According to Fortune Business Insights, the global accounting software market size is expected to reach USD 20.4 billion by 2026, registering a CAGR of 8.02% during the forecast period 2019-2026
Pune, India, Jan. 23, 2023 (Global News Service) – Global Accounting Software Market Size Worth $11.07 billion in 2018.expected to reach $20.4 billion by 2026 CAGR of 8.02% during the forecast period. Fortune Business Insights™ shares this information in its latest research report titled “Accounting Software Market Forecast 2013-2026”. The rapid shift from the traditional way of managing financial records to the adoption of accounting information systems is a major trend in the global market. Growing demand for computerized accounting in different end-use industries is driving the adoption of accounting software.
Key industry development
Infor acquires Efficient Frontiers, Inc. dba Reserve Interactive. The acquisition is designed to help Infor expand its presence in stadiums, entertainment centers, convention centers and more.
RMS has partnered with M3, a leading cloud-based financial platform, to help its clients provide the best hotel management solutions.
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Report Scope and Segmentation
2019 to 2026
CAGR Forecast Period 2019-2026
2026 Value Forecast
Accounting software market size in 2018
2015 to 2017
Market segments covered
Components, Enterprise Size, Type End User and Geography
The North America accounting software market size was valued at USD 3.75 billion in 2018
Medium and large businesses rely heavily on accounting software to monitor financial transactions.
Cloud-based accounting software will witness huge growth over the forecast period 2019-2026.
By end user, BFSI and IT generate the highest demand for cloud-based accounting software market
Key drivers include real-time reporting, cost-effectiveness, cloud storage, etc.
Demand for custom accounting software spurs growth
According to a principal analyst at Fortune Business Insights, “The preference for new and advanced accounting software is increasing compared to legacy software as they are outdated.” He added, “Traditional accounting software lacks technological competitiveness , which creates an environment for the expansion and upgrading of the accounting software market.”
Accounting software helps manage payroll and perform several other functions, saving time and money, and providing key insights to better understand the business.
In the coming years, the user interface of accounting software is expected to become more attractive to meet the needs of clients.
Accounting software helps in increasing efficiency as it is able to manage accounts receivable, accounts payable and general ledger etc.
Accounting calculations are complex and cumbersome, forcing businesses to buy this software and do the calculations accurately without using human labor. With these factors in mind, small businesses find it necessary to deploy accounting software.
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Growing Adoption of Technology-Driven Solutions in North America to Drive Growth
In 2018, the North American market was valued at USD 3,759.4 million. The region is expected to lead the global accounting software market during the forecast period. The U.S. government is increasingly spending money to install accounting software systems in private and public organizations. This, coupled with the players’ strong presence in the U.S., is expected to create growth opportunities for the market in the coming years.
Increasing adoption of modern technologies in Asia Pacific is driving the market. The penetration of business accounting applications is increasing, which is boosting the growth of the global market. The region is expected to experience strong demand for business relationship planning software for better management of spreadsheets and understanding of tax administration. Moreover, the market generated a value of USD 2,635.9 million in 2018.
List of Companies Operating in the Global Accounting Software Market:
Oracle (NetSuite) (US)
Sage Group Ltd (UK)
Zeta Software LLC (UK)
Microsoft Corporation (USA)
Epicor Software Corporation (USA)
Xerox Limited (New Zealand)
SAP SE (Germany)
Intuition Inc. (USA)
Information Corporation (USA)
Acumatica Corporation (USA)
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5.1. Key findings/summary
5.2. Market Size Estimates and Forecasts – By Component (USD Million)
5.3. Market Size Estimates and Forecasts – By Enterprise Size (USD Million)
5.4. Market Size Estimates and Forecasts – By Type (USD Million)
5.4.2. Enterprise Resource Planning
5.4.3. Customized accounting software
5.4.4. Tax management software
5.5. Market Size Estimates and Forecasts – By End-Use Industry (USD Million)
5.5.1. Banking Financial Services and Insurance (BFSI)
5.5.2. Information technology and telecommunications
5.5.3. Government and the public sector
5.5.5.Retail and Consumer Goods
5.5.6. Oil and gas
5.5.8. Health care
5.5.9. Construction and real estate
5.5.10. Other (education, media and entertainment, etc.)
5.6. Market Analysis, Insights and Forecasts – By Geography (USD Million)
5.6.1. North America
5.6.3. Asia Pacific
5.6.4. Middle East and Africa
5.6.5. Latin America
6. North America Accounting Software Market Analysis, Insights and Forecast 2015-2025
6.1. Key findings/summary
6.2. Market Size Estimates and Forecasts – By Component (USD Million)
6.3. Market Size Estimates and Forecasts – By Enterprise Size (USD Million)
6.4. Market Size Estimates and Forecasts – By Type (USD Million)
6.4.2. Enterprise Resource Planning
6.4.3. Customized accounting software
6.4.4. Tax management software
6.5. Market Size Estimates and Forecasts – By End-Use Industry (USD Million)
6.5.1. Banking Financial Services and Insurance (BFSI)
6.5.2. Information technology and telecommunications
6.5.3. Government and the public sector
6.5.5. Retail and consumer goods
6.5.6. Oil and gas
6.5.8. Health care
6.5.9. Construction and real estate
6.5.10. Other (education, media and entertainment, etc.)
Quick Buy – Accounting Software Market Research Report
how big is aAccounting Software Market?
The accounting software market size was valued at USD 11.07 billion in 2018.
How fast is the accounting software market growing?
Accounting Software Market to register a CAGR of 8.02% during the forecast period 2019-2026
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