Accounting Software Market Overview:
The recent report by Market Research Future (MRFR) asserts that the global market is slated to acquire a substantial market valuation of USD 26.6 billion by 2024 at a moderate 8.92% CAGR over the review period.
Factors such as augmented demand for automated solutions requirement for cutting-edge accounting solutions, and fast adoption of cloud-based accounting software are leading the market growth. The growing demand for automated, proficient, and advanced accounting solutions along with the improved adoption of cloud-based accounting software are some of the noteworthy factors driving the market growth over the review period. Furthermore, the development of industry sectors such as retail, IT & telecom, manufacturing, and BFSI are directly connected with the global Accounting Software Market growth. Furthermore, the introduction of mobile/app-based accounting software and improved investment in adopting automated solutions is anticipated to boost market demand. Rising preference for these solutions in recording, financial processing, and reporting is favorable to the market. The considerable rise in the number of start-ups in fast-developing regions is projected to enhance the subscriber base of accounting software over the projection period.
In addition, lucrative opportunities are evolving from the incorporation of artificial intelligence with accounting and mobile/app-based accounting software. factors such as vulnerability to data theft and the rising cost of accounting software are impeding the market potential to some extent.
On the other hand, the additional cost associated with accounting software and concerns regarding data security are the factors impeding the growth of the accounting software market.
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The top market players identified by MRFR in the global market are Sage, SAP, Intuit Inc., Oracle, Microsoft, Kingdee Internation Software Group (HK) Ltd. Priority Software, Xero Limited, FreshBooks, Assist Cornerstone, Unit4, Tally Solutions Private Limited, Epicor, yonyou (Hong Kong) co., Ltd., Infor, and Workday.
Among these, Oracle, Sage, SAP, Microsoft, Intuit Inc., and Xero Limited. are the best six corporations in the global accounting software market.
The segmental analysis of the market is based on industry, deployment and organization size.
- Based on the industry, the market has been segmented into BFSI, retail & e-commerce, IT & telecommunication, healthcare, manufacturing and others. The manufacturing segment accounts for the leading market share. In 2018, the segment was valued at USD 5.3 billion and was set to expand at a CAGR of 9.49% over the forecast period. The strong application of accounting software in the global manufacturing industry continues to drive the segment’s growth. The retail & e-commerce segment is expected to retain the second spot over 2024. The segment was valued at USD 3,033.5 million in 2018.
- Based on deployment, the accounting software market has been bifurcated into on-premise and cloud-based. The on-premise segment commanded for 58.89% share of the market in 2018 and likely to post a healthy growth rate over the next few years. Deployment of on-premise accounting software is high due to its several user-friendly attributes and high operational viability.
- On the basis of organization size, the market has been segmented into large and SME. The SME segment is expected to withstand its high profitability over the next several years. The segment represented a market valuation of USD 9,692.7 million. During the review period, the segment is expected to grow at a CAGR of 9.35%. Growth in SMEs, combined with the increased reliance on accounting software by small businesses, is driving the market demand.
The geographical overview global market has been conducted in four major regions, namely North America, Europe, the Asia Pacific, and the rest of the world (including Latin America and the Middle East and Africa).
North America directed a 35.7% market share in 2018 and is anticipated to preserve its highest position over 2024. Technologically progressive countries such as the U.S. and Canada put North America at a desired position in the global accounting software market. The Asia Pacific and Europe are additional two central regional markets for accounting software. The number of self-owned businesses and SMEs has grown immensely in the region, which improved investor assurance in these regions.
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In 2018, the on-premise segment accounted for 58.89% market share. The segment is expected to reach a market valuation in excess of USD 15,300 million by 2024 up from USD 9,038.2 million in 2017, reflecting a healthy growth rate.
Advantages such as increased customization & control of systems, ease of integration with third-party applications and independent operation capability continues to drive the adoption of on-premises accounting software.
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