Accounting SoftwareMarket Overview:
Market Research Future (MRFR) reveals that the global accounting software market is poised for record 8.92% CAGR between 2018 and 2024. The market is expected to surpass a valuation of USD 26,000 Mn by the end of the forecast period.
The increasing need for effective and innovative accounting solution along with the rapid adoption of cloud-based accounting solutions is having a positive impact on the global Accounting Software Market. Demand for accounting software is on the rise in sectors such as retail, manufacturing, BFSI, IT & telecom.
The growing user-base of mobile application and increased focus on automating processes is creating significant opportunities for the market. In near future, preference for accounting software solutions is expected to grow further owing to their advantages in financial processing, reporting and recording. Additionally, the mushrooming of small sized companies in emerging economies such as India, China, Taiwan among others is viewed an important market driver. However, high cost and vulnerability to data theft are some of major market impediments.
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Accounting Software Market Competition Analysis:
Key players functioning in the market include Microsoft, Assist Cornerstone, Infor., Xero Limited, Workday, Oracle, Priority Software, yonyou (Hong Kong) co., Ltd., Epicor, SAP, Tally Solutions Private Limited, Kingdee International Software Group (HK) Ltd., Sage, Unit4, Intuit Inc., and FreshBooks.
Accounting Software Market Segmental Analysis:
MRFR’s report include a thorough segmental analysis of the market conducted based on industry, deployment and organization size.
On the basis industry, key segments include manufacturing, retail & e-commerce, BFSI, IT & telecommunication, healthcare, and other. The manufacturing segment currently represents the most impressive share of the market in terms of value. The segment surpassed a valuation of USD 5 Mn in 2018 and is projected to expand at 9.49% CAGR during the assessment period.
This is mainly due to the widespread application of accounting software in the manufacturing sector. In terms of value, the retail & e-commerce segment holds the second spot and is likely to retain its position over 2024.
On the basis of deployment, key segments include cloud-based and on-premise. The on premise segment currently commands more than 50% market share in terms of value. The segment is expected to witness a sound growth over the couple of years. High operational viability and user-friendly interface make op-premise deployment a preferred option.
Based on organization, key segments include SME and large enterprises. The SME segment anticipated to witness a healthy growth in the forthcoming years. The segment is currently valued at over USD 9,000 Mn. It is projected that the segment will surge at 9.35% CAGR during the forecast period. The segment’s growth is primarily attributed to the increased popularity of accounting software among small businesses.
Accounting Software Market Regional Analysis:
The market has been covered across Asia Pacific (APAC), Europe, North America, the Middle East & Africa (MEA) and South America. In terms of value, North America currently represents over one-third share of the market. North America is expected to maintain its dominance over the global accounting software market throughout the assessment period.
The US presents attractive growth opportunities to market players. Presence of advanced infrastructure is viewed as a major market driver in North America. The US being an early adopter of novel accounting solutions will remain an important destination for market players in 2019 and beyond. Meanwhile the massive American subscriber-base remains an enticing prospect. The
Asia Pacific and Europe are the other two key markets for accounting software. In APAC, expansion of end use industries such as information technology, retail, healthcare, manufacturing, e-commerce among others. Moreover, economic boom, urbanization and increased FDI is also reflecting favourably on the market in APAC.
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Deployment
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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List of Table
Table 1 Market Synopsis 16
Table 2 Macro Factor Indicators Analysis 19
Table 3 List of Assumptions 24
Table 4 Global Accounting Software Market, By Industry, 2017–2024 (Usd Million) 37
Table 5 Global Accounting Software Market, By Deployment, 2017–2014 (Usd Million) 39
List of Figure
Figure 1 Global Accounting Software: Market Structure 18
Figure 2 Key Takeaways From Accounting Software Market 19
Figure 3 Research Process Of Mrfr 21
Figure 4 Top-Down & Bottom-Up Approaches 25
Figure 5 Drivers, Restraints, And Opportunity Of Global Accounting Software Market 27
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