Rise in adoption of innovative technologies to improve business productivity and increase of virtual chief financial officers (CFO) to enhance business operations in small-scale to medium (SMEs) industry drive the growth of the global accounting software market. In addition, rise in trend of automation in accounting process to enhance efficacy and eliminate manual task aids the growth of the market.However, additional cost associated with accounting software and data security & privacy concerns impede the market growth.Moreover, rise in adoption of mobile and app-based accounting software among enterprises and individuals is expected to open new opportunities in the future.
The global accounting software market was pegged at $11.9 billion in 2020, and is expected to reach $70.2 billion by 2030, growing at a CAGR of 19.6% from 2021 to 2030.
Key players in the accounting software market:
This report gives an in-depth profile of some key market players in the accounting software market, include Infor Inc., Intuit, Inc., Microsoft Corporation, Oracle Corporation, Sage Group Plc., SAP SE, Thomson Reuters, Xero Ltd., Zeta Software LLC, and Zoho Corporation.
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Segmental Review of the accounting software market:
On the basis of organization size, the large enterprises dominated the overall accounting software industry in 2020 and is expected to continue this trend during the forecast period. This is due to an increase in the adoption of accounting software in large enterprises to operate a lean accounting and tax filling service boosts the market growth. Moreover, as organizations expand, this balancing act becomes even more difficult. Furthermore, large enterprises are integrating their large volume of data in the cloud to augment their speed, accuracy, and value chain scalability, which is opportunistic for the market. Easy accessibility and greater control of accounting software over cloud deployment are also anticipated to boost the adoption of cloud-based accounting software in large enterprises. However, the SME’s is expected to witness the highest accounting software market growth in the upcoming year. Owing to increase in number of SMEs in the developing economies in Asia-Pacific, including China, Japan, and India. The adoption of accounting software is expected to increase to optimize the business capabilities of SMEs. Moreover, continuous rise in number of government initiatives through various digital SME campaigns throughout the world fuels the growth of the market.
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By region, North America, garnered the major share in 2020, contributing to more than two-fifths of the global accounting software industry, and is expected to dominate the market during the forecast period. This is attributed to the developed IT infrastructure in this region, cloud-based accounting software also has seen widespread acceptance. However, Asia-Pacific is expected to witness the fastest CAGR of 22.2%. This is owing to rapid technological advancements, digitization of economies, and government initiatives increased expendable income among the region’s middle-income population are the key factors that power the overall economy’s growth in Asia-Pacific.
Based on deployment mode, the on-premise segment held the lion’s share in 2020, contributing to nearly three-fifths of the global accounting software market, and is expected to continue its trend during the forecast period. This is attributed to numerous advantages offered by this on-premise deployment such as high level of data security and safety. However, cloud segment is expected to witness the highest CAGR of 22.1% by 2030, owing to rise in adoption of cloud-based accounting software, due to low cost and easier maintenance.
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