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Accounting Software Market Trends

ID: MRFR//6280-CR | 118 Pages | Author: Aarti Dhapte| April 2019

Accounting Software Market Overview

Accounting Software Market Size was valued at USD 13.59 billion in 2022. The Accounting Software market industry is projected to grow from USD 14.71 billion in 2023 to USD 29.80 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.2% during the forecast period (2024 - 2030). The increasing demand for an automated solution by financial institutions, and the rapid adoption of cloud-based accounting software are driving the growth of the market.

Figure 1: Accounting Software Market Overview, 2022 & 2030

Accounting Software Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Latest Industry Update for Accounting Software Market

March 2023- Hoteliers from all segments have overwhelmingly favored Aptech's enterprise accounting software. The next-generation enterprise accounting solution from Aptech has an easy-to-use architecture and menu system. PVNG is specially designed to be adaptable to meet various deployment choices and is capable of handling single & multi-property accounting. It is implemented in the cloud and has the capacity to enable individual and unified back office operations & financial reporting for the complete hotel company portfolio through the internet.

Users rated PVNG 98 out of 100 for simplicity of use, ROI, implementation, & customer assistance, giving it a 95% rating for propensity to recommend out of the 41 firms featured in the Finance & Accounting Software category. Limited Service & Budget and Bed & Breakfast hotels and hostels are the most satisfied with the solution (99%), followed by Resorts (90%), Luxury Hotels (93%), Extended Stay & Serviced Apartments (94%), City Centre Hotels (95%), and Airport & Conference Hotels, Boutiques & Branded Hotels (96%).

Sam Costa, Director of Client Success at Aptech, said that the company "definitely feels like a winner," especially because their clients have made it clearly obvious that Aptech is "the best" hotel accounting software available. The astounding remarks regarding their customer success department have left him feeling the most humble. The majority of responders took the time in expressing their gratitude for their personnel in addition to rating their goods. People described the diligent individuals committed to their financial achievement as reliable, understandable, fast, always available, responsive, the best, effective, timely, efficient, friendly, amazing, & a strong knit team.

The only company offering a completely integrated corporate accounting, business intelligence, & planning ecosystem to the hotel sector is Pittsburgh, Pennsylvania-based Aptech Computer Systems, Inc. For quicker goal attainment, its solutions assist clients both at the corporate & property levels in understanding their financial and operational data.

Covid-19 Analysis

Post-COVID-19, the accounting software market size was valued at USD 13.59 billion in 2021 and is projected to reach USD 29.80 billion by 2030, growing at a CAGR of 9.2% from 2022 to 2030. ly, the pandemic has caused a recession in the economy, forcing companies to drastically restructure their operations. Despite the COVID-19-induced recession affecting industries worldwide, the technology sector suffered less from the crisis than the rest of the economy. The COVID-19 pandemic has had a significant impact on the accounting software market. Due to the widespread shift to remote work and the need for businesses to adjust to new economic conditions, there has been an increased demand for cloud-based accounting software that can be accessed remotely. 

Additionally, many businesses have had to pivot and change their operations, leading to a need for more flexible and adaptable accounting software. As a result, many companies in the accounting software market have seen an increase in sales and a shift toward cloud-based solutions. Cloud-based accounting software is a benefit for corporate businesses in Indonesia, offering accessibility, scalability, security, and affordability. Popular options include Xero, Zoho Books, and NetSuite. When choosing a cloud-based accounting software platform, consider the features, integrations, pricing, and support offered.

Accounting Software Market Trends

Increasing demand for an automated solution by financial institutions

The demand for automated accounting software by financial institutions has been increasing in recent years due to a number of factors. One of the main drivers is the need for greater efficiency and cost savings. Automated accounting software can help financial institutions streamline their accounting processes, reduce errors, and improve accuracy. Additionally, automated accounting software can help financial institutions comply with regulatory requirements and improve their overall operational effectiveness.

Another factor contributing to the rapid adoption of cloud-based accounting software is the cost-effectiveness. Cloud-based solutions are typically offered on a subscription basis, which can be more cost-effective than traditional on-premises solutions, especially for small and medium-sized businesses. Additionally, cloud-based solutions usually have lower up-front costs, which can help businesses save money on IT infrastructure and maintenance.

