Cloud Accounting Software Global Market Report 2024

Description

Cloud accounting software encompasses software applications that deliver accounting and financial management capabilities via cloud-based platforms. Unlike traditional software installed on individual computers or servers, cloud accounting software operates entirely online, accessible through web browsers or dedicated mobile applications.

The primary types of cloud accounting software include browser-based, application service providers (ASP), and software as a service (SaaS). Browser-based solutions are accessed through web browsers, facilitating easy access without the need for individual device installations. These browser-based functionalities cater to a diverse range of enterprises, including small, medium, and large-scale businesses. They are utilized across various industries, such as information technology, banking, financial services, insurance, telecommunications, healthcare, government, and the public sector.

The cloud accounting software market research report is one of a series of new reports from The Business Research Company that provides cloud accounting software market statistics, including cloud accounting software industry global market size, regional shares, competitors with a cloud accounting software market share, detailed cloud accounting software market segments, market trends and opportunities, and any further data you may need to thrive in the cloud accounting software industry. This cloud 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 cloud accounting software market size has grown strongly in recent years. It will grow from $4.48 billion in 2023 to $4.90 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed in the historic period can be attributed to several key factors. Firstly, there was a significant emphasis on business continuity planning, with businesses increasingly adopting cloud accounting solutions to ensure uninterrupted operations in the face of potential disruptions. Secondly, the need for enhanced data accessibility drove the adoption of cloud accounting software, enabling businesses to access financial data from anywhere with internet connectivity.

The cloud accounting software market size is expected to see strong growth in the next few years. It will grow to $7.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The projected growth in the forecast period is expected to stem from various factors. Collaborative ecosystems are anticipated to play a significant role, fostering cooperative efforts among businesses and stakeholders. Additionally, there is an increasing emphasis on environmental sustainability initiatives, driving the adoption of cloud accounting solutions that promote eco-friendly practices. Regulatory compliance updates are also expected to drive growth, as businesses seek to stay abreast of evolving regulations and requirements. Furthermore, cybersecurity enhancements will be crucial in ensuring the security and integrity of financial data

The anticipated growth of the cloud accounting software market is attributed to the increasing household income, reflecting a rise in total earnings or revenue among all household members over a specified period. Cloud accounting software enables service providers to access financial data and conduct accounting tasks remotely, leveraging internet connectivity. This technology offers real-time updates, facilitates timely decision-making, improves accuracy in financial reporting, and enhances overall operational efficiency. Notably, in September 2022, the United States Census Bureau reported a real median household income of $70,784 in 2021, with a 1.2% increase in income inequality between 2020 and 2021. Furthermore, projections from S&P Global in January 2022 suggest a 12.1% increase in median household income to $81,230 by 2027 from $72,465 in 2022 in the US. The upward trajectory of household income is thus a key driver fueling the growth of the cloud accounting software market.

Innovative software solutions, such as accounting and audit services, are a focal point for major companies operating in the cloud accounting software market. These solutions are tailored to assist accounting firms in streamlining their operations efficiently by offering a comprehensive platform. For example, in November 2023, Zoho Corporation introduced Zoho Practice, an end-to-end practice management solution designed for chartered accountants (CAs). This software serves as a centralized hub for simplifying the activities of cloud accounting and auditing firms, facilitating internal and client communication for various business requirements. Additionally, Zoho Practice integrates seamlessly with Zoho Books, enriching the functionality and insights available to accounting professionals.

In September 2023 witnessed Visma Solutions' strategic acquisition of Silverfin Ltd., bolstering its presence in the Belgian software sector and reinforcing its position as Europe's cloud accounting software champion. Silverfin Ltd., a Belgium-based cloud-native provider of post-accounting software, including account preparation and related workflows, aligns with Visma's growth objectives and enhances its product portfolio. Through this undisclosed acquisition, Visma aims to expand its market reach and strengthen its capabilities in delivering innovative cloud accounting solutions to clients across Europe.

Major companies operating in the cloud accounting software market are Microsoft Corporation, International Business Machine Corporation, Oracle Corp., SAP SE, Intuit Inc., Workday Inc., Dropbox Inc., Sage Group plc, BMC Software Inc., Yonyou Company Ltd., Xero Limited, Epicor Software Corporation, Infor Global Solutions, Zoho Corporation Pvt. Ltd., Verint Systems Inc., Kingdee International Software Group (Hong Kong) Co. Ltd., HelpSystems Inc., Carbonite Inc., FinancialForce.com Inc., Reckon Limited, Robocloud Technologies Private Limited, Apptivo Inc., KashFlow Software Ltd., Wave Financial Inc., MEGI Cloud Accounting Software

