Accounting Software Market Overview:
Market Research Future (MRFR) in its latest report projects that the global accounting software market will post a strong CAGR of 8.92% from 2018 to 2024 and surpass a valuation of USD 26,600 million by 2024. Growing demand for advanced, automated, and efficient accounting solutions coupled with increased adoption of cloud-based accounting software are some of the key factors driving the market growth.
Expansion of sectors such as manufacturing, retail, IT & telecom, and BFSI are directly linked with the global accounting software market growth. Furthermore, introduction of mobile/app-based accounting software and increased investment in adopting automated solutions is anticipated to boost market demand. Rising preference for these solutions in financial processing, recording, and reporting is reflecting favorably on the market. Substantial rise in number of start-ups in fast-developing regions is likely to boost subscriber base of accounting software during the projection period. Nonetheless, factors such as susceptibility to data theft and high cost of accounting software are undermining the market potential to some extent.
The increasing need for effective and innovative accounting solution along with the rapid adoption of cloud-based accounting solutions is having a positive impact on the global Accounting SoftwareMarket. Demand for accounting software is on the rise in sectors such as retail, manufacturing, BFSI, IT & telecom.
The growing user-base of mobile application and increased focus on automating processes is creating significant opportunities for the market. In near future, preference for accounting software solutions is expected to grow further owing to their advantages in financial processing, reporting and recording. Additionally, the mushrooming of small sized companies in emerging economies such as India, China, Taiwan among others is viewed an important market driver. However, high cost and vulnerability to data theft are some of major market impediments.
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Accounting Software Market Competition Analysis:
Key players functioning in the market include Microsoft, Assist Cornerstone, Infor., Xero Limited, Workday, Oracle, Priority Software, yonyou (Hong Kong) co., Ltd., Epicor, SAP, Tally Solutions Private Limited, Kingdee International Software Group (HK) Ltd., Sage, Unit4, Intuit Inc., and FreshBooks.
Accounting Software Market Segmental Analysis:
MRFR’s report include a thorough segmental analysis of the market conducted based on industry, deployment and organization size.
- On the basis industry, key segments include manufacturing, retail & e-commerce, BFSI, IT & telecommunication, healthcare, and other. The manufacturing segment currently represents the most impressive share of the market in terms of value. The segment surpassed a valuation of USD 5 Mn in 2018 and is projected to expand at 9.49% CAGR during the assessment period.
- This is mainly due to the widespread application of accounting software in the manufacturing sector. In terms of value, the retail & e-commerce segment holds the second spot and is likely to retain its position over 2024.
- On the basis of deployment, key segments include cloud-based and on-premise. The on premise segment currently commands more than 50% market share in terms of value. The segment is expected to witness a sound growth over the couple of years. High operational viability and user-friendly interface make op-premise deployment a preferred option.
- Based on organization, key segments include SME and large enterprises. The SME segment anticipated to witness a healthy growth in the forthcoming years. The segment is currently valued at over USD 9,000 Mn. It is projected that the segment will surge at 9.35% CAGR during the forecast period. The segment’s growth is primarily attributed to the increased popularity of accounting software among small businesses.
Accounting Software Market Regional Analysis:
On the basis of region, the market has been segmented into Europe, Asia Pacific (APAC), North America, South America, the Middle East, and Africa. Of these, North America commanded a 35.7% market share in 2018 and is likely to retain its top position over 2024. Technologically advanced countries such as the U.S. and Canada put North America at a desirable position in the global accounting software market.
These countries are also the early adopters of new-age accounting solutions. There is a massive subscriber-base for accounting software in North America, which is expected to grow further in the forthcoming years. In addition, growth of end-use sectors such as healthcare, information technology, e-commerce, retail, manufacturing among others is an important growth enabler of the market. Asia Pacific and Europe are the other two important market for accounting software. The number self-owned businesses and SMEs have grown tremendously in region, which boosting investor confidence in these regions.
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Deployment
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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List of Table
Table 1 Market Synopsis 16
Table 2 Macro Factor Indicators Analysis 19
Table 3 List of Assumptions 24
Table 4 Global Accounting Software Market, By Industry, 2017–2024 (Usd Million) 37
Table 5 Global Accounting Software Market, By Deployment, 2017–2014 (Usd Million) 39
List of Figure
Figure 1 Global Accounting Software: Market Structure 18
Figure 2 Key Takeaways From Accounting Software Market 19
Figure 3 Research Process Of Mrfr 21
Figure 4 Top-Down & Bottom-Up Approaches 25
Figure 5 Drivers, Restraints, And Opportunity Of Global Accounting Software Market 27
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