Accounting Software Market Segment Insights

Accounting Software Market Software Type Insights

The Accounting Software market segmentation, based on Software Type, includes Accounting Software, and Tax Software. Payroll management software is becoming increasingly popular in the accounting software market due to the many benefits it offers. Some of the key benefits include the Automation of payroll tasks in which Payroll management software automates the process of calculating and distributing employee salaries, taxes, and other deductions, which can save businesses time and reduce errors. 

Real-time reporting: Payroll management software can provide real-time reporting on payroll expenses, which can help businesses track their payroll costs and make better financial decisions. Overall, payroll management software is becoming an essential tool in the accounting software market, as it helps businesses streamline their payroll process, improve compliance, and increase accuracy and transparency.

January 2023: Intuit Inc. increased the availability of its QuickBooks Business Network solution to millions of small and midsize businesses. By enabling eligible QuickBooks Online customers in the United States to connect through the B2B network, B2B payments will be accelerated, administrative tasks will be simplified and streamlined, and collaboration and connection possibilities will be enhanced. By expanding QuickBooks Business Network's availability, Intuit is creating one of the largest B2B networks aimed at accelerating and automating B2B payments while enhancing small and midsize businesses' cash flow.

January 2023: Two new modules have been added to Trullion's accounting automation platform for early adopters: Revenue by Trullion and Audit by Trullion. In addition to the launch, Trullion's AI-powered lease accounting module, the only tool for IFRS 16 and ASC 842 compliance, has been widely adopted.

Accounting Software Market Deployment Mode Insights

According to Deployment Mode, the cloud segment led the overall market in the accounting software industry in 2021, and it is expected to continue to lead during the forecast period. This allows users to access the software and their financial data from any device with an internet connection. Cloud-based accounting software also typically utilizes a subscription-based pricing model, with users paying a monthly or annual fee for access to the software and its features. This deployment mode offers many benefits such as easy scalability, automatic updates and backups, and access from anywhere as long as you have internet connection.

Accounting Software Market Organization Size Insights

The Accounting Software market research segmentation, by Organization Size, the market is segmented into Small & Medium Enterprise, and Large Enterprise. SMEs typically have limited resources and may not have the same level of technical expertise as larger organizations, making cloud-based accounting software an attractive option. These solutions are typically more affordable and easier to use than on-premises software, and they can provide SMEs with access to the same financial management tools as larger organizations. Additionally, many accounting software providers offer tiered pricing plans that are tailored to the specific needs of SMEs, with different levels of functionality and support available at different price points. According to the MRFR, the reasons above will continue to fuel the segment's growth throughout the forecast period.

Accounting Software Market Vertical Insights

Based on Vertical, the Accounting Software market has been segmented into BFSI, IT and Telecommunication, Manufacturing, Retail and E-commerce, Healthcare, and Others. Accounting software can help IT and telecommunications companies automate their financial operations, making it easier to track expenses, generate invoices, and manage their cash flow. It can also help them to comply with financial regulations and reporting requirements. Cloud-based solutions are often preferred in this industry, as they can provide easy scalability and flexibility, as well as real-time visibility into financial data. In addition, many accounting software providers now offer solutions specifically designed for the healthcare industry, with features such as electronic claims submission, appointment scheduling, and patient billing. This can help healthcare providers to manage their financial operations more effectively, and to provide better service to patients.

Accounting Software Market Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Currently, Accounting Software solutions are being extensively used in North America. There are a greater number of industrial sectors, educational institutions, and business segments in the region that require proper accounting management. North American end-user applications have invested in Accounting Software solutions due to developed infrastructure and time constraints. Accounting Software solutions are being used by an increasing number of healthcare, information technology, manufacturing, E-Commerce, and retail businesses to increase revenue. In North America, the economic climate provides additional support for investing in the costs associated with installation, maintenance, and other related fees.

It is expected that the Asia Pacific region will exhibit the fastest CAGR during the forecast period. One of the major drivers for the growth of the accounting software market in the Asia-Pacific region is the increasing adoption of digital technologies by small and medium-sized enterprises (SMEs). The increasing awareness of the benefits of automation and the need to comply with various financial regulations are driving the adoption of accounting software in this region.

