Accounting Software Market Size 2020 to 2024 Status and Trend by Leading Companies, Regional Outlook

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Sep 28, 2020 (AmericaNewsHour) —
Global Accounting Software Market: By Industry (BFSI, IT & Telecommunication, Manufacturing, Retail & E-commerce, Healthcare, and Others), By Deployment (On-premise and Cloud-Based), By Organization Size (SME and Large) and Region – Forecast Till 2024

The global accounting software market is set to witness a CAGR of 8.92% during the projection period (2018-2024) and reach a valuation of more than USD 26,600 million. Factors such as increased demand for automated solution, demand for advanced accounting solution and rapid adoption of cloud-based accounting software are ushering market growth.

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In addition, lucrative opportunities are emerging from integration of artificial intelligence with accounting and mobile/app-based accounting software. However, additional cost associated with accounting software and concerns regarding data security are factors somewhat hindering the growth of the accounting software market.

Global Accounting Software Market, By Region, 2018

Regions such as North America, Europe, and Asia-Pacific are likely to present lucrative opportunities to market players in the forthcoming years. Rising number of SMEs and self-owned businesses is supporting the growth of the market in these regions. North America is currently the largest market for accounting software and the trend is likely to continue beyond 2019. Over the years, the subscriber base of accounting software has continued to grow at rapid pace in the region. The North America accounting software market is expected to exhibit a CAGR of 8.99% during the forecast period and reach a valuation of over USD 9,500 million. The presence of high-growth industry verticals such as information technology, healthcare, manufacturing, e-commerce and retail is providing an impetus to the market in North America.

Companies Covered

Intuit Inc., Sage, SAP, Oracle, Microsoft, Xero Limited, Kingdee Internation Software Group (HK) Ltd. Priority Software, FreshBooks, Assist Cornerstone, Epicor, Unit4, Tally Solutions Private Limited, yonyou (Hong Kong) co., Ltd., Infor, and Workday.

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Intuit Inc., Sage, SAP, Oracle, Microsoft, and Xero Limited. are the top six companies in the global accounting software market. As a part of growth strategy, market players are adopting various approaches such as regional expansion and new product development. Many companies are also focusing on offering new production techniques and products with innovative technology.

The report covers the development strategies adopted by the companies between 2015 to 2018.

Key Development

Intuit recently launched a new QuickBooks ProAdvisor Program in the US, Canada, and Australia. This new program is built into QuickBooks Online Accountant to support global accounting trends.

In October 2018, Oracle launched new core-to-edge cloud security technologies that help to secure customer data and combat sophisticated cyber threats with layers of defense.

Xero Limited recently announced its first full-featured API for bank feeds that enables banks, financial technology companies and financial institutions of all sizes to give their small business customers faster access to financial data directly from the platform.

Market Segmentation

By Industry – BFSI, IT & Telecommunication, Manufacturing, Retail & E-commerce, Healthcare, and Others.

By Deployment – On-premise and cloud-based.

By Organization Size – SME and Large.

Industry Analysis

In terms of value, the manufacturing segment accounted for 33% market share in 2018 with a market valuation of USD 5,362.4 Mn. During the forecast period, the segment is expected to exhibit a CAGR of 9.49%. Accounting software finds widespread application in the manufacturing industry. It is used to process back-end transactions and front-end documents. Moreover, it allows continuous financial monitoring as well as reduces accounting errors.

Deployment Analysis

In 2018, the on-premise segment accounted for 58.89% market share. The segment is expected to reach a market valuation in excess of USD 15,300 million by 2024 up from USD 9,038.2 million in 2017, reflecting a healthy growth rate. Advantages such as increased customization & control of systems, ease of integration with third-party applications and independent operation capability continues to drive the adoption of on-premises accounting software.

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Organization Size

The SME segment will continue to outperform the large segment during the forecast period. In 2018, the segment was valued at USD 9,692.7 Mn and is expected to witness a CAGR of 9.35% over 2023. Sales, assets, expenses, and equity transactions are common in SME hence utilization of accounting software is rampant among such business.

Key questions addressed by the report

Which applications / segments provides the maximum growth opportunity?

What are the emerging technologies and how it would disrupt the market?

Who are the key players dominating the market, followed by other prominent vendors and strategies adopted by them?

What was the market size and what would be the forecast in next few years?

Regional and country attractiveness: mid to long term outlook?

Market dynamics including trends, opportunities, drivers, challenges and how this would impact the market eco-system?

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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