Accounting Software Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (Software and Service); Deployment (On-Premises and Cloud); By Organization Size (Small and Medium Enterprises and Large Enterprises) Region/Country
Global Accounting Software Market is expected to grow at a significant rate of around 8% during the forecast period. Accounting software is a computer program that helps accountants and bookkeepers in recording and reports a firm’s financial transactions. A complete accounting system keeps track of an organization’s assets, liabilities, revenues, and expenses. A growing number of small and medium enterprises and an increase in the use of accounting software by small and medium-sized businesses, as well as a general rise in the integration of cloud computing into financial industry divisions, are expected to drive the accounting software market during the analysis time period. For instance, according to World Bank SMEs represent about 90% of global businesses. Moreover, businesses invest in accounting software to boost productivity and replace outdated frameworks. This is due to the fact that accounting computations take a long time, are challenging, and demand labor that can be easily replaced by accounting software.
Intuit Inc; Sage Group plc; SAP SE, Microsoft; Infor; Epicor Software Corporation; Unit4; Xero Limited; Zoho Corporation Pvt. Ltd; and Red Wing Software Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, software category to witness robust CAGR during the forecast period”
On the basis of component, the market is segmented into software and services. The software segment is expected to grow significantly during the forecast period. The growth of the segment is mainly attributed to the numerous benefits that accounting software solution offer to an organization, such as streamlining the business process, eliminating manual processes, and also helping in the reduction of extra costs.
“Amongst deployment, the on-premises to hold a significant share in the market in 2020”
Based on deployment, the market is bifurcated into on-premises and cloud. The on-premises segment held the largest share in 2021 and is expected to showcase a similar trend during the forecast period. The growth of the segment is mainly attributed to the security that on-premises solutions offer. Accounts and finances are very confidential to every organization and to maintain the confidentiality of the accounts on-premises deployment is used. In the on-premises form of deployment, the application is deployed on the server hubs of the organization, which is a much safer and more secure option than the public cloud.
“Asia Pacific to hold a significant share in the market”
APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing internet penetration in the countries such as India and China. Moreover, the growing number of SMEs in the region is expected to significantly influence the market growth during the forecast period. Furthermore, the increasing use of accounting software in the banking and finance sector in the region is expected to drive the market during the analysis time period.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global accounting software market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Accounting Software Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global accounting software market were the three major steps undertaken to create and analyze the adoption of accounting software in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Accounting Software market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the accounting software market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the accounting software market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, deployment, and organization size. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Accounting Software market. Further, we conducted factor analysis using dependent and independent variables such as various component, deployment, and organization size of accounting software. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the accounting software market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global accounting software market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the accounting software market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global accounting software market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global accounting software market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, deployment, and organization size in the global accounting software market.
The main objective of the Global Accounting Software Market Study
The current & future market trends of the global accounting software market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the accounting software market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of component, deployment, and organization size.
- Define and analysis of the regulatory framework for the accounting software
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the accounting software market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Accounting Software market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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