Growth opportunities in the Accounting Software market look promising over the next six years. This is mainly due to the emerging trend in small and medium enterprises for accounting software and the increasing prominence of cloud-based accounting software owing to the several benefits provided by the software, including disaster recovery and data backup and a high level of digital security software with inbound and outbound encryption.
Accounting Software Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing adoption of accounting software has led to the implementation of digital accounting into the profession, therefore surging the growth of the accounting software market size. The new customers in the market are opting for software instead of manual accounting, which reduces the cost and time. Moreover, the software helps in keeping track of the record and data and functionally, hence enhancing the operational efficiency of the user or the company, thus contributing to the market growth. The emerging trends in small and medium enterprises for accounting software have further propelled the market growth. Small and medium-sized enterprises are opting for accounting solutions as it enhances efficiency and decreases the cost of the individual for manual accounts management and transactions. Therefore, the rising number of small and medium-sized enterprises has surged the demand for accounting software. For example, as per the “European Commission”, in 2018 SME’s accounted for about 99.8% of all enterprises, which increased the usage of accounting software.
The increasing prominence of cloud-based accounting software has further boosted the growth of the accounting software in the market. This is attributed to the various benefits of the software, including disaster recovery and data backup and a high level of digital security software with inbound and outbound encryption. All these factors are further driving the market growth over the coming years. On the other hand, the high cost and the implementation of the package is likely to hamper the growth of the accounting software market share.
Type Segment Drivers
Based on the type, the billing and invoice system is expected to grow at a faster CAGR over the forecast period. This is mainly due to the rising use of cloud-based accounting software for billing and invoicing. This cloud-based accounting software helps in reducing the time to process and is highly cost-effective. In addition to this, this type of software enhances the level of security.
Accounting Software Market’s leading Manufacturers:
- Oracle
- Sage
- Zeta Software
- Microsoft
- Epicor Software Corporation
- Xero Limited
- SAP
- Intuit
- Infor
- Acumatica, Inc.
Accounting Software Market Segmentation:
Segmentation by Type:
- Billing and Invoice Systems
- Payroll Management Systems
- Enterprise Resource Planning Systems
- Time and Expense Management Systems
Segmentation by Deployment:
- On-Premises
- Cloud
Segmentation by End Users:
- BFSI
- IT and Telecommunication
- & Public Sector
- Automotive
- Retail and Consumer Goods
- Oil & Gas
- Manufacturing
- Healthcare
- Construction and Real Estate
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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