Accounting Software Market
The Accounting Software Market was valued at USD 11,037 million in 2019 and is predicted to grow at a robust CAGR of 8.1% over the forecast period (2020-2027).
The factors driving the growth of Accounting Software Market includes growing demand for financial and accounting software solutions and collaboration between small and medium enterprises and e-commerce players for automating banks feeds. Moreover, the integration of advanced technologies such as artificial intelligence and Cloud Computing with accounting software and increasing investments in industries such as BSFI, Health and E-commerce, are some of the additional factors supplementing the Accounting Software Market share. As per the report published by FDI India, during the FY2021, the Foreign Direct Investment (FDI) inflows in the BSFI Industry in India was valued at USD 81.72 billion, witnessing a 10% as compared to 2019-20. In addition, the advancement in IT Infrastructure around the world and growing adoption of mobile based accounting software, are further accelerating the Accounting Software Market size.
However, the growth of Accounting Software Market is hindered due to increasing data security and privacy concerns.
The major players operating in the market are Zeta Software, Microsoft, Infor, and Acumatica, Inc., picor Software Corporation, Xero Limited, Oracle, Sage, SAP, and Intuit among others.
Type – Segment Analysis
Based on type, the billing and invoice system segment is expected to capture sizeable market share over the forecast period. The increasing application of cloud-based accounting software for billing and invoicing along with its cost-effective features, are some of the key factors augmenting the growth of the segment.
End Users – Segment Analysis
Based on end users, the BFSI segment is predicted to lead the market during the forecast period owing to increasing use of accounting software in BSFI industry for managing client’s prtfolio, reconciling bank account and preparing financial reports.
Regional – Segment Analysis
Based on region, Asia-Pacific is projected to expand at a significant CAGR during the forecast period. The increasing number of mobile applications, adoption of advanced technologies, growing financial literacy, expansion of the BSFI Sector, rising disposable incomes and high population density, are some of the important factors propelling the market growth in Asia-Pacific.
Global Accounting Software Market by Type
- Billing and Invoice Systems
- Payroll Management Systems
- Enterprise Resource Planning Systems
- Time and Expense Management Systems
Global Accounting Software Market by Deployment
Global Accounting Software Market by End Users
- IT and Telecommunication
- Public Sector
- Retail and Consumer Goods
- Oil Gas
- Construction and Real Estate
Global Accounting Software Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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