With a CAGR of 8.02%, the accounting software market is worth USD 20.4

Pune, India, Sept. 02, 2022 (GLOBE NEWSWIRE) — The world accounting software market size is estimated to reach $20.4 billion by 2026 at a CAGR of 8.02% over the forecast period. Fortune Business Insights™ has shared this information in its latest research report titled “Accounting Software Market Forecast, 2019-2026”. According to the report, the global market size stood at USD 11.07 billion in 2018.

The rapid shift from the traditional method of managing financial records to adopting an accounting information system is the key trend in the global market. The growing demand for computerized accounting across various end-use industries is driving the mass adoption of accounting software.

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Development of key industry

In April 2019, Infor acquired Efficient Frontiers, Inc. dba ReServe Interactive. This acquisition aims to help Infor expand its presence in stadiums, entertainment centers, convention centers and more.

In April 2019, RMS partnered with a cloud-based financial platform called M3 to help its customers deliver the best hotel management solutions.

Report scope and segmentation

Report cover Details
Forecast period 2019 to 2026
Forecast Period 2019 to 2026 CAGR 8.02%
2026 value projection $20,408 million
base year 2018
Accounting software market size in 2018 $11071 million
Historical data for 2015 to 2017
Number of pages 123
Segments Covered Component, company size, end user type and geography
Accounting Software Market Growth Factors The demand for custom accounting software has driven the growth of the market
Growing Adoption of Technology-Driven Solutions in North America Drives Growth

Market Growth Drivers:

Demand for Custom Accounting Software to Drive Growth

A senior analyst at Fortune Business Insights said, “Preference for new and advanced accounting software is increasing over conventional software as it has become obsolete. He added, “Conventional accounting software lacked technological competitiveness, which creates an environment conducive to expanding and upgrading the accounting software market.” Accounting software helps manage payroll and performs several other functions, saves time and money, and provides key insights to better understand the business. In the next few years, the user interface of accounting software is expected to be more attractive to meet customer requirements.

Accounting software helps increase efficiency as it has the ability to manage accounts receivable, accounts payable, and general ledger, among others. Accounting calculations are complex and tedious, which requires companies to purchase this software and perform accurate calculations without the use of manpower. Given these factors, small businesses find it necessary to deploy accounting software.

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Regional outlook:

Growing Adoption of Technology-Driven Solutions in North America Drives Growth

In 2018, the market in North America was worth US$3,759.4 million. The region is expected to lead the global accounting software market during the forecast period. The US government is spending more and more on installing accounting software systems in private and public organizations. This, coupled with the strong presence of players in the United States, is expected to create growth opportunities for the market in the coming years.

Growing adoption of modern technologies in Asia-Pacific is driving the market. The penetration of business accounting applications is increasing, enabling the growth of the global market. The region is expected to see high demand for enterprise relationship planning software to manage spreadsheets and better understand tax management. Moreover, the market generated a value of US$2635.9 million in 2018.

Report cover

The report provides an exhaustive study of market segments and comprehensive analysis of the market. An in-depth assessment of current market trends as well as future opportunities is presented in the report. Also, it shares an in-depth analysis of regional insights and how it is shaping the growth of the market. The impacts of COVID-19 have been added to the report to help investors and business owners understand the threats professionally. The report focuses on key players and their remarkable strategies to stay ahead of the market.

The list of major companies that are operating in the global accounting software market are:

  • Oracle (NetSuite) (US)
  • Sage Group Plc. (Great Britain)
  • Zeta Software LLC (UK)
  • Microsoft Corporation (USA)
  • Epicor Software Corporation (USA)
  • xero ltd. (New Zealand)
  • SAP SE (Germany)
  • Intuit Inc. (USA)
  • Infor, Inc. (USA)
  • Acumatica Inc. (USA)

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Main table of contents:

5.1. Main results/summary

5.2. Market Size Estimates & Forecasts – By Component (US$ Millions)

5.2.1. Software

5.2.1.1. Cloud

5.2.1.2. On the site

5.2.2. Services

5.2.2.1. Managed

5.2.2.2. Professional

5.3. Market Size Estimates & Forecasts – By Company Size (USD Million)

5.3.1. Big

5.3.2. Small and medium enterprises

5.4. Market Size Estimates & Forecasts – By Type (USD Million)

5.4.1. Spreadsheets

5.4.2. ERP

5.4.3. Personalized accounting software

5.4.4. tax management software

5.5. Market Size Estimates & Forecasts – By End-Use Industry (USD Million)

5.5.1. Bank Financial Services and Insurance (BFSI)

5.5.2. IT & Telecommunications

5.5.3. Government and public sector

5.5.4. Automotive

5.5.5. Retail and consumer goods

5.5.6. petroleum gas

5.5.7. Manufacturing

5.5.8. Health care

5.5.9. Construction and real estate

5.5.10. Others (education, media and entertainment, etc.)

5.6. Market Analysis, Outlook and Forecast – By Geography (USD Million)

5.6.1. North America

5.6.2. Europe

5.6.3. Asia Pacific

5.6.4. Middle East and Africa

5.6.5. Latin America

6. North America Accounting Software Market Analysis, Outlook and Forecast, 2015 – 2025

6.1. Main results/summary

6.2. Market Size Estimates & Forecasts – By Component (US$ Millions)

6.2.1. Software

6.2.1.1. Cloud

6.2.1.2. On the site

6.2.2. Services

6.2.2.1. Managed

6.2.2.2. Professional

6.3. Market Size Estimates & Forecasts – By Company Size (USD Million)

6.3.1. Big

6.3.2. Small and medium enterprises

6.4. Market Size Estimates & Forecasts – By Type (USD Million)

6.4.1. Spreadsheets

6.4.2. ERP

6.4.3. Personalized accounting software

6.4.4. tax management software

6.5. Market Size Estimates & Forecasts – By End-Use Industry (USD Million)

6.5.1. Bank Financial Services and Insurance (BFSI)

6.5.2. IT & Telecommunications

6.5.3. Government and public sector

6.5.4. Automotive

6.5.5. Retail and consumer goods

6.5.6. petroleum gas

6.5.7. Manufacturing

6.5.8. Health care

6.5.9. Construction and real estate

6.5.10. Others (education, media and entertainment, etc.)

6.6. Market Analysis, Outlook & Forecast – By Country (USD Million)

6.6.1. United States

6.6.2. Canada

7. Europe Accounting Software Market Analysis, Outlook and Forecast, 2015-2025

7.1. Main results/summary

7.2. Market Size Estimates & Forecasts – By Component (US$ Millions)

7.2.1. Software

7.2.1.1. Cloud

7.2.1.2. On the site

7.2.2. Services

7.2.2.1. Managed

7.2.2.2. Professional

7.3. Market Size Estimates & Forecasts – By Company Size (USD Million)

7.3.1. Big

7.3.2. Small and medium enterprises

7.4. Market Size Estimates & Forecasts – By Type (USD Million)

7.4.1. Spreadsheets

7.4.2. ERP

7.4.3. Personalized accounting software

7.4.4. tax management software

7.5. Market Size Estimates & Forecasts – By End-Use Industry (USD Million)

7.5.1. Bank Financial Services and Insurance (BFSI)

7.5.2. IT & Telecommunications

7.5.3. Government and public sector

7.5.4. Automotive

7.5.5. Retail and consumer goods

7.5.6. petroleum gas

7.5.7. Manufacturing

7.5.8. Health care

7.5.9. Construction and real estate

7.5.10. Others (education, media and entertainment, etc.)

TOC Continued…!

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