Accounting Software Market Overview:
As per the analysis by Market Research Future Reports (MRFR), the global accounting software market is estimated to record a CAGR of 8.92% and value USD 26,600 million during the forecast period from 2018 to 2024. The increased demand for real time computing of applications is one of the most important factors driving the global accounting software market 2020. Besides, there has been an increasing adoption of database management systems, which plays a vital role in expanding the market. Also, there has been a rise in demand for business intelligence and analytics, which has propelled the global market. Another major factor that elevates the demand the increasing trend of big data analytics, analytics, and cloud computing.
Moreover, the rise in demand for an advanced accounting solution, automated solution, and the fast adoption of cloud-based accounting software are augmenting the presence of a market. On the other hand, the established key players like Oracle Corporation, IBM Corporation, and Microsoft Corporation are making significant investments into the software market owing to the increasing demand from several verticals like manufacturing, BFSI, healthcare, IT & Telecommunication among others. This is another factor which is intensifying the market. Furthermore, several opportunities are emerging from the amalgamation of artificial intelligence with accounting and mobile-based accounting software. However, the concerns regarding data security, expenses related to accounting software are the factors that impede the growth of the Accounting Software Market.
Due to the sudden outbreak of novel coronavirus, there has been an immense change in the market dynamics. Several regions have been affected due to the pandemic. We will provide COVID-19 impact analysis with the report.
Major Key Players:
The forefront players of the global accounting software market are SAP, Intuit Inc., Sage, Oracle, Xero Limited, Microsoft, Kingdee Internation Software Group (HK) Ltd. Priority Software, Assist Cornerstone, FreshBooks, Epicor, Tally Solutions Private Limited, yonyou (Hong Kong) co., Ltd., Infor, Unit4, Workday, and few others. Intuit Inc., Sage, SAP, Oracle, Microsoft, and Xero Ltd. is the top best-established companies in the global accounting software market.
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The global accounting software market can be segregated on the basis of deployment, organization size, industry, and region.
- On the basis of deployment, the global accounting software market can be classified into cloud-based and On-premise.
- On the basis of organization size, the global accounting software market can be classified into small and medium enterprises and large enterprises.
- On the basis of industry, the global accounting software market can be classified into Retail & E-commerce, IT & Telecommunication, BFSI, Manufacturing, Healthcare, and Others.
- On the basis of region, the global accounting software market can be classified into Europe, North America, and Asia-Pacific.
The regional analysis of Europe, North America, and Asia-Pacific has been conducted. As per the analysis by MRFR, the North American region acquires the largest market share for the accounting software market. The region consists of the established key players who are technically developed. Besides, the presence of high-growth industry sectors such as healthcare, information technology, manufacturing, and e-commerce and retail plays an important role in propelling the market.
The growth in the North American region is primarily dominated by the US and Canada. The expansion of the market can be attributed to the rising demand for cloud computing applications in the region. On the other hand, the Asia-Pacific region is likely to grow at the fastest rate during the review period. The APAC region consists of the fastest developing economies like India and China, who are adopting the latest technologies at a swift pace.
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