Accounting Software Market Overview:
Market Research Future analysts suggest that the global accounting software market, with the previous valuation, will exhibit a healthy CAGR of 8.92% from 2018-2024 (forecast period) and rise to an estimate of USD 26,600 million by 2024. The factors such as surged demand for an automated solution, demand for an progressive accounting solutions, and prompt adoption of cloud-based accounting software are marshaling market growth.
The study has unveiled that several lucrative opportunities are emerging from the integration of artificial intelligence with accounting and mobile/app-based accounting software. Most accounting software/systems in the latest, which are in use, are becoming outdated as they deficit technological competitiveness, as compared to the new comprehensive models. The new ones possess the ability to take care of various operations simultaneously, which forms a fortunate environment for the inclusive expansion of the Accounting Software Market COVID – 19 Outbreak for the forecast period.
The study also reveals that accounting software tops in the course of analyzing business practices, and it helps rapidly in identifying cash flows when required. This software manages all financial transactions and has extensive data at its disposal to generate various reports in the business. Such a beneficiary has loaded the accounting software market with immense chances of growth with rising popularity over the globe and has eventually rocked the market for its expansion in the approaching years.
Apart from this, using accounting software also tops with saving a lot of money and time and offers valuable insights into the business. Furthermore, a significant expectation from the accounting software is burgeoning, which is related to the user-interface that needs to be more engaging. This has expected to offer a near consumer-like experience, and this key factor has shown the study that the market is anticipated to boost the accounting software market.
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Major Key Players:
Sage, SAP, Intuit Inc., Microsoft, Oracle, Kingdee Internation Software Group (HK) Ltd. Xero Limited, FreshBooks, Priority Software, Epicor, Unit4, Assist Cornerstone, yonyou (Hong Kong) co., Ltd., Tally Solutions Private Limited, Infor, and Workday are the top companies investing in the global market of accounting software.
The global accounting software market has further been segmented among the critical segments of industry, deployment, and organization size.
- In terms of industry segment, the market has covered Healthcare, IT & Telecommunication, BFSI, Retail & E-commerce, Manufacturing, and others. Among these, the manufacturing segment acquired 33% of market share in 2018, along with a market valuation of USD 5,362.4 Mn. In the forecast period, the segment will be exhibiting a CAGR of 9.49%.
- In terms of the deployment segment, the market has included on-premise and cloud-based. Back in 2018, the on-premise segment acquired 58.89% market share. This segment might reach a market valuation of USD 15,300 million or more by 2024 from USD 9,038.2 million in 2017, thus imitating a healthy growth rate.
- In terms of organization size segment, the market includes SME and Large. The SME segment will continue to overtake the large segment in the forecast period. Back in 2018, the segment was valued at USD 9,692.7 Mn and is now expected to observe a CAGR of 9.35% over 2023.
The regions such as North America, Europe, and Asia-Pacific are the prime considered for the study of the global accounting software market.
The markets in North America are presently the largest market for accounting software, and the trend might continue beyond the year 2019. Over the years, the subscriber base of accounting software has sustained to expand at a rapid pace in the region. The North America accounting software market is thus having the potential to exhibit a CAGR of 8.99% during the assessment period and would reach a valuation of over USD 9,500 million. The existence of high-growth industry verticals such as healthcare, information technology, e-commerce, and retail, as well as manufacturing, is providing a stimulus to the market in North America.
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