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 Most accounting software/systems in the latest, which are in use, are becoming outdated as they deficit technological competitiveness, as compared to the new comprehensive models.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.
The measures taken to control the COVID-19 pandemic are social and physical distancing, partial or complete lockdowns, and establishment of quarantine zones. These measures have led to the shutting down of various businesses, and losses for many large enterprises. The manufacturing, retail & e-commerce, travel, automotive, transportation, and hospitality industries are among the worst affected. The demand for accounting software is mainly driven by factors, such as the growing need for advanced, automated, and efficient accounting solutions and the increasing adoption of cloud-based accounting software. But since the COVID-19 outbreak, most of the businesses are working on decreasing additional costs, which include costs associated with the accounting software. Also, concerns regarding data security are some of the constraints that hinder the growth of the accounting software market. The costs incurred on the maintenance and customization of the software, the related training, and the computer hardware required to run the accounting software is limiting its adoption. For the subscription of any accounting software, the licensing fee of the software has to be paid, and the software needs to be renewed and updated monthly, quarterly, or annually. Due to the current economic instability, the majority of SMEs are expected to outsource their accounting operations rather than using in-house accounting software.
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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.
The retail and manufacturing industries are suffering significant losses due to the COVID-19 pandemic; hence, the demand for accounting software is expected to decrease in 2020. Fashion, furniture, and electronics retailers are facing hardships as consumers forego these non-essential purchases in favor of stocking up on food and household supplies. As per the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 pandemic is expected to cause global FDI to shrink by 5%-15% due to the downfall in the manufacturing sector and the factory shutdowns. The negative impact of COVID-19 on FDI investments is expected to be higher in the energy, automotive, chemical, electronics, and airline sectors.
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