Accounting Software Market to Reach $70.2 Billion Globally by 2030 at a CAGR of 19.6%: Allied Market Research

0

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.

Allied Market Research Logo

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.

Download the sample report (315-page PDF with information) at:

https://www.alliedmarketresearch.com/request-sample/16387

Covid-19 scenario

  • 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:

https://www.alliedmarketresearch.com/request-for-customization/16387

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.

For a purchase enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/16387

Major Industry Players

  • Intuit, Inc.

  • info inc.

  • Oracle Corporation

  • Microsoft Corporation

  • SAP SE

  • Sage Group Plc

  • Thomson Reuters

  • Zeta LLC Software

  • xero ltd

  • Zoho Company

Access AVENUE – A subscription-based library (Premium on-demand, subscription pricing model) at:

http://www.alliedmarketresearch.com/library-access

street is a user-based library of global market reports database, provides comprehensive reports regarding the largest emerging markets in the world. It further offers electronic access to all available industry reports at a glance. By offering basic business information on various industries, economies, and end users worldwide, Avenue ensures that registered members get a simple, one-stop gateway to their all-inclusive needs.

Avenue Library Subscription | Request a 14-day free trial before purchasing:

https://www.alliedmarketresearch.com/avenueTrial

Similar reports:

The Policy Management Software Market is Expected to Reach $3.06 billion by 2027

The tax management market is expected to reach $56,531.80 million by 2030

The workforce management market is expected to reach $9,391 million by 2027

About Us:

Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
hong kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow us on: LinkedIn Twitter

Quote

Quote

View original content: https://www.prnewswire.com/news-releases/accounting-software-market-to-reach-70-2-bn-globally-by-2030-at-19-6-cagr-allied – market-research-301537109.html

SOURCE Allied Market Research

Share.

Comments are closed.