Accounting Software Market Key Players Analysis 2031
The Accounting Software market is expected to expand at a CAGR of 13.8% from 2023 to 2031. Mobile-first approach and AI-driven automation are likely to be key trends in the market.
Accounting Software Market Analysis
- The accounting software market is expanding rapidly, driven by enterprises' demand for effective financial administration. Cloud-based solutions are scalable and accessible, and automation lowers errors and saves time.
- The combination of AI and machine learning opens up prospects for improved analytics and forecasting. Emerging markets with fast-expanding SME sectors provide tremendous growth opportunities. There is also an increasing demand for industry-specific solutions customized to specific accounting requirements.
- Mobile-first techniques address the growing trend of remote work and on-the-go management. Integrating blockchain technology into financial record-keeping might improve security and transparency, bringing up new options for innovation in the accounting software sector.
Accounting Software Market Overview
- Accounting software refers to computer applications that assist firms and people in recording, processing, and analyzing financial transactions. This software automates a variety of accounting functions, such as bookkeeping, invoicing, payroll administration, financial reporting, and tax preparation.
- Accounting software is a diverse market, with solutions ranging from simple tools for small firms to complicated enterprise resource planning (ERP) systems for major enterprises. These solutions strive to improve the accuracy, efficiency, and compliance of financial management procedures.
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Accounting Software Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Accounting Software Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Accounting Software Market Drivers and Opportunities
Adoption of Cloud-Based Solutions
- The transition to cloud-based accounting systems is a major driver in the accounting software market. Cloud-based alternatives are increasingly displacing traditional on-premises software due to its ease of use, scalability, and cost-effectiveness.
- The growing need for remote work capabilities and real-time financial data access drives this change. The increased usage of cloud-based accounting solutions creates significant opportunities for software developers and service providers.
- Companies that provide powerful, secure, and user-friendly cloud platforms can tap into a growing market of small to medium-sized enterprises looking for affordable, flexible accounting solutions.
- These solutions can be expanded with capabilities such as AI-powered analytics, automated reporting, and integration with other enterprise systems.
- Furthermore, there is potential to create industry-specific cloud accounting systems geared to the specific needs of industries such as healthcare, retail, or manufacturing, giving businesses a competitive advantage in this changing market.
Mobile-First Accounting Solutions
- The proliferation of smartphones and tablets in business settings has created a big opportunity in the accounting software market. As more professionals rely on mobile devices for work, there is a growing demand for accounting software that provides full functionality on smartphones and tablets rather than scaled-down versions of desktop apps.
- This opportunity entails creating intuitive, feature-rich accounting apps that allow users to manage finances, create invoices, track spending, and generate reports on the move.
- Accounting software suppliers can meet the needs of small enterprises, freelancers, and mobile workers who value flexibility and quick access to financial data by emphasizing mobile-first design. This strategy may help capture a rising segment of tech-savvy customers, thereby expanding the entire market for accounting software.
Accounting Software Market Report Segmentation Analysis
The key segments that contributed to the derivation of the Accounting Software market analysis are type and organization size.
- By Type, the market is segmented into On-Premises and Cloud-Based.
- Based on the organization size, the market is segmented into small and medium enterprises and large enterprises.
Accounting Software Market Share Analysis By Geography
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
- Accounting Software Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering accounting software market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the Accounting Software market in these regions.
Accounting Software Market Report Scope
Accounting Software Market News and Recent Developments
The Accounting Software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Accounting Softwaremarket are listed below:
- Eleven, a startup innovator in cloud-based accounting software, unveiled an exciting product launch. Eleven introduced a new line of revolutionary, AI-powered software specifically designed to prepare accounting firms for an even higher operational efficiency bar while expanding the scope of services offered to new frontiers of decision-making. (Source: Business News Daily, Newsletter, May 2024)
Accounting Software Market Report Coverage & Deliverables
The Accounting Software market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Accounting Software Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Accounting Software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Accounting Software market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Accounting Software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Accounting Software market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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Some of the customization options available based on the request are additional 3–5 company profiles and a country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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Intuit Inc., Sage Software Inc., SAP SE., Oracle Corporation, Microsoft Corporation, Infor Inc., Epicor Software Corporation, Unit4 Business Software Limited, Xero Ltd., and Zoho Corp are the major market players.
