According to a recent report by Future Market Insights (FMI), the accounting software market is projected to reach a size of US$ 14.1 billion at a CAGR of around 5.8% through 2032. It is projected that the market would reach US$ 8.0 billion by the end of 2022.
The software category is composed of the commercial off-the-shelf, enterprise accounting, custom accounting, reconciliation, and tax management software divisions. The business accounting software market is projected to reach a valuation of US$ 5.2 billion by 2032, with an annual growth rate of 6.8%.
Many businesses are using enterprise accounting software because it allows the board to conduct corporate operations in a single system. ERP is a well-known subset of well-known software, and an ERP system is made up of several modules that each clearly address certain business goals.
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Several organizations have been implementing enterprise accounting software since they assist with carrying out resource management and coordinate all business activities in a single system. ERP is a prominent section of enterprise software, and an ERP system comprises different modules that address explicit business needs.
ERP system does not require a wide range of tools to handle the various needs of different departments, as it has an integrated solution multiple tasks can foresee in a single platform.
As enterprise business grows, the need of automating complex data and as the reporting strategies will increase and the monitoring of assets is very much required, and in these scenarios, enterprise accounting software is prominently useful. The accounting and fund management capacities and abilities intrinsic in ERP arrangements give real-time information to the departments which boost decision-making effectively.
Key Takeaways from the Accounting Software Market Study
- Enterprise accounting software is expected to hold the largest share in the component segment and is expected to grow at a CAGR of 6.8% in forecast period.
- The market in the U.S. is projected to account for a CAGR 7.0% from 2022 to 2032.
- Software as a Service is expected to emerge as the fastest-growing segment with market value of US$ 9.2 Bn in 2032 and registering a CAGR of 6.8% from 2022 to 2032.
“Global revenue through the offices of certified public accountants is expected to swell by US$ 1 Bn between 2022 and 2024; carrying enormous opportunity for accounting software market” says an FMI analyst.
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Who is winning?
Leading players of Accounting Software Market are focused in implementing for tracking and recording the fund inflow and outflow. Previously, accounts were managed manually and recorded every transaction in a physical book called ledgers. Accounting software replaces these records and permits the organization to record their fund transactions with the software.
Major players present in the Accounting Software Market industry are Infor, Microsoft Corporation, MRI Software, LLC, Oracle, Sage, SAP SE, Workday, Zeta Global among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global Accounting Software Market, presenting historical demand data (2016-2021) and forecast statistics for the period from 2022 to 2032.
The study divulges compelling insights on the Accounting Software Market based on Deployment (Software as a Service, On-Premise, Hybrid) Software Type (Commercial of the Shelf, Enterprise Accounting Software, Custom Accounting Software, Reconciliation, Tax Management) Application (Payroll Management Systems, Billing & Invoice System, Enterprise Resource Planning Systems, Time & Expense Management Systems, Others(Recurring Billing Software, Small)) Enterprise Size (Large Enterprise, Small and Medium Enterprise) Industry (Banking Financial Services and Insurance, Telecom and Information and Technology, Manufacturing, Construction, Wholesale Distribution, Non-Profit Organization, Chemicals, Food and Beverage, Others) across five major regions.
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Global Accounting Software Market by Category
By Deployment:
- Software as a Service (SaaS)
- On-Premise
- Hybrid
By Software Type:
- Commercial of the Shelf
- Enterprise Accounting Software (ERP)
- Custom Accounting Software
- Reconciliation
- Tax Management
By Application:
- Payroll Management Systems
- Billing & Invoice System
- Enterprise Resource Planning Systems
- Time & Expense Management Systems
- Others(Recurring Billing Software, Small)
By Enterprise Size:
- Large Enterprise
- Small and Medium Enterprise
By Industry:
- Banking Financial Services and Insurance
- Telecom and Information and Technology
- Manufacturing
- Construction
- Wholesale Distribution
- Non-Profit Organization
- Chemicals
- Food and Beverage
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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