Rise in adoption of innovative technologies to improve business productivity and rise in virtual financial managers (CFOs) to improve business operations in small and medium-sized (SME) industry drive world growth accounting software market.
PORTLAND, Oregon., May 2, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Accounting Software Market by Component (Solution, Services), Deployment Mode (On-Premise, Cloud), Enterprise Size (Large Enterprise, SMB) , by Type (Spreadsheets, Commercial Accounting Software, Enterprise Accounting Software, Custom Accounting Software), by Vertical (BFSI, Retail & eCommerce, Manufacturing, IT & Telecom, Healthcare, Industry Public & Government, Energy & Utilities, Media & Entertainment, Others): Global Industry Opportunity Analysis and Forecast, 2020-2030.” According to the report, the global accounting software industry was indexed on $11.9 billion in 2020, and should reach $70.2 billion by 2030, growing at a CAGR of 19.6% from 2021 to 2030.
Key Drivers of Market Growth
Rise in adoption of innovative technologies to improve business productivity and rise in virtual chief financial officers (CFOs) to improve business operations in small and medium-sized (SME) industry is driving the growth of the global market for accounting software. Also, the increase in the trend of automating accounting processes to improve efficiency and eliminate manual tasks is helping the growth of the market. However, additional costs associated with accounting software and data security and privacy issues are hampering the growth of the market. Mobile and app-based accounting software for businesses and individuals are expected to open up new opportunities in the future.
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The Covid-19 epidemic has had a favorable impact on the adoption of accounting software due to the confinement imposed by the governments of different countries. To maintain business continuity throughout the pandemic, governments and companies were increasingly encouraging working from home or delegating work to employees in less affected areas.
The situation, on the other hand, has accelerated the adoption of modern technologies such as AI-based solutions, big data, automated accounting and analytics to control expenses while improving customer experience.
Additionally, the growing need to modernize financial operations is expected to fuel the growth of the global accounting software market in the post-pandemic period.
Get a detailed analysis of the impact of COVID-19 on the Accounting Software Market:
The solutions segment to dominate by 2030
By component, the solutions segment accounted for more than three-fifths of the global accounting software market share in 2020 and is expected to maintain its dominance throughout the forecast period. This is due to its many benefits in industries such as elimination of manual process, streamlining of business process and reduction of time and cost. The services segment, however, would exhibit the fastest CAGR of 20.9% by 2030. Accounting software offers huge benefits to the industry, such as cash flow analysis, reporting of easy income, balance sheet, trial balance, invoicing, income and expense statements, and payroll, thereby enhancing segment growth.
The on-site segment took the lion’s share in 2020
Based on deployment mode, the on-premises segment held the lion’s share in 2020, contributing almost three-fifths of the global accounting software market, and is expected to continue its trend over the forecast period. This is attributed to the many advantages offered by this on-premises deployment, such as a high level of security and data safety. However, the cloud segment is expected to witness the highest CAGR of 22.1% by 2030, owing to the increase in the adoption of cloud-based accounting software, due to low cost and easier maintenance.
North Americato lead the way in revenue
By region, North America, garnered the largest share in 2020, contributing more than two-fifths of the global accounting software industry, and is expected to dominate the market over the forecast period. This is attributed to the IT infrastructure developed in this region, cloud-based accounting software has also gained wide acceptance. However, Asia Pacific is expected to experience the fastest CAGR of 22.2%. This is due to rapid technological advancements, digitalization of economies and government initiatives, increasing disposable incomes among the region’s middle-income population are major factors fueling the growth of the overall economy. Asia Pacific.
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Major Industry Players
Sage Group Plc
Zeta LLC Software
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SOURCE Allied Market Research