The integration of performance and accounting technology with mobile / app-based accounting software has created an opportunity for market growth
Covid-19 Impact & Market Status
The COVID-19 epidemic are social and physical isolation, partial or complete closure, and the establishment of confinement zones. These measures have led to the closure of various businesses, as well as the loss of many large businesses. The manufacturing, retail and electronics industries, tourism, automotive, transportation, and hospitality are among the most affected. The need for accounting software is driven primarily by factors, such as the growing need for advanced, automated, and effective accounting solutions and the increasing adoption of cloud-based accounting software. But since the outbreak of COVID-19, most businesses are working to reduce additional costs, including costs associated with accounting software. Also, concerns about data security are some of the obstacles to the growth of the accounting software market. The costs incurred in maintaining and customizing software, related training, and computer software required to run accounting software limit its acceptance. For the registration of any accounting software, the software license fee must be paid, and the software needs to be updated and updated monthly, quarterly, or annually. Due to the current economic downturn, most SMEs are expected to outsource their accounting activities instead of using internal accounting software.
On-premise has Accounted for Highest Revenue during the Prediction Period
The global market is segmented into on premises and cloud. On the basis of business size, the market is divided into large and medium and small businesses. Based on the end-to-end industry, the global market is divided into banking and insurance financial services, IT & telecommunication, government and the public sector, automotive, consumer goods and services, oil and gas, manufacturing, health care, construction and retail, and others. Geographically, the market is divided into five major regions, namely North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Regions are also divided into countries.
High Opportunities in cloud based accounting software
The cloud based are expected to register a large share in the revenue of the global market. The growing market demand for custom and secure architectural software for unmanned aerial vehicles for military and commercial users may be fuelling the market demand for closed Accounting Software worldwide. Companies are also very interested in working with technology companies to improve their software. For example, in February 2021, SenseFly introduced the expansion of its flagship solution - eBee Geo, which was listed as an affordable option for testers. Therefore, this feature will serve as an important factor in driving global market growth.
Asia Pacific holds the largest share during the forecasted Period
Asia-Pacific is expected to grow rapidly with accounting software, largely due to factors such as increased penetration of mobile accounting applications and higher adoption of cloud computing technology and solutions across the region. In addition, the emergence of small businesses and the growth of SME investment in the cloud and the SaaS market are likely to boost market growth.
Through various programs to build more business confidence in the cloud, local governments play a key role in the development of the cloud computing services market across the region, hence, enhancing more market opportunities.
Also, the growing focus of government in the region to facilitate organizational payments, transactions, and the production of track debt, debt, and assets increases the need for a readable market.
An accounting software is a software that monitors and records the financial performance within operating modules such as paid accounts, receivable accounts, payment, and trial balance. It works great as an accounting information system. In addition, accounting software also monitors cash flow, transactions, accounting, and reporting. Finally, accounting software can help improve profitability, efficiency, effectiveness, and reduce costs.
Accounting software solutions are used to simplify the calculation process, save time, and ensure accurate transactions between companies and customers. These systems are designed to maximize productivity by archiving, automatically, and integrating human resource systems. Applying accounting software to all SMEs helps to reduce errors in dealing with customers and companies, thereby improving relationships and dignity, while ensuring time to focus on the core business vision.
The growing trend of small and medium-sized businesses that interact with e-commerce players and integration with other online applications, such as automated banking, automated billing features, among other things, is expected to further the adoption of accounting software during forecasting. It helps increase efficiency, as it is used to track all accounting activities and manage cash flow in and out of a business. The software has also emerged as the best solution for managing corporate accounts, as it can easily manage account payments, account receipts, business payments, and general ledger, as well as other business modules.
The global Accounting Software market is projected to be around USD 17,531.0 million by 2028, at a CAGR of 8.34 % during the prediction period.
The accounting software market is centralized. Top players occupy a large portion of the market. In addition, existing players already have their clients, who do not want to switch to new players, and new players are not able to support the market as long as they are acquired by top players over time. Some of the key players include Intuit Inc., Sage Software Inc., Oracle Corporation, SAP SE, Microsoft Corporation, Infor Inc., Drone deploy Inc , and others.
Key Findings in the Global Accounting Software: a Snapshot
- The global market is expected to have significant growth in the forecast period due to the need for computerized accounting. The significant trend noted in the accounting software industry is due to the ongoing shift from the traditional method of keeping personal financial records to the use of an accounting information system.
- In the past, accounting software focused on basic accounting requirements such as regular ledger, accounts receivable, accounts receivable, fees, and inventory from time to time. Today, accounting software works with Customer Relationship Management (CRM), supply chain management, staff management, and dashboards and reporting systems.
- An accounting software is used to process and record all financial transactions within operating modules such as paid accounts, receivable accounts, payments, and trial balances. Similarly, it also monitors developments, cash flows, performs calculations, and generates dashboards and reports. Big businesses and small and medium enterprises make extensive use of accounting software to monitor financial transactions.
Accounting Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 17,531.0 million|
|Growth Rate||CAGR of 8.34% during 2021-2028|
|Segment Covered||Product, Organization, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, The Middle East and South Africa|
|Key Players Profiled||Intuit Inc., Sage Software Inc., Oracle Corporation, SAP SE, Microsoft Corporation, Infor Inc., Drone deploy Inc , and others.|
Key Segments of the Global Accounting Software
Product Deployment Overview, 2018-2028 (USD Million)
- Cloud based
Organization Overview, 2018-2028 (USD Million)
- Small and Medium Enterprises
- Large Enterprises
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa
- Saudi Arabia
- Rest of MEA