GVR Report cover Accounting Software Market Size, Share & Trends Report

Accounting Software Market Size, Share & Trends Analysis Report By Deployment Type (On-premise, Cloud-based), By Component (Solution, Services), By Type (Spreadsheets, Accounting Software), By Organization Size, By End-use, By Region And Segments Forecasts 2023 To 2030

  • Report ID: GVR454679
  • Number of Pages: 0
  • Format: Electronic (PDF)

Accounting software is a tool designed to automate and manage financial tasks, such as bookkeeping, invoicing, payroll processing, accounts payable & receivable, ledger, and financial reporting. It comes in various forms, from simple programs for small businesses to complex solutions for large corporations. Accounting software helps streamline financial processes, improve accuracy, and save time for businesses and individuals in managing their financial transactions and reporting. Factors such as enhanced adoption of technology, growing demand for cloud computing, and enhanced efficiency are driving the demand for the accounting software.

In addition, the rising demand by various industries such as BFSI, pharmaceuticals & healthcare, and IT and telecom, to automate and enhance their business processes is expected to contribute to the market growth. For instance, ICICI Bank joined forces with busy accounting software to introduce automated services that enable customers to easily access bank information, make payments, and apply for new bank accounts in July 2021. The adoption of mobile and app-based accounting services by businesses and the multifaceted benefits of accounting software are anticipated to drive market growth in the future. For instance, in April 2023 the Princess Alexandra Hospital NHS Trust opted to implement MRI Software's lease and capital accounting solution, which is compliant with International Financial Reporting Standards (IFRS) to enhance the hospital's asset management and control processes while ensuring adherence to the updated lease accounting requirements under IFRS 16.

The accounting software market in the Asia Pacific is expected to experience substantial growth over the forecast period due to the increasing presence of Small and Medium-sized Enterprises (SMEs) in the region. A report by the Asia Pacific Economic Corporation in April 2023 reveals that SMEs constitute approximately 97% of businesses and contribute about 50% of the workforce. Moreover, SMEs account for approximately 40-60% of the GDP share in most economies. These findings highlight the significant growth potential for SMEs in the Asia Pacific region, which is expected to drive the demand for accounting software, leading to growth in the accounting software market in the region.

Some of the key players operating in this market are Infor Inc.; Oracle Corporation; Priority Software; Xero Ltd; Kingdee International Software Group (HK) Ltd.; Intuit, Inc.; Assist Cornerstone; Tally Solutions Pvt Ltd.; Microsoft Corporation; Sage Group Plc; SAP SE; Thomson Reuters; and Zoho Corporation; among others. These companies are incorporating strategies such as mergers & acquisitions, partnerships & collaborations, and new product development. For instance, Microsoft a provider of accounting software, Microsoft Dynamics collaborated with Aptitude software in January 2023. The integration of Aptitude Software's finance management platform, Fynapse, with Microsoft Dynamics 365 Finance will offer services that enable customers to enhance efficiencies, lower costs, and gain valuable business insights.

Accounting Software Market Segmentation

  • By Deployment Type

    • On-premise

    • Cloud-based

  • By Component

    • Solution

    • Services

  • By Type

    • Spreadsheets

    • Payroll Management Software

    • Billing & Invoice Software

    • Commercial Accounting Software

    • Enterprise Accounting Software

    • Custom Accounting Software

  • By End Use

    • Retail

    • BFSI

    • Manufacturing

    • IT & Telecom

    • Government & Public Sector

    • Energy & Utilities

    • Media & Entertainment

    • Pharmaceutical & Healthcare

    • Others

  • By Regions

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Denmark

      • Sweden

      • Norway

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • Thailand

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Kuwait

  • Key players

    • Infor, Inc.

    • Intuit, Inc.

    • Priority Software

    • Kingdee International Software Group (HK) Ltd.

    • Assist Cornerstone

    • Tally Solutions Pvt Ltd.

    • Infor

    • Red wing Software, Inc.

    • Workday

    • Microsoft corporation

    • Oracle Corporation

    • Sage Group Plc

    • SAP SE

    • Thomson Reuters

    • Xero Ltd

    • Zeta Software LLC

    • Zoho Corporation

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