WESTFORD, Mass., July 15, 2024 /PRNewswire/ -- According to
SkyQuest, the global Accounting Software Market size was
valued at USD 15.07 billion in 2022
and is poised to grow from USD 16.28
billion in 2023 to USD 30.18
billion by 2031, growing at a CAGR of 8.02% during the
forecast period (2024-2031).
Accounting software is used to manage and keep track of accounts
and financial transactions of an individual entity or an
organization. Rising financial awareness and implementation of
stringent mandates for accounting are slated to bolster accounting
software market growth. Emphasis on improving operational
efficiency and financial productivity will promote the use of
accounting software in enterprises going forward. The global
accounting software market is segmented into type, deployment mode,
component, end user, and region.
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overview:
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Accounting Software Market Overview:
|
Report
Coverage
|
Details
|
|
Market Revenue in
2023
|
$ 16.28
billion
|
|
Estimated Value by
2031
|
$ 30.18
billion
|
|
Growth Rate
|
Poised to grow at a
CAGR of 8.02%
|
|
Forecast
Period
|
2024–2031
|
|
Forecast
Units
|
Value (USD
Billion)
|
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
|
Segments
Covered
|
Type, Deployment Mode,
Component and End User,
|
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
|
Key Market
Opportunities
|
Development of
cloud-based accounting software
|
|
Key Market
Drivers
|
Emphasis on reducing
monetary fraud in BFSI industry and high demand for business
optimization in all commercial organizations
|
Segments covered in Accounting Software Market are as
follows:
- Type
- Spreadsheets, payroll management software, billing &
invoice software, commercial accounting software, enterprise
accounting software, custom accounting software
- End-User
- Retail, BFSI, manufacturing, IT & Telecom, government
& public sector, energy & utilities, media &
entertainment, pharmaceutical & healthcare, others
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report:
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Rising Incidence of Monetary Fraud in the BFSI Industry Makes
it Prime User of Accounting software
Banking, financial services, and insurance (BFSI) industry deals
with vast amount of financial transactions and financial data.
Management of this huge amount of data is highly crucial for BFSI
companies and this is why they deploy accounting software to keep
their data and assets in check. The increasing incidence of
monetary fraud and the imposition of stringent regulations to keep
the BFSI industry operating efficiently are also pushing the use of
accounting software in this segment. Efforts to improve the
operational efficiency of BFSI operations are also estimated to
benefit the demand for accounting software in the future.
Meanwhile, the demand for accounting software in the retail and
e-commerce space is also forecasted to increase at a robust pace
and create new opportunities for accounting software providers.
Commercial Accounting Software Takes Center Stage for
Accounting Software Providers
Rising need for better security and compliance management in
commercial settings to comply with modern regulations. Commercial
accounting software is being used to manage financial transactions
and ledgers of companies to balance the books and keep a record of
receivables and payables. Management of accounts is highly crucial
for companies and commercial organizations to optimize their
business and profitability in the future.
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Cloud-based Accounting Software Projected to Be Preferred for
its Flexibility and Scalability
As cloud technology advances, most software companies are
deploying their offerings on cloud platforms. Cloud-based
accounting software provides high scalability and flexibility,
which is why their demand and preference are increasing on a global
level. Moreover, the pay-as-you-go and subscription-based approach
of cloud-based accounting software is also a key factor that helps
this segment hold a notable market share. New as well as
established accounting software companies should target this
segment to boost revenue generation in the long run.
There are a lot of opportunities to be explored by accounting
software companies in this market. Targeting the cloud-based
deployment segment and BFSI industry will be highly rewarding for
almost all accounting software market players in the future.
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SkyQuest is an IP focused Research and Investment Bank and
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technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
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We work closely with innovators, inventors, innovation seekers,
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sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization have expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
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SkyQuest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
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