Accounting Software Market
An increase in the trend of automation in the accounting process to enhance efficacy and eliminate manual task drives the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, July 27, 2023/EINPresswire.com/ — According to the report, the global accounting software industry was pegged at $11.9 billion in 2020, and is expected to reach $70.2 billion by 2030, growing at a CAGR of 19.6% from 2021 to 2030.
Rise in adoption of innovative technologies to improve business productivity and increase of virtual chief financial officers (CFO) to enhance business operations in small-scale to medium (SMEs) industry drive the growth of the global accounting software market. In addition, rise in trend of automation in accounting process to enhance efficacy and eliminate manual task aids the growth of the market.However, additional cost associated with accounting software and data security & privacy concerns impede market growth. Moreover, rise in adoption of mobile and app-based accounting software among enterprises and individuals is expected to open new opportunities in the future.
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Based on deployment mode, the on-premise segment held the lion’s share in 2020, contributing to nearly three-fifths of the global accounting software market, and is expected to continue its trend during the forecast period. This is attributed to numerous advantages offered by this on-premise deployment such as high level of data security and safety. However, cloud segment is expected to witness the highest CAGR of 22.1% by 2030, owing to rise in adoption of cloud-based accounting software, due to low cost and easier maintenance.
By component, the solution segment accounted for more than three-fifths of the global accounting software market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to its numerous advantages in industries such as eliminating the manual process, streamlining the business process, and reducing the time & cost. The services segment, however, would showcase the fastest CAGR of 20.9% by 2030. The accounting software offers enormous benefits to the industry, such as cash flow analysis, easy tax filing, balance sheet, trial balance, invoicing, income and expense statements, and payroll, thus improving the growth of the segment.
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By region, North America, garnered the major share in 2020, contributing to more than two-fifths of the global accounting software industry, and is expected to dominate the market during the forecast period. This is attributed to the developed IT infrastructure in this region, cloud-based accounting software also has seen widespread acceptance. However, Asia-Pacific is expected to witness the fastest CAGR of 22.2%. This is owing to rapid technological advancements, digitization of economies, and government initiatives increased expendable income among the region’s middle-income population are the key factors that power the overall economy’s growth in Asia-Pacific.
The report focuses on the growth prospects, restraints, and accounting software market analysis. The study uses Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the accounting software market trends.
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This report gives an in-depth profile of some key market players in the accounting software market, include Infor Inc., Intuit, Inc., Microsoft Corporation, Oracle Corporation, Sage Group Plc., SAP SE, Thomson Reuters, Xero Ltd., Zeta Software LLC, and Zoho Corporation. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
Key Benefits For Stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the accounting software market analysis from 2020 to 2030 to identify the prevailing accounting software market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the accounting software market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
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