AI-driven automation is likely to be a key trend in the market.
The global Accounting Software market is estimated to grow at a CAGR of 8.2% during 2023 - 2031.
Adoption of cloud-based solutions and product innovation are the major factors that drive the global Accounting Software market.
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 Accounting Software Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 Accounting Software Market - By Deployment Model
3.2.2 Accounting Software Market - By Type
3.2.3 Accounting Software Market - By Organization Size
3.2.4 Accounting Software Market - By Application
3.2.5 Accounting Software Market - By Region
3.2.5.1 By Countries
3.3 PEST Analysis
3.3.1 North America - PEST Analysis
3.3.2 Europe - PEST Analysis
3.3.3 Asia Pacific - PEST Analysis
3.3.4 Middle East and Africa - PEST Analysis
3.3.5 South America - PEST Analysis
4 Accounting Software Market - Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
5 Accounting Software Market Analysis- Global
5.1 Global Accounting Software Market Overview
5.2 Global Accounting Software Market Forecasts and Analysis
6 Accounting Software Market Revenue and Forecasts to 2028 - Deployment Model
6.1 Overview
6.2 Deployment Model Market Forecasts and Analysis
6.3 On-Premise Market
6.3.1 Overview
6.3.2 On-Premise Market Forecasts and Analysis
6.4 Cloud Market
6.4.1 Overview
6.4.2 Cloud Market Forecasts and Analysis
7 Accounting Software Market Revenue and Forecasts to 2028 -Type
7.1 Overview
7.2 Type Market Forecasts and Analysis
7.3 Commercial Accounting Software Market
7.3.1 Overview
7.3.2 Commercial Accounting Software Market Forecasts and Analysis
7.4 Enterprise Accounting Software Market
7.4.1 Overview
7.4.2 Enterprise Accounting Software Market Forecasts and Analysis
7.5 Custom Accounting Software Market
7.5.1 Overview
7.5.2 Custom Accounting Software Market Forecasts and Analysis
7.6 Spreadsheet Market
7.6.1 Overview
7.6.2 Spreadsheet Market Forecasts and Analysis
7.7 Others Market
7.7.1 Overview
7.7.2 Others Market Forecasts and Analysis
8 Accounting Software Market Revenue and Forecasts to 2028 - Organization Size
8.1 Overview
8.2 Organization Size Market Forecasts and Analysis
8.3 Small Enterprise Market
8.3.1 Overview
8.3.2 Small Enterprise Market Forecasts and Analysis
8.4 Medium Enterprise Market
8.4.1 Overview
8.4.2 Medium Enterprise Market Forecasts and Analysis
8.5 Large Enterprise Market
8.5.1 Overview
8.5.2 Large Enterprise Market Forecasts and Analysis
9 Accounting Software Market Revenue and Forecasts to 2028 - Application
9.1 Overview
9.2 Application Market Forecasts and Analysis
9.3 Manufacturing Market
9.3.1 Overview
9.3.2 Manufacturing Market Forecasts and Analysis
9.4 Retail Market
9.4.1 Overview
9.4.2 Retail Market Forecasts and Analysis
9.5 Service Market
9.5.1 Overview
9.5.2 Service Market Forecasts and Analysis
10 Accounting Software Market Revenue and Forecasts to 2028 - Geographical Analysis
10.1 North America
10.1.1 North America Accounting Software Market Overview
10.1.2 North America Accounting Software Market Forecasts and Analysis
10.1.2.1 North America Market Forecasts and Analysis - By Countries
10.1.2.1.1 US market
10.1.2.1.2 Canada market
10.1.2.1.3 Mexico market
10.1.2.2 North America Market Forecasts and Analysis - By Deployment Model
10.1.2.3 North America Market Forecasts and Analysis - By Type
10.1.2.4 North America Market Forecasts and Analysis - By Organization Size
10.1.2.5 North America Market Forecasts and Analysis - By Application
10.2 Europe
10.2.1 Europe Accounting Software Market Overview
10.2.2 Europe Accounting Software Market Forecasts and Analysis