Further, the countries considered in the scope of the accounting software market are the US, Canada, Mexico, UK, Germany, France, Italy, Spain, Switzerland, Austria, Belgium, Denmark, Finland, Greece, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Sweden, Romania, Ireland, China, Japan, Singapore, Malaysia, Indonesia, Philippines, South Korea, Hong Kong, Macau, Singapore, Brunei, India, Australia & New Zealand, South Africa, Egypt, Nigeria, Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, and Oman, Brazil, Argentina, Chile, and others.

Accounting Software Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the accounting software market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the accounting software industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Oracle offers a range of accounting solutions for large enterprises, including Oracle E-Business Suite Financials, which is a comprehensive financial management solution. SAP offers a wide range of accounting solutions for large enterprises, including the SAP S/4HANA Finance, which is a comprehensive financial management solution. Overall, the accounting software market is highly competitive, with a large number of vendors offering a wide range of solutions to meet the needs of different types of businesses. The market is expected to continue to grow as more businesses adopt digital technologies and automate their financial operations.

Key Companies in the Accounting Software market include

  • Intuit Inc.

  • The Sage Group

  • SAP SE

  • Microsoft Corporation teams

  • Oracle Corporation

  • Teamsystem Spa

  • Xero Limited

  • Freshbooks

  • Epicor

  • UNIT4

  • Red Wing Software, Inc.

  • Tally Solutions Private Limited

  • Wolters Kluwer

  • Ernst & Young Limited

  • Zeta Software LLC

  • Zoho Corporation

Intended Audience

  • Accounting Industry

  • Enterprise Accounting Industry

  • Healthcare Industry

  • Technology Investors

  • Government Bodies

  • Gaming Industry

  • Manufacturing industry

  • IT industry

Accounting Software Industry Developments

In November 2023 - Zoho, a SaaS startup, launched a new line of products aimed at accounting firms called Zoho Practice. The platform offers a suite of tools for client management, document management, task management, time tracking, and billing, making it a comprehensive solution for Chartered Accountants (CAs).

In July 2023 -EnKash, a spend management platform, launched "Olympus," a solution to automate business payables and receivables for startups and small to midsize businesses. Olympus offers "plug & play" integration capability in a DIY mode, making it accessible and affordable for businesses that lack experience and resources in digital payments.

In March 2023- Focus Softnet, a leading ERP company, launched FocusLyte, a cloud-based accounting software designed for small and medium enterprises. FocusLyte simplifies invoice and payment management and offers robust reporting capabilities, making it user-friendly and suitable for businesses with complex financial accounting processes.

January 2023: GnuCash launched GnuCash 5.0 which is free, open-source, and cross-platform accounting software for GNU/Linux distributions. A new Stock Transaction Assistant will be available under the Actions menu in the upcoming major release. Stocks, bonds, and mutual funds can be entered using this feature.

January 2023: TaxBit acquired Tactic, a digital asset financial accounting platform that offers a streamlined accounting subledger. This acquisition will combine two leaders in the digital asset accounting space and establish TaxBit's New York office presence. As a result of tactical's accounting automation tools, seamless integration with other financial software products, and increased visibility, crypto accounting processes have been reduced by as much as 75%. TaxBit will enhance its existing Corporate Accounting Suite (CAS) with tactic.

Accounting Software Market Segmentation

Accounting Software Market Software Type Outlook

  • Accounting Software

    • Billing And Invoice Software

    • Payroll Management Software

    • Enterprise Resource Planning System

    • Others

  • Tax Software

Accounting Software Market Deployment Mode Outlook

  • On-premise

  • Cloud

Accounting Software Market Organization Size Outlook

  • Small & Medium Enterprise

  • Large Enterprise

Accounting Software Market Vertical Outlook

  • BFSI

  • IT & Telecommunication

  • Manufacturing

  • Retail & E-commerce

  • Healthcare

  • Others

Accounting Software Market Regional Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Rest of Asia-Pacific

  • Middle East & Africa

  • South America

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