Accounting Software Market to Gain $37.63 Billion, by 2032 with 10.52% CAGR: States The Brainy Insights


Accounting software market size is anticipated to grow from USD 13.84 Billion to USD 37.63 Billion in 10 years. Accounting software is being used more often in end-use sectors as a result of the growing automation of accounting procedures and the digitization of financial activities. North America region emerged as the most significant global accounting software market, with a 35.18% market revenue share in 2022.

Newark, Dec. 05, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 13.84 Billion in 2022 accounting software market will reach USD 37.63 Billion by 2032. The overall trend towards cloud-based computing integrated into financial divisions of enterprises and the growing usage of accounting software by small and medium-sized businesses are the main drivers of the market’s growth. Companies purchase accounting software to boost efficiency by replacing their old system. Accounting calculations are complex, labor-intensive, and time-consuming. Accounting software, on the other hand, can perform calculations accurately and dependably without requiring human input.

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Key Insight of the Accounting Software Market

Asia Pacific is anticipated to expand at the highest CAGR of 12.56% over the projection period.

Asia Pacific is expected to grow at the highest CAGR of 12.56% over the forecast period. Accounting software is expected to grow more quickly in the Asia-Pacific region, mainly because of the region’s growing adoption of cloud computing solutions and technology. In addition, the rise in small enterprises and SME investment will likely contribute to the growth of the cloud and SaaS market. By implementing numerous initiatives to boost business confidence in the cloud, local governments play a pivotal role in the development of the cloud integration services market throughout the area, hence creating new opportunities for the market. The government’s growing emphasis on the market to support organisational payments and transactions and generate a record of debt, liabilities, and assets is driving up demand for the market.

The services segment is expected to register the highest CAGR of 13.36% over the projected period in the accounting software market.

The services segment is anticipated to grow at the highest CAGR of 13.36% in the accounting software market. This is explained by the fact that accounting services have many advantages, including simple tax filing, trial balances, cash flow assessments, balance sheets, invoicing, income and expense statements, and payroll. These services also improve software implementation, reduce deployment risks and costs, and optimise the value of current installations.

Over the projected period, the cloud segment is expected to register the highest CAGR of 13.85% in the accounting software market.

Over the forecasted period, the cloud segment is anticipated to grow at the highest CAGR of 13.85% in the accounting software market. The increased use of cloud-based accounting software can be attributed to its affordability and ease of maintenance. Furthermore, it offers scalability and flexibility to improve business processes, which drives the market for accounting software expansion.

Report Coverage and Details:

Report Coverage   Details  
Forecast Period   2023–2032
Base Year   2022
Market Size in 2022  $13.84 Billion
Market Size in 2032 $37.63 Billion
CAGR   10.52%
No. of Pages in Report   239
Segments Covered   Component, Deployment Mode, Regions
Drivers   Growing requirement for accounting software based on the cloud
Opportunities   Easy process for billing and invoicing

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Market Dynamics

Driver: Growing requirement for accounting software based on the cloud

Well-known technologies currently provide instantaneous company visibility through the creation of reports and a straightforward interface. There is a noticeable increase in the amount of accurate financial reporting, compilation, and analysis from several corporate entities. Organisations use accounting software to manage their money. Because cloud-based accounting software saves time and money, end-use sectors are adopting it at a faster rate. This trend can be partially attributed to the growing demand for cloud computing. The organization’s primary consideration when choosing cloud-based accounting software is security. The market will expand throughout the estimated period due to the rising demand for cloud-based accounting software.

Opportunity: Easy process for billing and invoicing

Billing and invoicing are essential business processes that generate the majority of the revenue for the organisation. Manually processing paper invoices is time-consuming, laborious, and prone to mistakes. When a user receives recurrent transactions, they are unable to generate accurate invoices each and every time a customer makes a purchase from them. It is quite tough to maintain track of bills and remind clients when they need to pay without automated solutions. Accounting software successfully addresses these issues and has features that make creating invoices easier. The market will have several opportunities over the anticipated time because of the efficient billing and invoicing process.

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Some of the major players operating in the accounting software market are:

• Microsoft Corporation
• Infor Inc.
• Xero Ltd.
• Oracle Corporation
• Sage Software Inc.
• Unit4 Business Software Limited
• Intuit Inc.
• Epicor Software Corporation

Key Segments cover in the market:

By Component:

• Services
• Solution

By Deployment Mode:

• Cloud
• On premise

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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