Software Market Research Report by Forecast to 2024
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.
The increasing need for effective and innovative accounting solution along with the rapid adoption of cloud-based accounting solutions is having a positive impact on the global Software Market. Demand for accounting software is on the rise in sectors such as retail, manufacturing, BFSI, IT & telecom.
Accounting Software Market Competition Analysis:
Key players functioning in the market include Microsoft, Assist Cornerstone, Infor., Xero Limited, Workday, Oracle, Priority Software, yonyou (Hong Kong) co., Ltd., Epicor, SAP, Tally Solutions Private Limited, Kingdee International Software Group (HK) Ltd., Sage, Unit4, Intuit Inc., and FreshBooks.
Accounting Software Market Segmental Analysis:
MRFR’s report include a thorough segmental analysis of the market conducted based on industry, deployment and organization size.
- On the basis industry, key segments include manufacturing, retail & e-commerce, BFSI, IT & telecommunication, healthcare, and other. The manufacturing segment currently represents the most impressive share of the market in terms of value. The segment surpassed a valuation of USD 5 Mn in 2018 and is projected to expand at 9.49% CAGR during the assessment period.
- This is mainly due to the widespread application of accounting software in the manufacturing sector. In terms of value, the retail & e-commerce segment holds the second spot and is likely to retain its position over 2024.
Accounting Software Market Regional Analysis:
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.