Accounting Software Market Size to Reach USD 22910 Million by 2027 at CAGR 7.1% - Valuates Reports

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Oct 06, 2021, 09:00 ET

BANGALORE, India, Oct. 6, 2021 /PRNewswire/ -- The Accounting Software Market is Segmented by Type (Embedded Accounting Software Packages, Online Solutions Accounting Software, Desktop Non-Embedded Solutions Accounting Software), Application (Manufacturing, Services, Retail). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Accounting & Auditing Category.

The global Accounting Software market size is projected to reach USD 22910 Million by 2027, from USD 14170 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period 2021 to 2027.

Major Factors Driving The Growth Of The Accounting Software Market Are:

Accounting software is used to keep track of accounting activities or handle money coming in and out of an organization. Account payables, account receivables, business payroll, and general ledger, among other business modules, are all managed using the software. These features are in turn expected to increase the adoption among SMEs and thereby drive the growth of the accounting software market.

During the forecast period, the growing tendency of small and medium businesses working with e-commerce players and integrating with other online applications, such as automated bank feeds and automated billing capabilities, is likely to increase accounting software adoption.

The increasing need for better account management solutions in SME and other micro organizations, as well as increased penetration of business accounting mobile applications to manage business functional modules, are driving the accounting software industry growth.

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Trends Influencing The Growth Of The Accounting Software Market

The ongoing move from the traditional method of manually maintaining financial records to using an accounting information system is a significant trend in the accounting software market. Accounting software used to be focused on basic accounting functions including general ledger, accounts receivable, accounts payable, payroll, and inventory. Accounting software now integrates with CRM, supply chain management, human resource management, and dashboard and reporting systems. Accounting software processes and records all financial activities in functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It keeps track of transactions, cash flows, does computations and provides dashboards and reports in the same way. Accounting software is widely used by both large and small businesses to keep track of financial transactions. Increasing adoption from both large and small businesses is expected to drive the growth of the accounting software market.

Increasing Demand for Cloud-Based Accounting Software is expected to provide lucrative growth opportunities for the player in the accounting software market. Today's leading accounting solutions provide real-time business visibility through dashboards and reports that are simple to build. Financial aggregation, reporting, and analysis across numerous corporate units are becoming increasingly important. Accounting software is being used by businesses to manage their finances. The end-use sectors are progressively embracing cloud-based and accounting software as demand for cloud computing grows, as it saves processing time and costs.

Accounting platforms are going beyond accounting to become marketplaces for financial and business consulting services, with extensive and expanding app ecosystems that allow small businesses to plug in the other products they use to run their firm. The manual data input task that traditionally constituted the majority of accountants' work is steadily becoming automated through integrations, from accounts payable to cash flow forecasting to audits to loan management. Over the next few years, accounting software companies with the broadest range of integrated products and services, from payments to insurance, will gain the most market share.

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Accounting Software Market Share Analysis

North America is expected to witness significant growth during the forecast period. The presence of strong and prominent players operating in accounting software across the United States, as well as spending by the United States government for the provision of accounting management systems in various public and private organizations, are likely to drive growth in the North American region.

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Leading Players in the Accounting Software Industry

Intuit
Sage
SAP
Oracle (NetSuite)
Microsoft
Infor
Epicor
Workday
Unit4
Xero
Yonyou
Kingdee
Acclivity
FreshBooks
Intacct
Assit cornerstone
Aplicor
Red wing
Tally Solutions Pvt. Ltd

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