Market Drivers North America Accounting Software Market Restraints North America Accounting Software Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Accounting Software market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Embedded Accounting Software Packages have a significant impact on Accounting Software market? |
What are the key factors affecting the Embedded Accounting Software Packages and Online Solutions Accounting Software of Accounting Software Market? |
What is the CAGR/Growth Rate of Manufacturing during the forecast period? |
By type, which segment accounted for largest share of the global Accounting Software Market? |
Which region is expected to dominate the global Accounting Software Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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