Accounting Software Market Overview:
Market Research Future (MRFR) in its latest report projects that the global accounting software market will post a strong CAGR of 8.92% from 2018 to 2024 and surpass a valuation of USD 26,600 million by 2024. Growing demand for advanced, automated, and efficient accounting solutions coupled with increased adoption of cloud-based accounting software are some of the key factors driving the market growth.

Expansion of sectors such as manufacturing, retail, IT & telecom, and BFSI are directly linked with the global accounting software market growth. Furthermore, introduction of mobile/app-based accounting software and increased investment in adopting automated solutions is anticipated to boost market demand. Rising preference for these solutions in financial processing, recording, and reporting is reflecting favorably on the market. Substantial rise in number of start-ups in fast-developing regions is likely to boost subscriber base of accounting software during the projection period. Nonetheless, factors such as susceptibility to data theft and high cost of accounting software are undermining the market potential to some extent.

The increasing need for effective and innovative accounting solution along with the rapid adoption of cloud-based accounting solutions is having a positive impact on the major accounting software. Demand for accounting software is on the rise in sectors such as retail, manufacturing, BFSI, IT & telecom.

The growing user-base of mobile application and increased focus on automating processes is creating significant opportunities for the market. In near future, preference for accounting software solutions is expected to grow further owing to their advantages in financial processing, reporting and recording. Additionally, the mushrooming of small sized companies in emerging economies such as India, China, Taiwan among others is viewed an important market driver. However, high cost and vulnerability to data theft are some of major market impediments.

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Accounting Software Market Competition Analysis:
Key players functioning in the market include Microsoft, Assist Cornerstone, Infor., Xero Limited, Workday, Oracle, Priority Software, yonyou (Hong Kong) co., Ltd., Epicor, SAP, Tally Solutions Private Limited, Kingdee International Software Group (HK) Ltd., Sage, Unit4, Intuit Inc., and FreshBooks.

Accounting Software Market Segmental Analysis:
MRFR’s report include a thorough segmental analysis of the market conducted based on industry, deployment and organization size.

• On the basis industry, key segments include manufacturing, retail & e-commerce, BFSI, IT & telecommunication, healthcare, and other. The manufacturing segment currently represents the most impressive share of the market in terms of value. The segment surpassed a valuation of USD 5 Mn in 2018 and is projected to expand at 9.49% CAGR during the assessment period.
• This is mainly due to the widespread application of accounting software in the manufacturing sector. In terms of value, the retail & e-commerce segment holds the second spot and is likely to retain its position over 2024.
• On the basis of deployment, key segments include cloud-based and on-premise. The on premise segment currently commands more than 50% market share in terms of value. The segment is expected to witness a sound growth over the couple of years. High operational viability and user-friendly interface make op-premise deployment a preferred option.

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Accounting Software Market Regional Analysis:
On the basis of region, the market has been segmented into Europe, Asia Pacific (APAC), North America, South America, the Middle East, and Africa. Of these, North America commanded a 35.7% market share in 2018 and is likely to retain its top position over 2024. Technologically advanced countries such as the U.S. and Canada put North America at a desirable position in the global accounting software market.

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