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Cloud Accounting Software Market Size, Share, Growth & Outlook 2024-2033 | Industry Forecast & Key Players
Cloud Accounting Software Market Size
According to The Business Research Company's, The cloud accounting software market size has grown strongly in recent years. It will grow from $4.48 billion in 2023 to $4.90 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to business continuity planning, data accessibility, scalability requirements, cost reduction, globalization.
The cloud accounting software market size is expected to see strong growth in the next few years. It will grow to $7.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to collaborative ecosystems, environmental sustainability initiatives, regulatory compliance updates, cybersecurity enhancements. Major trends in the forecast period include integration with emerging technologies, mobile-first design, real-time collaboration tools, blockchain integration, ai-driven automation.
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Market Drivers and Trends:
The increasing household income is expected to propel the growth of the cloud accounting software market going forward. It refers to an upward trend or growth in all household members' total earnings or revenue over a specified period. Cloud accounting software allows service providers to access financial data and perform accounting tasks from anywhere with an internet connection. It offers real-time updates and enables timely decision-making, enhances accuracy in financial reporting, and improves overall operational efficiency. For instance, in September 2022, according to the United States Census Bureau, a US-based government agency, the real median household income was $70,784 in 2021, and income inequality increased by 1.2% between 2020 and 2021. Further, in January 2022, according to S&P Global, a US-based publicly traded corporation, the median household income is expected to increase 12.1% to $81,230 in 2027 from $72,465 in 2022 in the US. Therefore, increasing household income is driving the growth of the cloud accounting software market.
Major companies operating in cloud accounting software are focusing on innovating new software solutions such as accounting and audit services, to manage core accounting tasks. This software solution is designed to help accounting firms streamline their operations efficiently by providing a comprehensive platform. For instance, in November 2023, Zoho Corporation, an India-based multinational technology company, launched Zoho Practice, an end-to-end practice management solution for chartered accountants (CAs). The software may act as a one-stop solution for simplifying a cloud accounting and auditing firm's activities and allowing internal and internal communication with clients for several business requirements. Additionally, the software integrates with Zoho Books, enhancing the overall functionality and insights available to accounting professionals.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machine Corporation, Oracle Corp, SAP SE, Intuit Inc, Workday Inc, Dropbox Inc, Sage Group plc, BMC Software Inc, Yonyou Company Ltd, Xero Limited, Epicor Software Corporation, Infor Global Solutions, Zoho Corporation Pvt. Ltd, Verint Systems Inc, Kingdee International Software Group (Hong Kong) Co. Ltd, HelpSystems Inc, Carbonite Inc, FinancialForce.com Inc, Reckon Limited, Robocloud Technologies Private Limited, Apptivo Inc, KashFlow Software Ltd, Wave Financial Inc, MEGI Cloud Accounting Software
Cloud Accounting Software Market 2024 Key Insights:
• The cloud accounting software market size is expected to see strong growth in the next few years. It will grow to $7.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Rising Household Income Accumulates The Demand For Cloud Accounting Software
• Technology Integration in Accounting and Audit Services
• North America was the largest region in the cloud accounting software market in 2023
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