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The global accounting software market size was valued at USD 11,071.6 Million in 2018 and is projected to reach USD 20,408.0 Million by the end of 2026, exhibiting a CAGR of 8.02% during forecast period.
The global market is expected to have a significant growth in the forecast period owing to the demand for computerized accounting. A significant trend observed in the accounting software industry is due to the ongoing shift from the conventional way of storing financial records manually to using an accounting information system. In the past, accounting software focused on basic accounting needs such as general ledger, accounts receivable, accounts payable, payroll, and occasionally inventory.
Today, accounting software interoperates with Customer Relationship Management (CRM), supply chain management, human resource management, and dashboards and reporting applications. The accounting software is used to process and record all the financial transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. Similarly, it also keeps track of transactions, cash flows, performs calculations, and generates dashboards and reports. Large enterprises and small & medium enterprises highly adopt accounting software in order to monitor financial transactions.
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"Increasing Demand for Cloud-Based Accounting Software"
Today’s leading solutions deliver real-time business visibility via easy to create dashboards and reports. Comprehensive financial consolidation, reporting, and analysis across multiple business entities are growing drastically. In order to manage financials, organizations are embracing accounting software.
With the increase in demand for cloud computing, the end-use industries are increasingly adopting cloud-based and accounting software as it reduces the time to process and is cost-effective. Security is the main concern of the organization for adopting cloud-based accounting software. Also, it is being projected that there will be a heavy growth of the cloud-based accounting software for the forecast 2019 – 2026.
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"Increasing investment in the technologically driven solutions is supplementing the revenue growth of North America, whereas Asia Pacific is estimated to have a significant growth"
North America generated an accounting software market revenue of US$ 3,759.4 Mn in 2018 and is anticipated to emerge dominant in the global market during the forecast period. Growth witnessed in the region is likely to be driven by the presence of the strong and prominent players operating in accounting software across the U.S. and spending by the U.S. government for the provision of accounting management systems in various public and private organizations.
North America Accounting Software Market, 2018
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Likewise, Asia Pacific generated a market revenue of US$ 2,635.9 Mn in 2018 and is expected to witness growth in the investments of the small and medium enterprises for adopting the technologically enhanced software. Also, the accounting software market growth in Asia Pacific is on the verge of an economic revolution with the emergence of a banking and financial sector. The emerging economies of China, India, and Singapore are expected to be the key contributors to the market.
"A significant trend observed in the penetration of the market across the range of end-use industries."
The report on accounting software provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the market. The global market has been segmented by type, component, enterprise size, end-use industry, and geography. By type, the global market is categorized into spreadsheets, ERP, custom accounting software, tax management software.
Based on the component, the global market is segmented into software and services. On the basis of enterprise size, the market is bifurcated into large enterprises and small & medium enterprises. Based on the end-use industry, the global market is categorized into banking financial services and insurance, IT & telecommunication, government & public sector, automotive, retail & consumer goods, oil & gas, manufacturing, healthcare, construction and real estate, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
An Infographic Representation of Accounting Software Market
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Along with this, the report provides an elaborative analysis of the accounting software market dynamics and competitive landscape. Various key insights provided in the report on the market are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, an analysis of pages printed by digital technology, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape.
By Enterprise Size
By End-use Industry
Accounting software supports organizations to record and process accounting transactions within functional modules which includes payroll, trial balance, accounts payable and others. In 2018, globally accounting software market accounted for USD 11,071.6 Mn.
According to Fortune Business Insights, the accounting software market is projected to grow at a compounded annual growth rate (CAGR) of 8.02% due to integration of accounting software with other technology such as big data, optical character recognition and others.
North America is expected to hold the maximum share in the global accounting software market during the forecast period followed by Europe. In North America, there is increasing deployment of software in Government & Public Sector and IT & Telecommunication.
In terms of enterprise size, globally large enterprise is accounting maximum market revenue share, as there is rising deployment of different solutions for betterment of process and increase operational efficiency. Also, large enterprises are upgrading their existing solutions with technological advanced solutions.
Among the key driving factors of accounting software market are increasing demand for cloud-based accounting software
Oracle (NetSuite) (The U.S.), Sage Group Plc., Microsoft Corporation, Xero Ltd. (New Zealand) and SAP SE (Germany) are among the leading market players functioning in accounting software market. The market leaders are making considerable investment in advanced technology and analytics tools and intrioduction of SaaS based solutions in the market
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