Accounting Software Market by Type, Function, Organization Size, Deployment, Industry

List of Tables

[199 Pages Report] The Accounting Software Market size was estimated at USD 11.63 billion in 2023 and expected to reach USD 12.81 billion in 2024, at a CAGR 9.83% to reach USD 22.43 billion by 2030.

Accounting software manages and records the financial transactions of an organization, including fixed asset, expense, and revenue management, and accounts receivable & payable, and reporting & analytics. The systematic recording of these financial transactions enables the production of financial statements, including balance sheets, cash flows, and income statements. The growing digitalization of financial operations and rising automation in accounting processes are resulting in increased deployment of accounting software in the end-use industries. In addition, the convenience in the use and accessibility is leading to the adoption of mobile and app-based accounting software. However, data privacy and security issues may impede the adoption of accounting software by the end-use sectors. Moreover, the advancements to assist accounts with cloud computing and the emergence of startups to provide efficiently managed financial operations are expected to create significant potential for the growth of the accounting software market worldwide.

KEY MARKET STATISTICS
Base Year [2023]	USD 11.63 billion
Estimated Year [2024]	USD 12.81 billion
Forecast Year [2030]	USD 22.43 billion
CAGR (%)	9.83%

Type: High adoption of integrated accounting software among organizations

The integrated accounting software combines multiple functions of accounting, such as accounts receivable, accounts payable, general ledger, and payroll, into one program. Integrated software is ideal for businesses with large accounting departments and provides a streamlined data entry process that eliminates the need to enter data multiple times. It also allows users to access financial data quickly and can be used to generate financial reports easily. Standalone accounting software focuses on a single area of accounting, such as accounts receivable or payroll. This type of software is adopted by businesses that do not need a full range of accounting services and an efficient solution for their particular requirement. Standalone accounting software can offer more flexibility in its features than integrated programs, allowing users to customize their experience.

Function: Significant use of accounting software in cash flow management

Accounts payable is a core of the accounting software that tracks and manages the money a business owes to its vendors or suppliers for goods or services received. It involves tracking invoices, ensuring timely payments, and managing suppliers' credit terms. Accounting software helps businesses manage accounts receivable by tracking customer payments and allows businesses to track unpaid invoices efficiently. Accounting software can help enterprises manage their cash flow by providing accurate insights into the accounts payable and receivable of the business at any given time. Accounting software can also provide detailed cash forecasting capabilities, which can help businesses plan for short-term expenses and long-term investments. Accounting software can assist businesses with cost management by tracking spending on fixed assets, inventory control, labor costs, and expenses related to marketing activities, among other operational costs that may affect profitability margins. Accounting software provides valuable reporting capabilities that allow businesses to quickly analyze performance across different areas of their operations, such as sales figures, financial ratios, and key performance indicators (KPIs). Reports are generated in real-time, which helps organizations take immediate action if needed to correct shortcomings and allows managers to make informed decisions that lead to improved profitability over time.

Organization Size: Proliferating demand for accounting software in the large businesses to manage their finance operations

Small and medium enterprises (SMEs) widely employ accounting software to manage their accounting needs. Accounting software for SMEs is tailored to the specific needs of the type of business and includes features such as billing, invoicing, payroll processing, expense tracking, and inventory management. Large businesses require accounting software solutions fully connected with other business operations, such as customer relationship management (CRM). The most advanced packages include analytics capabilities and artificial intelligence technologies to inform financial decisions.

Deployment: Penetration of cloud-based deployment model

Cloud-based deployment is the most preferred accounting software due to its improved scalability, affordability, and flexibility. Businesses do not need to invest in hardware or manage backups with cloud-based deployment, as these systems provide centralized access to the user. On-premise deployment is a traditional type of deployment where software is installed on a local server and managed by an internal IT team. This allows businesses to maintain control over their data security and requires a significant investment in hardware infrastructure and regular maintenance management.