10.2.2.1 Europe Market Forecasts and Analysis - By Countries
10.2.2.1.1 France market
10.2.2.1.2 Germany market
10.2.2.1.3 Italy market
10.2.2.1.4 Spain market
10.2.2.1.5 UK market
10.2.2.2 Europe Market Forecasts and Analysis - By Deployment Model
10.2.2.3 Europe Market Forecasts and Analysis - By Type
10.2.2.4 Europe Market Forecasts and Analysis - By Organization Size
10.2.2.5 Europe Market Forecasts and Analysis - By Application
10.3 Asia pacific (APAC)
10.3.1 Asia Pacific Accounting Software Market Overview
10.3.2 Asia Pacific Accounting Software Market Forecasts and Analysis
10.3.2.1 Asia Pacific Market Forecasts and Analysis - By Countries
10.3.2.1.1 Australia market
10.3.2.1.2 China market
10.3.2.1.3 India market
10.3.2.1.4 Japan market
10.3.2.2 Asia Pacific Market Forecasts and Analysis - By Deployment Model
10.3.2.3 Asia Pacific Market Forecasts and Analysis - By Type
10.3.2.4 Asia Pacific Market Forecasts and Analysis - By Organization Size
10.3.2.5 Asia Pacific Market Forecasts and Analysis - By Application
10.4 Middle East and Africa (MEA)
10.4.1 Middle East and Africa Accounting Software Market Overview
10.4.2 Middle East and Africa Accounting Software Market Forecasts and Analysis
10.4.2.1 Middle East and Africa Market Forecasts and Analysis - By Countries
10.4.2.1.1 South Africa market
10.4.2.1.2 Saudi Arabia market
10.4.2.1.3 UAE market
10.4.2.2 Middle East and Africa Market Forecasts and Analysis - By Deployment Model
10.4.2.3 Middle East and Africa Market Forecasts and Analysis - By Type
10.4.2.4 Middle East and Africa Market Forecasts and Analysis - By Organization Size
10.4.2.5 Middle East and Africa Market Forecasts and Analysis - By Application
10.5 South America (SAM)
10.5.1 South America Accounting Software Market Overview
10.5.2 South America Accounting Software Market Forecasts and Analysis
10.5.2.1 South America Market Forecasts and Analysis - By Countries
10.5.2.1.1 Brazil market
10.5.2.2 South America Market Forecasts and Analysis - By Deployment Model
10.5.2.3 South America Market Forecasts and Analysis - By Type
10.5.2.4 South America Market Forecasts and Analysis - By Organization Size
10.5.2.5 South America Market Forecasts and Analysis - By Application
11 Industry Landscape
11.1 Mergers & acquisitions
11.2 Market Initiatives
11.3 New developments
11.4 Investment scenarios
12 Competitive Landscape
12.1 Competitive Product mapping
12.2 Market Positioning/ Market Share
13 Accounting Software Market, Key Company Profiles
13.1 SAP SE
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Oracle Corporation
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 The Sage Group Plc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Intuit Inc.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Microsoft Corporation
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 ADP, LLC
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 CCH Incorporated (Wolters Kluwer)
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 FinancialForce (Salesforce)
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Paychex Inc.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Deltek, Inc.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14 Appendix
14.1 About The Insight Partners
14.2 Glossary of Terms
14.3 Research Methodology
The List of Companies
1. SAP SE
2. Oracle Corporation
3. The Sage Group Plc
4. Intuit Inc.
5. Microsoft Corp
6. ADP LLC
7. CCH Incorporated
8. FinancialForce
9. Paychex Inc.
10. Deltek, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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