Market Highlights
Market Research Future (MRFR) in its latest report projects that the global accounting software market will post a strong CAGR of 8.92% from 2018 to 2024 and surpass a valuation of USD 26,600 million by 2024. Growing demand for advanced, automated, and efficient accounting solutions coupled with increased adoption of cloud-based accounting software are some of the key factors driving the market growth.
Expansion of sectors such as manufacturing, retail, IT & telecom, and BFSI are directly linked with the global accounting software market growth. Furthermore, introduction of mobile/app-based accounting software and increased investment in adopting automated solutions is anticipated to boost market demand. Rising preference for these solutions in financial processing, recording, and reporting is reflecting favorably on the market. Substantial rise in number of start-ups in fast-developing regions is likely to boost subscriber base of accounting software during the projection period. Nonetheless, factors such as susceptibility to data theft and high cost of accounting software are undermining the market potential to some extent.
Segmentation:
The segmental analysis of the market is based on industry, deployment and organization size.
By industry, the market has been segmented into IT & telecommunication, retail & e-commerce, healthcare, BFSI, manufacturing and others. The manufacturing segment holds leading market share. In 2018, the segment was valued at USD 5,362.4 million and is set to post a CAGR of 9.49% during the forecast period. Robust application of accounting software in the global manufacturing industry continues to drive the segment’s growth. The retail & e-commerce segment is expected to retain the second spot over 2024. The segment was valued at USD 3,033.5 million in 2018. Based on deployment, the market has been segmented into on-premise and cloud-based. The on-premise segment commanded for 58.89% share of the market in 2018 and likely to post a healthy growth rate over the next couple of years. Deployment of on-premise accounting software is high owing to its several user-friendly attributes and high operational viability. On the basis of organization size, the market has been segmented into large and SME. The SME segment is expected remain highly profitable over the next several years. The segment represented a market valuation of USD 9,692.7 million. During the forecast period, the segment is likely to grow at a CAGR of 9.35%. Growth in SMEs coupled with the increased reliance on accounting software by small businesses is driving the market demand.
Regional Analysis
On the basis of region, the market has been segmented into Europe, Asia Pacific (APAC), North America, South America, the Middle East, and Africa. Of these, North America commanded a 35.7% market share in 2018 and is likely to retain its top position over 2024. Technologically advanced countries such as the U.S. and Canada put North America at a desirable position in the global accounting software market. These countries are also the early adopters of new-age accounting solutions. There is a massive subscriber-base for accounting software in North America, which is expected to grow further in the forthcoming years. In addition, growth of end-use sectors such as healthcare, information technology, e-commerce, retail, manufacturing among others is an important growth enabler of the market. Asia Pacific and Europe are the other two important market for accounting software. The number self-owned businesses and SMEs have grown tremendously in region, which boosting investor confidence in these regions.
Competitive Landscape
Some of the leading companies operating in the market include SAP, Microsoft, Priority Software, Intuit Inc., Assist Cornerstone, Tally Solutions Private Limited, Infor, Sage, Xero Limited, FreshBooks, Workday, Kingdee International Software Group (HK) Ltd., Oracle, yonyou (Hong Kong) co., Ltd., Unit4 and Epicor.
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