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

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

The cloud accounting software market consists of revenues earned by entities providing services such as payroll management, bank reconciliation, financial reporting, expense tracking, invoicing, billing, and bookkeeping. The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud accounting software market also includes sales of payroll software, expense management software, invoicing and billing tools, advanced accounting software, and basic accounting software. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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: Browser-Based; Application Service Providers ; Software As A Service (SaaS)
2) By Enterprise Size: Small and Medium Enterprises; Large Enterprises
3) By End-user : Information Technology; Banking, Financial Services, And Insurance; Telecommunications; Healthcare; Government And Public Sector
Covering: Microsoft Corporation; International Business Machine Corporation; Oracle Corp; SAP SE; Intuit Inc.

Product Code: r17312

1. Executive Summary

2. Cloud Accounting Software Market Characteristics

3. Cloud Accounting Software Market Trends And Strategies

4. Cloud 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 Cloud Accounting Software Market Size and Growth

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

6. Cloud Accounting Software Market Segmentation

6.1. Global Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Browser-Based
Application Service Providers
Software As A Service (SaaS)
6.2. Global Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Small and Medium Enterprises
Large Enterprises
6.3. Global Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Information Technology
Banking, Financial Services, And Insurance
Telecommunications
Healthcare
Government And Public Sector

7. Cloud Accounting Software Market Regional And Country Analysis

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

8. Asia-Pacific Cloud Accounting Software Market

8.1. Asia-Pacific Cloud 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 Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Cloud Accounting Software Market

9.1. China Cloud Accounting Software Market Overview
9.2. China Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Cloud Accounting Software Market

10.1. India Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Cloud Accounting Software Market

11.1. Japan Cloud Accounting Software Market Overview
11.2. Japan Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Cloud Accounting Software Market

12.1. Australia Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Cloud Accounting Software Market

13.1. Indonesia Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Cloud Accounting Software Market

14.1. South Korea Cloud Accounting Software Market Overview
14.2. South Korea Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Cloud Accounting Software Market

15.1. Western Europe Cloud Accounting Software Market Overview
15.2. Western Europe Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Cloud Accounting Software Market

16.1. UK Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Cloud Accounting Software Market

17.1. Germany Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Cloud Accounting Software Market

18.1. France Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Cloud Accounting Software Market

19.1. Italy Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Cloud Accounting Software Market

20.1. Spain Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Cloud Accounting Software Market

21.1. Eastern Europe Cloud Accounting Software Market Overview
21.2. Eastern Europe Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Cloud Accounting Software Market

22.1. Russia Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Cloud Accounting Software Market

23.1. North America Cloud Accounting Software Market Overview
23.2. North America Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Cloud Accounting Software Market

24.1. USA Cloud Accounting Software Market Overview
24.2. USA Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Cloud Accounting Software Market

25.1. Canada Cloud Accounting Software Market Overview
25.2. Canada Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Cloud Accounting Software Market

26.1. South America Cloud Accounting Software Market Overview
26.2. South America Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Cloud Accounting Software Market

27.1. Brazil Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Cloud Accounting Software Market

28.1. Middle East Cloud Accounting Software Market Overview
28.2. Middle East Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Cloud Accounting Software Market

29.1. Africa Cloud Accounting Software Market Overview
29.2. Africa Cloud Accounting Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Cloud Accounting Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Cloud Accounting Software Market, Segmentation By End User , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Cloud Accounting Software Market Competitive Landscape And Company Profiles

30.1. Cloud Accounting Software Market Competitive Landscape
30.2. Cloud Accounting Software Market Company Profiles
- 30.2.1. Microsoft Corporation
  - 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. Intuit 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. Cloud Accounting Software Market Other Major And Innovative Companies

31.1. Workday Inc.
31.2. Dropbox Inc.
31.3. Sage Group plc
31.4. BMC Software Inc.
31.5. Yonyou Company Ltd.
31.6. Xero Limited
31.7. Epicor Software Corporation
31.8. Infor Global Solutions
31.9. Zoho Corporation Pvt. Ltd.
31.10. Verint Systems Inc.
31.11. Kingdee International Software Group (Hong Kong) Co. Ltd.
31.12. HelpSystems Inc.
31.13. Carbonite Inc.
31.14. FinancialForce.com Inc.
31.15. Reckon Limited

32. Global Cloud Accounting Software Market Competitive Benchmarking

33. Global Cloud Accounting Software Market Competitive Dashboard

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

35. Cloud Accounting Software Market Future Outlook and Potential Analysis

35.1 Cloud Accounting Software Market In 2028 - Countries Offering Most New Opportunities
35.2 Cloud Accounting Software Market In 2028 - Segments Offering Most New Opportunities
35.3 Cloud 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