Accounting software market worth US$20.4 billion by 2026

According to Fortune Business Insights, the global accounting software market size is projected to reach USD 20.4 billion in 2026, at a CAGR of 8.02% during the forecast period 2019-2026.

Pune, India, January 23, 2023 (GLOBE NEWSWIRE) — Global Accounting software market size It was valued at US$11.07 billion in 2018. US$20.4 billion by 2026 The CAGR during the forecast period is 8.02%. Fortune Business Insights™ shares this information in their latest research report, Accounting Software Market Forecast, 2013-2026. The rapid shift from traditional methods of managing financial records to the adoption of accounting information systems is an important trend in global markets. The increasing demand for computerized accounting in various end-use industries has led to a surge in the adoption of accounting software.

Development of major industries

Infor has acquired Efficient Frontiers, Inc. Known as ReServe Interactive. The acquisition is intended to help Infor expand its presence in stadiums, entertainment centers and convention centers.

RMS has partnered with a leading cloud-based financial platform called M3 to help clients provide the best hotel management solutions.

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Report scope and segmentation

important point

• The North American accounting software market was worth US$3.75 billion in 2018

• Large and medium-sized businesses rely heavily on accounting software to monitor their financial transactions.

• Cloud-based accounting software will show significant growth during the forecast period 2019-2026.

• By end-user, BFSI and IT generate the highest demand in the cloud-based accounting software market

• Key drivers include real-time reporting, cost effectiveness, and cloud storage.

story continues

Growth driver:

• Demand for Custom Accounting Software to Stimulate Growth

• Fortune Business Insights Lead Analyst said: “Conventional accounting software lacks technological competitiveness, creating an environment for the expansion and sophistication of the accounting software market,” he added.

• Accounting software helps you manage your payroll, performs several other functions, saves you time and money, and provides key insights to better understand your business.

• In the next few years, accounting software user interfaces are expected to become more attractive to meet customer requirements.

• Accounting software helps you be more efficient with features to manage your accounts receivable, accounts payable, general ledger, and more.

• Accounting calculations are complex and cumbersome, so businesses should purchase this software to perform accurate calculations without human intervention. Considering these factors, we believe that small businesses should adopt accounting software.

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Regional Insights:

Increased Adoption of Technology-Driven Solutions in North America Drives Growth

In 2018, the North American market was worth US$3,759.4 million. This region is expected to lead the global accounting software market throughout the forecast period. The US government is spending more to install accounting software systems in private and public institutions. This, coupled with the player’s strong presence in the United States, is expected to create growth opportunities for the market in the coming years.

Increasing adoption of modern technologies in the Asia-Pacific region is driving the market. The spread of corporate accounting apps has made it possible to grow in the global market. The region is expected to record strong demand for corporate relationship planning software to manage spreadsheets and better understand tax administration. Additionally, the market generated a value of US$2,635.9 million in 2018.

List of companies active in the global accounting software market:

• Oracle (NetSuite) (US)

• Sage Group Plc. (UK)

• Zeta Software LLC (UK)

• Microsoft Corporation (USA)

• Epicor Software Corporation (USA)

• Xero Ltd. (New Zealand)

• SAPSE (Germany)

• Intuit Inc. (USA)

• Infor, Inc. (USA)

• Acumatica Inc. (USA)

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Main table of contents:

5.1. Main Findings/Summary

5.2. Market Size Estimation and Forecast – By Component (USD Million)

5.2.1. Software

5.2.1.1. Clouds

5.2.1.2. On the premises

5.2.2. Services

5.2.2.1. Managed

5.2.2.2. Pro

5.3. Market Size Estimation and Forecast – By Company Size (USD Million)

5.3.1. Large

5.3.2. SMEs

5.4. Market Size Estimation and Forecast – By Type (USD Million)

5.4.1. Spreadsheet

5.4.2.ERP

5.4.3. Custom Accounting Software

5.4.4. Tax management software

5.5. Market Size Estimation and Forecast – By End-Use Industry (US$ Mn)

5.5.1. Banking Financial Services and Insurance (BFSI)

5.5.2. IT and Communications

5.5.3. Government and public sector

5.5.4. Automobiles

5.5.5. Retail and Consumer Goods

5.5.6. Petroleum gas

5.5.7. Manufacturing

5.5.8. Health management

5.5.9. Construction and real estate

5.5.10. Other (Education, Media & Entertainment, etc.)

5.6. Market Analysis, Insights and Forecasts – By Region (USD Million)

5.6.1. North America

5.6.2. Europe

5.6.3. Asia Pacific

5.6.4. Middle East and Africa

5.6.5. Latin America

6. North America Accounting Software Market Analysis, Insights and Forecasts, 2015-2025

6.1. Main Findings/Summary

6.2. Market Size Estimation and Forecast – By Component (USD Million)

6.2.1. Software

6.2.1.1. Clouds

6.2.1.2. On the premises

6.2.2. Services

6.2.2.1. Managed

6.2.2.2. Pro

6.3. Market Size Estimation and Forecast – By Company Size (USD Million)

6.3.1. Large

6.3.2. SMEs

6.4. Market Size Estimation and Forecast – By Type (USD Million)

6.4.1. Spreadsheet

6.4.2.ERP

6.4.3. Custom Accounting Software

6.4.4. Tax management software

6.5. Market Size Estimation and Forecast – By End-Use Industry (US$ Mn)

6.5.1. Banking Financial Services and Insurance (BFSI)

6.5.2. IT and Communications

6.5.3. Government and public sector

6.5.4. Automobiles

6.5.5. Retail and Consumer Goods

6.5.6. Petroleum gas

6.5.7. Manufacturing

6.5.8. Health management

6.5.9. Construction and real estate

6.5.10. Other (education, media & entertainment, etc.)

TOC continues…!

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Frequently Asked Questions

how big isAccounting software market?

In 2018, the accounting software market was worth US$11.07 billion.

How fast is the accounting software market growing?

The accounting software market will exhibit a CAGR of 8.02% during the forecast period 2019-2026.

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