Accounting Software Market Size Worth $38.27 Billion By 2032 | CAGR: 10.4%
The adoption of accounting software is set to be fueled by the increasing trend of small and medium enterprises (SMEs) collaborating with e-commerce players and integrating with other online applications. This includes leveraging automated bank feeds and billing features and improving efficiency.
Accounting software enables businesses to effectively track and manage their accounting transactions, ensuring smooth cash flow management. It offers comprehensive solutions for managing various aspects such as accounts payables, accounts receivables, business payroll, general ledger, and other essential business modules.
The global accounting software market size is expected to reach USD 38.27 Billion by 2032 at a CAGR of 10.4% growth, according to a new study by Polaris Market Research.
Accounting software has emerged as a reliable and efficient solution for businesses to manage their accounts effectively. It streamlines the processes related to account payables, account receivables, business payroll, and general ledger management. Furthermore, integrating accounting software with e-commerce players and other online applications, including automated bank feeds and billing features, enhances financial operations’ overall efficiency and accuracy. This growing adoption of accounting software is expected to continue during the forecast period, driven by the increasing need for efficient accounting management among small and medium enterprises.
In the accounting software market, vendors with a core focus on accounting have capitalized on the cost advantages of cloud technology. They have specifically targeted micro, small, and medium-sized businesses. Notably, these vendors have adopted strategies that involve incorporating advanced features like artificial intelligence. These features enable applications such as planning, learning, problem-solving, and speech recognition, enhancing the functionality and value of their accounting software offerings.
Accounting Software Market Report Highlights
- The solution segment is the dominant force in the market, driven by the widespread adoption and the benefits it brings, including streamlined processes, reduced costs, and increased efficiency. This reflects the market’s recognition of the transformative impact of accounting software.
- The on-premise segment held a dominant position in the market in 2022 and is expected to maintain its lead. This is due to its strong data security measures, which appeal to companies, particularly in the public and private sectors.
- North America leads the market, driven by businesses investing in emerging technologies and embracing cloud-based solutions, benefiting from the region’s advanced IT infrastructure.
- The global key market players include Microsoft Corporation, Thomson Reuters, Oracle Corporation, Xero Ltd, Intuit, Inc., SAP SE, Infor Inc., Sage Group plc, Zeta Software LLC, Zoho Corporation, Red Wing Software Inc., Reckon Ltd., Saasu Pty Ltd, MYOB Group Pty Ltd, and Epicor Software Corporation.
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