Industry: Potential demand for accounting software in the business & finance sector to analyze and manage financial operations

The automotive & transport industries are leveraging advanced accounting software to manage costs efficiently, streamline supply chain operations, and comply with government regulations. Business & finance services firms can use these solutions to easily track revenue and expenses, analyze financial performance, generate reports, perform audits, and manage accounts payable or receivable. Accounting software is evolving as a valuable tool for chemicals and materials and the construction sector for monitoring inventory levels, analyzing material costs across multiple sites or locations, and helping them identify any discrepancies or areas where improvements are required. Accounting software is used in the consumer goods and services, energy and natural resources, and food & beverage sectors. It includes invoicing automation, budgeting tools, expense tracking, and sales analysis reports, providing businesses with greater insights into customer spending trends. Government organizations and public institutions, healthcare, and pharmaceutical utilize accounting software for managing finances effectively while remaining compliant with stringent regulations by governing bodies. In the aerospace & defense industry, it enables government agencies to accurately track funds allocated toward defense projects and ensure accurate payments are made to suppliers in accordance with contract terms. Accounting software can help telecommunications and utility companies automate their accounting tasks and simplify forecasting processes by providing access to key financial metrics that can be used to make informed decisions about future investments in technology infrastructure or new service offerings.

Regional Insights

The accounting software market is substantially developing in the Americas due to the presence of major players, increasing use of advanced technologies, and government enforcement to comply with accounting standards. The rapid digitalization of the financial sectors, favorable government initiatives and investments for adopting digital solutions, and the growing need to manage financial operations efficiently are accelerating the deployment of account software in the APAC region. The massive presence of small, medium, and large-sized enterprises across emerging economies has expanded the scope of accounting software in the region. The favorable governmental initiatives for adopting digitized solutions in financial services and deploying e-invoice solutions across banking and financial sectors encourage the use of accounting software in the EMEA region. Additionally, the ongoing advancements and integration of breakthrough technologies, including artificial intelligence (AI) and machine learning (ML), are expected to encourage the adoption of accounting software by end-use industries worldwide.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Accounting Software Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Accounting Software Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Accounting Software Market, highlighting leading vendors and their innovative profiles. These include AccountMate Software Corporation, Acumatica, Inc., Adyen, Asana, Inc., Automatic Data Processing, Inc, Bectran Inc., Dassault Systemes SE, Deltek, Inc., Epicor Software Corporation, Fiserv, Inc., Focus Softnet Pvt Ltd, FreeAgent Central Ltd., FreshBooks, Genesys Cloud Services, Inc., Indy.fr SAS, Infor Inc., Intel Corporation, International Business Machines Corporation, Intuit Inc., Microsoft Corporation, MYOB Group Pty Ltd., Nutanix, Inc., Oracle Corporation, Paychex Inc., Priority Software Ltd., Quadient Group, Reckon Ltd., Saasu Pty Ltd., Salesforce, Inc., SAP SE, SAS N2JSoft, ServiceNow, Inc., Syspro Proprietary Ltd., Tally Solutions Private Limited, The MathWorks, Inc., The Sage Group PLC, Unit4 Business Software Limited, Xero Limited, Yonyou Network Technology Co. Ltd., Zeta Software, and Zoho Corporation Pvt. Ltd..

Market Segmentation & Coverage

This research report categorizes the Accounting Software Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Integrated
- Standalone

Function
- Accounts Payable
- Accounts Receivable
- Cash Flow Management
- Cost Management
- Reporting & KPIs

Organization Size
- Large Enterprise
- Small & Medium Enterprise

Deployment
- On-Cloud
- On-Premise

Industry
- Aerospace & Defense
- Automotive & Transport
- Business & Finance
- Chemicals & Materials
- Consumer Goods & Services
- Energy & Natural Resources
- Food & Beverage
- Government & Public Sector
- Healthcare & Pharmaceuticals
- Manufacturing & Construction
- Telecommunications & Computing

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Accounting Software Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Accounting Software Market?

