About Accounting Software
Accounting software is a fundamental application that enables an organization to record the flow of money for internal and external review and auditing. It is the primary tool for assessing the financial health of an organization and for meeting legal compliance through tools like general ledgers, purchase orders, account payables & receivables, stock management, and billing.
Attributes | Details |
---|
Study Period | 2018-2032 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.91% |
The market for accounting software is highly competitive, with numerous players offering a wide range of solutions to meet the diverse needs of businesses. These software solutions aim to streamline accounting processes, improve financial management, and enhance overall efficiency. Key features often include general ledger management, invoicing and billing, expense tracking, financial reporting, and tax preparation. The competitive landscape is characterized by constant innovation, with companies seeking to differentiate themselves through advanced features, user-friendly interfaces, cloud-based capabilities, and integration with other business tools. Additionally, vendors strive to cater to specific industries or business sizes, such as small and medium enterprises (SMEs) or large corporations. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Accounting Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Intuit Inc. (United States), Sage Software Inc. (United States), SAP SE (Germany), Oracle Corporation (United States), Microsoft Corporation (United States), Infor Inc. (United States), Horizon Technology Solutions (India), Zoho Corp (India), FreshBooks (Canada), NetSuite (United States) and Deltek (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Epicor Software Corporation (United States), Unit4 Business Software Limited (Belgium), Xero Ltd (New Zealand), Red Wing Software Inc. (United States), Open Systems Inc. (United States), nQativ Solutions (United States), Debitoor (Denmark) and Workday, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Accounting Software market by Type (Billing and invoicing systems, Payroll management systems, Enterprise resource planning systems and Time and expense management systems) and Region.
On the basis of geography, the market of Accounting Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. Cloud-based will boost the Accounting Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Small & Medium Size Enterprise will boost the Accounting Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. Windows will boost the Accounting Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. BFSI will boost the Accounting Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing, the sub-segment i.e. Monthly Subscription will boost the Accounting Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Users Prefer Cloud-Based Systems to On-Premise, The Adoption of Automation and The Era of Millennial Clients
Market Growth Drivers:
Increased Efficiency with the use of Accounting Software, Increasing Adoption of Cloud-based Applications and Ease of Integration with Existing Software Platforms
Challenges:
Competition is increasing due to Corporate Bookkeeping Firms, Scalability and customization and Lack of integrations
Restraints:
Data Security Issues May Restraint the Growth of the Market
Opportunities:
The Rising Demand for Accounting Software from the Micro & Small Scale Enterprises
Market Leaders and their expansionary development strategies
In January 2023, TaxBit, the prominent tax and accounting service provider for the digital asset economy, acquired Tactic. Tactic is a financial accounting platform specializing in digital assets, offering businesses a simplified accounting sub-ledger that significantly reduces the time spent on crucial digital asset management and reporting tasks. This strategic acquisition not only brings together two industry leaders in digital asset accounting but also establishes TaxBit's presence in New York through its newly acquired office.
On 12 Aug 2019, Deltek, the leading global provider of software and solutions for project-based businesses, announced that it has entered into an agreement to acquire ComputerEase – the standard in construction accounting, project management, and field management software for contractors. With this acquisition, Deltek will secure its place in the construction industry, adding to its powerful portfolio of solutions for architects, engineers and construction firms (AEC).
Key Target Audience
Accounting Software Providers, Potential Technology Investors, Regulatory & Government Bodies, End Users, Downstream Vendors, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.