Business Accounting Software Global Market Report 2024

Description

Business accounting software refers to computer programs or applications specifically crafted for overseeing financial operations within a business entity. These software solutions are tailored to ensure compliance with regulations while offering valuable insights to support business growth and success. They are equipped to handle a multitude of accounting functions, including but not limited to invoicing, billing, payroll processing, expense tracking, financial reporting, and tax preparation.

The primary types of business accounting software include commercial accounting software, enterprise accounting software, and custom accounting software. Commercial accounting software refers to off-the-shelf solutions designed for general accounting tasks and typically available for purchase from software vendors. These solutions can be deployed either through cloud-based platforms or on-premises installations, catering to organizations of varying sizes, including small, medium, and large enterprises.

The business accounting software market research report is one of a series of new reports from The Business Research Company that provides business accounting software market statistics, including business accounting software industry global market size, regional shares, competitors with a business accounting software market share, detailed business accounting software market segments, market trends and opportunities, and any further data you may need to thrive in the business accounting software industry. This business accounting software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The business accounting software market size has grown rapidly in recent years. It will grow from $22.25 billion in 2023 to $24.48 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The expansion observed in the historical period can be attributed to several factors, including reliance on manual accounting processes, the proliferation of small and medium enterprises (SMEs), the realization of cost and time savings through automation, the effects of globalization on business operations, and the increasing stringency of regulatory compliance requirements driving the adoption of accounting software solutions.

The business accounting software market size is expected to see rapid growth in the next few years. It will grow to $36.27 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The projected growth in the forecast period can be attributed to several key factors, including a heightened focus on user experience and customer support, increased attention towards data security and compliance, greater integration capabilities with third-party applications, and a growing emphasis on automation to streamline accounting processes. Major trends expected in the forecast period encompass a shift towards subscription-based pricing models, enhancements in user experience (UX) and user interface (UI) design, deeper integration with business intelligence (BI) tools for advanced analytics, and an expansion of cloud-based solutions to offer greater flexibility and scalability.

The projected increase in automation within accounting processes is poised to catalyze the expansion of the business accounting software market in the foreseeable future. Automation in accounting entails the utilization of software applications to execute fundamental functions involved in maintaining a business's financial records. This trend towards heightened automation is propelled by the imperative for efficiency, accuracy, and streamlined operations, ultimately mitigating manual labor and human error. Leveraging business accounting software, automation in accounting endeavors to streamline processes, augment data accuracy, and facilitate real-time financial management. Notably, in June 2022, a survey conducted by Sage Group plc, a UK-based enterprise software company, revealed a significant uptake in technology adoption among surveyed companies for the closing process, with 40% embracing new technology in 2022 compared to 21% in 2021. Additionally, 87% of respondents reported using either cloud-based or hybrid accounting solutions, marking a substantial increase of 29% compared to the preceding year, underscoring the driving force behind the growth of the business accounting software market.

Prominent players in the business accounting software market are strategically inclined towards developing innovative software solutions, exemplified by Axway Financial Accounting Hub, to spearhead the digital transformation of business finance departments. Axway Financial Accounting Hub (FAH) stands as a software solution meticulously crafted to streamline and automate financial accounting processes within organizations and enterprises. For instance, in June 2022, Axway Software Solutions, a France-based enterprise integration company, unveiled Axway Financial Accounting Hub, designed to furnish pertinent, high-quality data to business units, thereby bolstering operational excellence, agility, and trust in financial data. This groundbreaking platform is tailored to drive the digital metamorphosis of finance departments within companies, addressing pertinent challenges and leveraging advanced features to achieve operational excellence, agility, and data trust.

In January 2022, IndiaMART Intermesh Ltd., an India-based e-commerce entity, finalized the acquisition of Busy Infotech Pvt. Ltd. for an undisclosed sum. This strategic acquisition is poised to enrich IndiaMART Intermesh Ltd.'s value proposition, rendering business operations more accessible for Indian enterprises. Busy Infotech Pvt. Ltd. specializes in accounting software solutions, aligning with IndiaMART Intermesh Ltd.'s strategic objectives and complementing its existing offerings.

Major companies operating in the business accounting software market are Microsoft Corp., International Business Machine Corporation, Oracle Corp., SAP SE., Salesforce Inc., NatWest Group plc, Intuit Inc., Roper Technologies Inc., Workday Inc., H and R Block Inc., Sage Group plc, Xero Limited, Epicor Software Corporation, Infor Inc., Zoho Corporation Pvt. Ltd., Verint Systems Inc., Priority Software Ltd., deLaski Technologies Inc., Red Wing Software Inc., FinancialForce.com Inc., ZipBooks Software solutions Pvt. Ltd., KashFlow Software Ltd., Wave Financial Inc., Yendo Inc., Gridlex Inc.

