Impact Analysis of COVID-19 on the Global Accounting Software Market

Global Accounting Software Market is projected to grow at a CAGR of 9.2% during the forecast period: MRFR

The Accounting Software Market is predicted to reach USD 29.80 billion by 2030, registering an 9.2% CAGR during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global Accounting Software market is expected to witness growth during the forecast period, primarily due to the increasing demand for an automated solution by financial institutions, and the rapid adoption of cloud-based accounting software.

The accounting software market is a rapidly growing industry that provides businesses of all sizes with tools to manage their financial transactions and operations. These software programs automate many of the manual tasks associated with accounting, such as bookkeeping, invoicing, and financial reporting. They can also provide advanced features such as budgeting, forecasting, and analysis.

In January 2023, Ledgible launched a newly revamped website and interface. All of the company's digital asset solutions are now available within one streamlined ecosystem, as well as support and registration. Tax filers and tax professionals are preparing for the highest volume digital asset tax filing season ever in the US with the announcement of the 2022 tax season. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.

Segmental Analysis

The scope of the global accounting software market has been segmented based on Software Type into Accounting Software and Tax Software. Further, Accounting Software is again bifurcated into Billing And Invoice Software, Payroll Management Software, Enterprise Resource Planning System, and Others.

Based on Deployment Mode, the global accounting software market is segmented into On-premise, and Cloud. The cloud segment is expected to exhibit the fastest CAGR during the projected period.

Based on Organization Size, the global accounting software market is segmented into Small & Medium Enterprise, and Large Enterprise. The Small & Medium Enterprise segment will experience the highest CAGR.

Based on Vertical, the global accounting software market is segmented into BFSI, IT and Telecommunication, Manufacturing, Retail and E-commerce, Healthcare, and Others. BFSI is expected to exhibit the fastest CAGR during the projected period.

Request a free sample copy or view report summary: Accounting Software Market Size

Regional Analysis

Geographically, the global accounting software market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

As a result of the growing demand for cloud-based accounting software, due to the increasing adoption of digital technologies and the need for real-time visibility into financial data in North America, North America accounted for the largest share of revenue in 2021. North America is widely using Accounting Software solutions at the moment. Several industrial sectors, educational institutions, and business segments are present in the region which require proper accounting management. A developed infrastructure and time constraints have led North American end-user applications to invest in Accounting Software solutions. A growing number of businesses in healthcare, information technology, manufacturing, e-commerce, and retail are using accounting software to increase revenue. Due to the current economic climate in North America, a lot of people are willing to invest in the costs associated with maintenance, installation, and other related services.

During the forecast period, the Asia Pacific region is expected to exhibit the fastest CAGR. The investments of small and medium enterprises in adopting technologically enhanced software will be a driving factor for the growth of the market in the region. 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 key contributors to the market.

Key Players

The key players in the global accounting software market are Intuit Inc., The Sage Group, SAP SE, Oracle Corporation, Microsoft Corporation, Teamsystem Spa, Xero Limited, Freshbooks, Epicor, UNIT4, Red Wing Software, Inc., Tally Solutions Private Limited, Wolters Kluwer, Ernst & Young Global Limited, Zeta Software LLC, Zoho Corporation, and other.