3. What are the technology trends and regulatory frameworks in the Accounting Software Market?

4. What is the market share of the leading vendors in the Accounting Software Market?

5. Which modes and strategic moves are suitable for entering the Accounting Software Market?

Product Code: MRR-436B79517B06

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing digitalization of financial operations across various end-use industries
  - 5.1.1.2. Increasing trends of automation in accounting process
  - 5.1.1.3. Rise in the adoption of mobile and app-based accounting software among enterprises
- 5.1.2. Restraints
  - 5.1.2.1. Compatibility issues associated with accounting software
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing technological advancements to assist accountants with cloud computing and AI capabilities
  - 5.1.3.2. Increasing investments and the emergence of new startups
- 5.1.4. Challenges
  - 5.1.4.1. Security issues related to personal and business financial data
5.2. Market Segmentation Analysis
- 5.2.1. Type: High adoption of integrated accounting software among organizations
- 5.2.2. Function: Significant use of accounting software in cash flow management
- 5.2.3. Organization Size: Proliferating demand for accounting software in the large businesses to manage their finance operations
- 5.2.4. Deployment: Penetration of cloud-based deployment model
- 5.2.5. Industry: Potential demand for accounting software in the business & finance sector to analyze and manage financial operations
5.3. Market Trend Analysis
- 5.3.1. Strong regional competition expands market potential in the American region.
- 5.3.2. Emerging digitization and constructive government actions expand market scope in APAC region
- 5.3.3. Supportive government initiatives and rise in adoption of digitalized financial solutions in the EMEA region
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis

6. Accounting Software Market, by Type

6.1. Introduction
6.2. Integrated
6.3. Standalone

7. Accounting Software Market, by Function

7.1. Introduction
7.2. Accounts Payable
7.3. Accounts Receivable
7.4. Cash Flow Management
7.5. Cost Management
7.6. Reporting & KPIs

8. Accounting Software Market, by Organization Size

8.1. Introduction
8.2. Large Enterprise
8.3. Small & Medium Enterprise

9. Accounting Software Market, by Deployment

9.1. Introduction
9.2. On-Cloud
9.3. On-Premise

10. Accounting Software Market, by Industry

10.1. Introduction
10.2. Aerospace & Defense
10.3. Automotive & Transport
10.4. Business & Finance
10.5. Chemicals & Materials
10.6. Consumer Goods & Services
10.7. Energy & Natural Resources
10.8. Food & Beverage
10.9. Government & Public Sector
10.10. Healthcare & Pharmaceuticals
10.11. Manufacturing & Construction
10.12. Telecommunications & Computing

11. Americas Accounting Software Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Accounting Software Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Accounting Software Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Swoop and Sage Unveil Global Partnership to Revolutionize Business Funding and Cost-Savings Solutions
- 14.3.2. Quadient Connects its Accounts Payable Solution to Sage 100 to Enhance and Streamline Invoice Processing.
- 14.3.3. Xero and Allinial Global Partner To Bring The Power Of Cloud Accounting To More Member Firms Globally.
- 14.3.4. Enventa Strengthens ERP Offering With The Acquisition Of Bookkeeping Provider Syska.
- 14.3.5. Epicor Acquires Cloud-Based Financial Planning and Analysis Provider DSPanel.
- 14.3.6. ERP Company Focus Softnet Launches New Cloud-Based Accounting Software, Focuslyte, For Small And Medium Enterprises.
- 14.3.7. Quadient Announces New Accounts Payable Automation Cloud Solution Integration with Microsoft Dynamics Business Central.
- 14.3.8. Intuit QuickBooks Unveils New Innovations that Support Accountants and Drive Business Success at QuickBooks Connect.
- 14.3.9. Intuit Acquires SeedFi to Bolster Credit Karma Solution.
- 14.3.10. FreshBooks Secures Up to USD 100 Million Debt Facility to Support Global Growth.
- 14.3.11. SurePayroll and FreshBooks Integrate Services to Simplify Payroll and Accounting Responsibilities.
- 14.3.12. Tesorio Raises USD 17 Million Series B To Change The Way B2b Businesses Manage Accounts Receivables.
- 14.3.13. Sage Group Acquires Futrli for Cash Flow Management.
- 14.3.14. American Express Teams Up with Versapay to Create a More Efficient Accounts Receivable Experience for Suppliers and Buyers.
- 14.3.15. Stripe Expands Its Revenue And Finance Automation Suite To Help Ambitious Companies Modernize Their Finance Stacks.
- 14.3.16. Gaviti Raises USD 9 Million in Series A After Helping Clients Collect USD 6.2 Billion in Account Receivables in 2021.
- 14.3.17. Bectran Inc Awarded TRUSTe Privacy Certification Seal, Demonstrating Commitment to International Data Protection.

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio