The business accounting software market has been segmented by type into commercial accounting software, enterprise accounting software and custom accounting software. Among these segments, the enterprise accounting software segment is anticipated to grow at a significant pace over the forecast period owing to controlling large amount of data from its wide scale sources such as social media, online shopping, e-commerce transactions and shopping stores among others. Factors such as these are anticipated to drive the growth of business accounting software market by noteworthy revenue by the end of 2024.
The global market of business accounting software is projected to reach at valuation of USD 4.4 Billion by the end of 2024 as compared to USD 3.2 Billion in 2016 by expanding at a compound annual growth rate of 6.3% over the period 2017-2024. Factors such as growing demand for managing accounts of small businesses and rapid occurrence of business accounting mobile application are estimated to be the major factors behind the growth of business accounting software market across the globe.In the regional segment, North America represented the largest market share in global business accounting software market and is expected to continue its dominance by growing at a robust pace over the forecast period. This can be attributed to rising adoption of modern technology and growing penetration of business accounting mobile applications in this region.Moreover, emergence of small businesses and growing investment in business sector is likely to drive the growth of business accounting software market in Asia Pacific region by the end of forecast period.
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Wide Scale Applications Reflect Significant Opportunities
Various applications of business accounting software such as managing billing & invoicing, sales & purchase and business payrolls among others are expected to benefit the expansion of business accounting software market in upcoming years. Further, introduction of optical character recognition technology (a technology that can convert printed material into digital data) in the business accounting software is believed to supplement the growth of the business accounting software market globally.However, compatibility of software with change in technology is likely to inhibit the growth of the business accounting software market in the near future.
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The report titled “Business Accounting Software Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the business accounting software market in terms of market segmentation by application, by type, by distribution channel and by region.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.This report also provides the existing competitive scenario of some of the key players of the business accounting software market which includes company profiling of Microsoft, FreshBooks, Acclivity, Intacct, Intuit, Oracle, Red Wing Software, Sage Group, Zoho, Xero and Expensify.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the business accounting software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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