Published August 24, 2023
Accounting Software Market
The Global Accounting Software Market size was estimated at USD 10.54 billion in 2022, USD 11.63 billion in 2023, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.89% to reach USD 22.43 billion by 2030.
Accounting software manages and records the financial transactions of an organization, including fixed asset, expense, and revenue management, and accounts receivable & payable, and reporting & analytics. The systematic recording of these financial transactions enables the production of financial statements, including balance sheets, cash flows, and income statements. The growing digitalization of financial operations and rising automation in accounting processes are resulting in increased deployment of accounting software in the end-use industries. In addition, the convenience in the use and accessibility is leading to the adoption of mobile and app-based accounting software. However, data privacy and security issues may impede the adoption of accounting software by the end-use sectors. Moreover, the advancements to assist accounts with cloud computing and the emergence of startups to provide efficiently managed financial operations are expected to create significant potential for the growth of the accounting software market worldwide.
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The report provides market sizing and forecasts across 7 major currencies – USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make well-informed decisions. In this report, 2018 to 2021 are considered as historical years, 2022 is base year, 2023 is estimated year, and years from 2024 to 2030 are considered as forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Global Accounting Software Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Post-COVID-19, the accounting software market size was valued at USD 13.59 billion in 2021 and is projected to reach USD 29.80 billion by 2030, growing at a CAGR of 9.2% from 2022 to 2030. ly, the pandemic has caused a recession in the economy, forcing companies to drastically restructure their operations. Despite the COVID-19-induced recession affecting industries worldwide, the technology sector suffered less from the crisis than the rest of the economy. The COVID-19 pandemic has had a significant impact on the accounting software market. Due to the widespread shift to remote work and the need for businesses to adjust to new economic conditions, there has been an increased demand for cloud-based accounting software that can be accessed remotely. Additionally, many businesses have had to pivot and change their operations, leading to a need for more flexible and adaptable accounting software. As a result, many companies in the accounting software market have seen an increase in sales and a shift toward cloud-based solutions.
Accounting Software Market Trends
Increasing demand for an automated solution by financial institutionsThe demand for automated accounting software by financial institutions has been increasing in recent years due to a number of factors. One of the main drivers is the need for greater efficiency and cost savings. Automated accounting software can help financial institutions streamline their accounting processes, reduce errors, and improve accuracy. Additionally, automated accounting software can help financial institutions comply with regulatory requirements and improve their overall operational effectiveness. Another factor contributing to the rapid adoption of cloud-based accounting software is the cost-effectiveness. Cloud-based solutions are typically offered on a subscription basis, which can be more cost-effective than traditional on-premises solutions, especially for small and medium-sized businesses. Additionally, cloud-based solutions usually have lower up-front costs, which can help businesses save money on IT infrastructure and maintenance.
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in a particular market space. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Rise demand for cloud-based accounting software
The demand for cloud-based accounting software is increasing for better security and real-updates. With the help of cloud-based accounting software, businesses can receive accounting-related services anytime, anywhere, on any device. In addition, it makes easier to collaborate and access all financial information from anywhere. Moreover, transparency and accountability in accounting services are now much easier to establish due to cloud technology. Furthermore, cloud-based accounting software provides flexibility and scalability in order to boost business operations. Thus, surge in demand for cloud-based accounting software notably contributes toward the Accounting Software Market Size growth.
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The business Accounting Software Market is segmented as below:
By Geographical Landscape
Middle East and Africa
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