Accounting Software Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Accounting Software Market was valued at USD 11230 Million in 2017 and poised to reach USD 16950 Million by 2023 growing at a CAGR of 7.1% during 2018 to 2023
Accounting Software is a software application that processes and records business transactions in functional modules such as accounts receivable, accounts payable, trial balance and general ledger. This software can be developed internally by organizations that wish to use it or purchased from third party software suppliers. The software can be cloud-based, accessible at any time from any device connected to the Internet or implemented on a desktop computer.
Accounting Software Market Growth Drivers and Restraints:
The growing demand for SaaS models is expected to boost the accounting software market during the forecast period. The SaaS model eliminates the need to manually update the system because it is compatible with the suppliers themselves. For example, the software is ideal for companies with distributed business operations. Users of the remote system or the supply chain of the associated system can connect to the system securely, regardless of where they access the Internet. In addition, SaaS technology helps consolidate several accounting solutions in a single package. In addition, in the SaaS model, the provider distributes the high costs of hardware, software and data centre operations among customers, allowing them to benefit from a high-level infrastructure at a fraction of the original cost. There is no significant long-term investment or commitment. The subscription model minimizes the need for a long and exhaustive search and evaluation process of the system. This is a key factor that should drive the accounting software market during the forecast period.
Geographical Analysis of Accounting Software Market:
Global Accounting Software Market is segmented into regions such as Europe, North America, Middle East and Africa, and Latin America. The growth of the accounting software market in Asia Pacific can be attributed to factors such as the growing penetration of mobile business accounting applications and the increased adoption of modern technologies in the region. In addition, factors such as the emergence of small businesses and the growth of investment in the business sector are likely to support market growth. In India, where the country has adopted a GST system since July 2017, the demand for accounting software is expected to increase. In addition, the growing deployment of cloud technology in the region is expected to boost the regional market.
Key Players of Accounting Software Market:
Sage Group Plc., Oracle (NetSuite), Zeta Software LLC, Workday, Inc., Microsoft Corporation, Infor, Inc., Intuit Inc., SAP SE, Xero Ltd., Epicor Software Corporation, Zoho Corporation, Red Wing Software Inc., AccountMate Software Corporation, MRI Software, and Acumatica Inc. are the major players of the market.
Accounting Software Market Segmentation:
By Installation Type:
- Cloud Based
By End User Scale:
- Entry and Micro Businesses
- Small and Medium Businesses
- North America
- South America
- Asia Pacific
- Middle East and Africa
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