$43.17 Billion Forecast for Accounting And Budgeting Software Market by 2029, Backed by Demand and Innovation
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What Are the Projected Market Size and Growth Rates for the Accounting And Budgeting Software Market From 2025 To 2029?
The size of the market for accounting and budgeting software has seen significant expansion lately. It’s expected to escalate from a worth of $24.01 billion in 2024 to approximately $26.72 billion in 2025, marking a compound annual growth rate (CAGR) of 11.3%. Factors such as the digital transformation of accounting, the necessity for regulatory compliance, initiatives for cost-cutting, and market competition have all contributed to its historical growth.
The market size of accounting and budgeting software is anticipated to expand significantly in the upcoming years, reaching a value of $43.17 billion in 2029, with a compound annual growth rate (CAGR) of 12.7%. This growth during the forecast period can be attributed to factors such as the adoption of cloud computing, automation and AI integration, telecommuting, globalization and scalability, as well as concerns over cybersecurity. Major forthcoming trends within the forecast period are expected to include mobile accounting applications, data analytics and predictive insights, e-commerce platform integration, user experience and design improvements, and sustainability reporting.
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What Are the Core Growth Drivers Propelling the Accounting And Budgeting Software Market Forward?
The growth of the accounting and budgeting software market is projected to be fuelled by the rising number of startups. The term startups represents companies or businesses that are in their infancy, sprouting and burgeoning. Accounting and budgeting software tailored for startups simplifies financial management, assists in keeping tabs on outgoings, hones budgets, and delivers vital real-time data necessary for making educated decisions in the initial stages of growth. For example, according to the Center for Entrepreneurs’ business startup index report 2022, a foundation promoting entrepreneurship in the UK, reported that new business registrations hit an all-time high in 2022, witnessing a 4.53% growth from 2021, to reach 790,390 startup registrations that year. Consequently, the multiplying number of startups propels the accounting and budgeting software market.
What Segment Types Define the Accounting And Budgeting Software Market Structure?
The accounting and budgeting software market covered in this report is segmented –
1) By Type: Accounting Software, Budgeting Software
2) By Deployment Type: On-Premise, Software As A Service (SaaS)
3) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises
4) By Application: Personal Money Management, Business Money Management
5) By Industry Vertical: Information Technology(IT) And Telecom, Healthcare, Government And Public Sector, Energy And Utilities, Banking, Financial Services And Insurance (BFSI), Retail And Ecommerce, Manufacturing, Other Industry Verticals
Subsegments:
1) By Accounting Software: Small Business Accounting Software, Enterprise Accounting Software, Cloud-Based Accounting Solutions, On-Premise Accounting Solutions
2) By Budgeting Software: Corporate Budgeting Software, Personal Budgeting Software, Budget Forecasting Tools, Collaborative Budgeting Solutions
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Which Geographic Areas Hold the Strongest Growth Potential in the Accounting And Budgeting Software Market?
North America was the dominant region in the accounting and budgeting software market in 2024. The regions covered in the accounting and budgeting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which Emerging Trends that Are Influencing the Accounting And Budgeting Software Industry Evolution?
Trend one underlines the rising trend of advancements in tools for tracking accounting, which is becoming increasingly popular in the market for software applications for accounting and budgeting. Leading players in this market are unveiling innovative tracking and management tools for accounts to cater to specific needs and maintain their foothold in the market. For instance, in June 2023, Ledgible, an American firm specializing in audit and accountancy software, rolled out a novel suite for NFTs. This suite provides an array of services related to the management of NFT portfolios, including accounting and tax tracking, reporting, and all-round planning. It is an exhaustive tool for tracking portfolios, catering to active investors, traders, and funds, and allowing easy access to NFT portfolios based on Ethereum. It keeps track of, and displays, data on realized and unrealized profits or losses, which facilitates informed decisions on buying and selling.
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What Is the Definition of the Accounting And Budgeting Software Market?
Accounting and budgeting software refers to computer programs or applications designed to assist businesses and individuals in managing their financial records, tracking income and expenses, preparing financial statements, and creating budgets. It is used to efficiently manage financial data and streamline financial processes for businesses and individuals by keeping track of an organization’s actual expenditure and sales data versus budget, defining key performance indicators (KPIs), and reporting in real-time on the performance of your business.
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