North America was the largest region in the business accounting software market in 2023. The regions covered in the business accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the business accounting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The business accounting software market includes revenues earned by entities providing services such as financial reporting tools, enterprise resource planning (ERP) systems, small business accounting software, cloud-based accounting software, and accounting software suites. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Including: 1) By Type: Commercial Accounting Software; Enterprise Accounting Software; Custom Accounting software
2) By Deployment: Cloud-Based; On-Premises
3) By Organization Size: Small And Medium Enterprises; Large Enterprises
Covering: Microsoft Corp; International Business Machine Corporation; Oracle Corp; SAP SE; Salesforce Inc.

Product Code: r17300

1. Executive Summary

2. Business Accounting Software Market Characteristics

3. Business Accounting Software Market Trends And Strategies

4. Business Accounting Software Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Business Accounting Software Market Size and Growth

5.1. Global Business Accounting Software Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Business Accounting Software Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Business Accounting Software Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Business Accounting Software Market Segmentation

6.1. Global Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Commercial Accounting Software
Enterprise Accounting Software
Custom Accounting software
6.2. Global Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Cloud-Based
On-Premises
6.3. Global Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Small And Medium Enterprises
Large Enterprises

7. Business Accounting Software Market Regional And Country Analysis

7.1. Global Business Accounting Software Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Business Accounting Software Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Business Accounting Software Market

8.1. Asia-Pacific Business Accounting Software Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Business Accounting Software Market

9.1. China Business Accounting Software Market Overview
9.2. China Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Business Accounting Software Market

10.1. India Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Business Accounting Software Market

11.1. Japan Business Accounting Software Market Overview
11.2. Japan Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Business Accounting Software Market

12.1. Australia Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Business Accounting Software Market

13.1. Indonesia Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Business Accounting Software Market

14.1. South Korea Business Accounting Software Market Overview
14.2. South Korea Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Business Accounting Software Market

15.1. Western Europe Business Accounting Software Market Overview
15.2. Western Europe Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Business Accounting Software Market

16.1. UK Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Business Accounting Software Market

17.1. Germany Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Business Accounting Software Market

18.1. France Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Business Accounting Software Market

19.1. Italy Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Business Accounting Software Market

20.1. Spain Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Business Accounting Software Market

21.1. Eastern Europe Business Accounting Software Market Overview
21.2. Eastern Europe Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Business Accounting Software Market

22.1. Russia Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Business Accounting Software Market

23.1. North America Business Accounting Software Market Overview
23.2. North America Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Business Accounting Software Market

24.1. USA Business Accounting Software Market Overview
24.2. USA Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Business Accounting Software Market

25.1. Canada Business Accounting Software Market Overview
25.2. Canada Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Business Accounting Software Market

26.1. South America Business Accounting Software Market Overview
26.2. South America Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Business Accounting Software Market

27.1. Brazil Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Business Accounting Software Market

28.1. Middle East Business Accounting Software Market Overview
28.2. Middle East Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Business Accounting Software Market

29.1. Africa Business Accounting Software Market Overview
29.2. Africa Business Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Business Accounting Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Business Accounting Software Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Business Accounting Software Market Competitive Landscape And Company Profiles

30.1. Business Accounting Software Market Competitive Landscape
30.2. Business Accounting Software Market Company Profiles
- 30.2.1. Microsoft Corp.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. International Business Machine Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Oracle Corp.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. SAP SE.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Salesforce Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Business Accounting Software Market Other Major And Innovative Companies

31.1. NatWest Group plc
31.2. Intuit Inc.
31.3. Roper Technologies Inc.
31.4. Workday Inc.
31.5. H and R Block Inc.
31.6. Sage Group plc
31.7. Xero Limited
31.8. Epicor Software Corporation
31.9. Infor Inc.
31.10. Zoho Corporation Pvt. Ltd.
31.11. Verint Systems Inc.
31.12. Priority Software Ltd.
31.13. deLaski Technologies Inc.
31.14. Red Wing Software Inc.
31.15. FinancialForce.com Inc.

32. Global Business Accounting Software Market Competitive Benchmarking

33. Global Business Accounting Software Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Business Accounting Software Market

35. Business Accounting Software Market Future Outlook and Potential Analysis

35.1 Business Accounting Software Market In 2028 - Countries Offering Most New Opportunities
35.2 Business Accounting Software Market In 2028 - Segments Offering Most New Opportunities
35.3 Business Accounting Software Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer