Accounting Software Market 2019 – 2024 Global Key Players: Intuit, Sage, SAP, Oracle, Microsoft, Xero Limited, Kingdee Internation Software Group, Priority Software, FreshBooks

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.

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Major Key Players:
Intuit Inc., Sage, SAP, Oracle, Microsoft, Xero Limited, Kingdee Internation Software Group (HK) Ltd. Priority Software, FreshBooks, Assist Cornerstone, Epicor, Unit4, Tally Solutions Private Limited, yonyou (Hong Kong) co., Ltd., Infor, and Workday.

Intuit Inc., Sage, SAP, Oracle, Microsoft, and Xero Limited. are the top six companies in the global accounting software market. As a part of growth strategy, market players are adopting various approaches such as regional expansion and new product development. Many companies are also focusing on offering new production techniques and products with innovative technology.

The report covers the development strategies adopted by the companies between 2015 to 2018.

Key Development:
• Intuit recently launched a new QuickBooks ProAdvisor Program in the US, Canada, and Australia. This new program is built into QuickBooks Online Accountant to support global accounting trends.
• In October 2018, Oracle launched new core-to-edge cloud security technologies that help to secure customer data and combat sophisticated cyber threats with layers of defense.
• Xero Limited recently announced its first full-featured API for bank feeds that enables banks, financial technology companies and financial institutions of all sizes to give their small business customers faster access to financial data directly from the platform.

Regional Outlook:
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.

These countries are also the early adopters of new-age accounting solutions. There is a massive subscriber-base for accounting software in North America, which is expected to grow further in the forthcoming years. In addition, growth of end-use sectors such as healthcare, information technology, e-commerce, retail, manufacturing among others is an important growth enabler of the market. Asia Pacific and Europe are the other two important market for accounting software. The number self-owned businesses and SMEs have grown tremendously in region, which boosting investor confidence in these regions.

Market Segmentation:
The segmental analysis of the market is based on industry, deployment and organization size.
By industry, the market has been segmented into IT & telecommunication, retail & e-commerce, healthcare, BFSI, manufacturing and others. The manufacturing segment holds leading market share. In 2018, the segment was valued at USD 5,362.4 million and is set to post a CAGR of 9.49% during the forecast period. Robust application of accounting software in the global manufacturing industry continues to drive the segment’s growth. The retail & e-commerce segment is expected to retain the second spot over 2024.

The segment was valued at USD 3,033.5 million in 2018. Based on deployment, the market has been segmented into on-premise and cloud-based. The on-premise segment commanded for 58.89% share of the market in 2018 and likely to post a healthy growth rate over the next couple of years.

Deployment of on-premise accounting software is high owing to its several user-friendly attributes and high operational viability. On the basis of organization size, the market has been segmented into large and SME. The SME segment is expected remain highly profitable over the next several years. The segment represented a market valuation of USD 9,692.7 million. During the forecast period, the segment is likely to grow at a CAGR of 9.35%. Growth in SMEs coupled with the increased reliance on accounting software by small businesses is driving the market demand.

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Deployment Analysis:
In 2018, the on-premise segment accounted for 58.89% market share. The segment is expected to reach a market valuation in excess of USD 15,300 million by 2024 up from USD 9,038.2 million in 2017, reflecting a healthy growth rate.

Advantages such as increased customization & control of systems, ease of integration with third-party applications and independent operation capability continues to drive the adoption of on-premises accounting software.

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This release was published on openPR.