2024-2033 Accounting Software Market Forecast: Predicted Growth Rate and Market Size
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How Rapidly is the Accounting Software Market Forecasted to Grow Between 2024 and 2033?
In recent times, the market size of accounting software has seen a swift expansion. It is projected to increase from $16.98 billion in 2023 to $18.82 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 10.8%. The notable growth during the historic period can largely be credited to the adoption by small and medium-sized enterprises (SMEs), adherence to tax compliance obligations, and integration with existing business systems.
In the forthcoming years, the accounting software market is anticipated to witness significant growth, expanding to $29.36 billion by 2028 with a compound annual growth rate (CAGR) of 11.8%. The projected growth in the forecast period can be linked to developments in analytics and reporting, mobile compatibility, globalization, and support for multiple currencies, as well as industry-specific solutions. Key trends expected during the forecast period consist of the incorporation of artificial intelligence (AI) and machine learning (ML), mobile accounting applications, interoperability with fintech services, an emphasis on user experience (UX) and aesthetics, and the use of blockchain for improved security.
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What Factors Are Behind the Rapid Growth of the accounting software Market?
There’s a surging interest for automation in the field of accounting, and this is propelling the expansion of the accounting software market. Financial and accounting professionals globally are increasingly seeking to enhance the efficiency of their accounting procedures, thus driving the demand for accounting software. Based on an Airbase survey in 2022, a platform for spend management, which included close to 200 financial and accounting professionals from the US, 78% of participants confirmed that automation would positively contribute to their growth, with 47% indicating that the lack of automation resulted in a waste of time and resources. Therefore, the intensified focus on automating accounting processes is steering the growth of the accounting software market.
What Are the Principal Segments of the Accounting Software Market?
1) By Component: Solution, Services
2) By Type: Spreadsheets, Commercial Accounting Software, Enterprise Accounting Software, Custom Accounting Software
3) By Deployment Mode: On-Premise, Cloud
4) By Enterprise Size: Large Enterprises, SMEs
5) By Industry Vertical: BFSI, Retail and Ecommerce, Manufacturing, IT and Telecom, Healthcare, Government and Public Sector, Energy and Utilities, Media and Entertainment, Other Verticals
What Emerging Patterns Are Redefining the Accounting Software Market?
The rise of technological innovation is a primary trend making waves in the accounting software market. Several leading firms in this market are incorporating cutting-edge technologies like AI (artificial intelligence) to introduce novel solutions. To illustrate, Xero, an accounting software corporation from New Zealand, just in July 2021, brought forward a new planning, insights, and reporting tool called Analytics Plus. This tool is specifically designed for small and medium enterprises, using AI to blend cash flow forecasting and superior predictions in order to provide these businesses with a deeper understanding of various financial parameters.
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Which Geographical Regions Are Shaping the Accounting Software Market Growth?
North America was the largest region in the accounting software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Accounting Software Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the accounting software market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Accounting Software Market Include
1. Accounting Software Market Executive Summary
2. Accounting Software Market Segments
3. Accounting Software Market Size And Template Market Growth Rate
4. Key Accounting Software Market Trends
5. Major Accounting Software Market Drivers
……
25. Key Mergers And Acquisitions In The Accounting Software Market
26. Top Accounting Software Companies
27. Accounting Software Market Opportunities And Strategies
28. Accounting Software Market, Conclusions And Recommendations
29. Appendix
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