Market Scenario:
Market Research Future analysts suggest that the global Accounting Software Industry, with the previous valuation, will exhibit a healthy CAGR of 8.92% from 2018-2024 (forecast period) and rise to an estimate of USD 26,600 million by 2024. The factors such as surged demand for an automated solution, demand for an progressive accounting solutions, and prompt adoption of cloud-based accounting software are marshaling market growth.
The increased demand for real time computing of applications is one of the most important factors driving the global accounting software market 2020. Besides, there has been an increasing adoption of database management systems, which plays a vital role in expanding the market. Also, there has been a rise in demand for business intelligence and analytics, which has propelled the global market. Another major factor that elevates the demand the increasing trend of big data analytics, analytics, and cloud computing.
Key Drivers & Barriers
The study has unveiled that several lucrative opportunities are emerging from the integration of artificial intelligence with accounting and mobile/app-based accounting software. Most accounting software/systems in the latest, which are in use, are becoming outdated as they deficit technological competitiveness, as compared to the new comprehensive models. The new ones possess the ability to take care of various operations simultaneously, which forms a fortunate environment for the inclusive expansion of the accounting software market for the forecast period.
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Competitive Outlook:
Sage, SAP, Intuit Inc., Microsoft, Oracle, Kingdee Internation Software Group (HK) Ltd. Xero Limited, FreshBooks, Priority Software, Epicor, Unit4, Assist Cornerstone, yonyou (Hong Kong) co., Ltd., Tally Solutions Private Limited, Infor, and Workday are the top companies investing in the global market of accounting software.
Segmentation:
The global accounting software market has further been segmented among the critical segments of industry, deployment, and organization size.
In terms of industry segment, the market has covered Healthcare, IT & Telecommunication, BFSI, Retail & E-commerce, Manufacturing, and others. Among these, the manufacturing segment acquired 33% of market share in 2018, along with a market valuation of USD 5,362.4 Mn. In the forecast period, the segment will be exhibiting a CAGR of 9.49%.
In terms of the deployment segment, the market has included on-premise and cloud-based. Back in 2018, the on-premise segment acquired 58.89% market share. This segment might reach a market valuation of USD 15,300 million or more by 2024 from USD 9,038.2 million in 2017, thus imitating a healthy growth rate.
In terms of organization size segment, the market includes SME and Large. The SME segment will continue to overtake the large segment in the forecast period. Back in 2018, the segment was valued at USD 9,692.7 Mn and is now expected to observe a CAGR of 9.35% over 2023.
Regional Analysis:
The regions such as North America, Europe, and Asia-Pacific are the prime considered for the study of the global accounting software market.
The markets in North America are presently the largest market for accounting software, and the trend might continue beyond the year 2019. Over the years, the subscriber base of accounting software has sustained to expand at a rapid pace in the region. The North America accounting software market is thus having the potential to exhibit a CAGR of 8.99% during the assessment period and would reach a valuation of over USD 9,500 million. The existence of high-growth industry verticals such as healthcare, information technology, e-commerce, and retail, as well as manufacturing, is providing a stimulus to the market in North America.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
Continued….
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