The Worldwide Accounting Software Market is Projected to reach USD 45.3 Billion by 2028, at a CAGR of 19.6%

Published Date: 31-May-2022

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Accounting Software Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Accounting Software Market size is expected to reach $45.3 billion by 2028, rising at a market growth of 19.6% CAGR during the forecast period.

The Services segment is showcasing a CAGR of 22.3% during (2022 - 2028). This is due to the growing size and complexity of data, which is driving up the demand for accounting software implementation around the world. These complexities and obstacles are driving up demand for professionally managed accounting software services, which is boosting the segment's growth.

The Commercial segment is leading the Global Accounting Software Market by Type in 2021, thereby, achieving a market value of $21.02 billion by 2028. Commercial accounting software like TurboCash, QuickBooks, or FreshBooks can manage most, in case not all, of a small and medium sized business’s accounting requirement. Accounting software cooperate with almost any kind of business, and enable user to build personalized functions to match the notable requirements.

The Cloud segment has shown growth rate of CAGR of 20.1% during (2022 - 2028). As demand for cloud computing rises, end-use sectors are increasingly adopting cloud-based and accounting software, which reduces processing time and costs. In addition, it is predicted that cloud-based accounting software would experience rapid growth during the forecast period.

The Large Enterprises segment is generating high revenue the Global Accounting Software Market by Organization Size in 2021, thereby, achieving a market value of $28.8 billion by 2028. It is due to the rapid pace of digitalization across these enterprises to gain competitive edge in their respective markets. In addition, large enterprises are increasingly investing in the adoption of advanced solutions, which is contributing to the growth of the segment over the forecast period.

The Manufacturing segment is expected to witness a CAGR of 21.5% during (2022 - 2028). Material requirements planning (MRP), customer relationship management (CRM), and manufacturing execution software are all included in most systems (MES). An enterprise resource planning (ERP) system is a collection of modules that may be used to manage an organization's entire operations. The increase in client demand for best-in-class manufacturing goods is driving the demand for this software in the manufacturing software.

The North America market dominated the Global Accounting Software Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $15.60 billion by 2028. The Europe market is poised to grow at a CAGR of 18.7% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 21.5% during (2022 - 2028).

Full Report:

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of SAP SE, Infor, Inc. (Koch Industries), Oracle Corporation, IBM Corporation, Zoho Corporation Pvt. Ltd., Epicor Software Corporation, Workday, Inc, Sage Group plc (Sage Intacct, Inc.), FreshBooks (2ndSite, Inc.), and Kingdee International Software Group Co., Ltd.

Global Accounting Software Market Segmentation

By Component

  • Solution
  • Services

By Type

  • Commercial
  • Enterprise
  • Custom
  • Spreadsheets

By Deployment Model

  • On-premise
  • Cloud

By Organization Size

  • Large Enterprises
  • Small & Medium-sized Enterprises (SMEs)

By Vertical

  • BFSI
  • Manufacturing
  • Government & Public Sector
  • Telecom & IT
  • Media & Entertainment
  • Healthcare & Life Sciences
  • Energy & Utilities
  • Retail & Ecommerce
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • SAP SE
  • Infor, Inc. (Koch Industries)
  • Oracle Corporation
  • IBM Corporation
  • Zoho Corporation Pvt. Ltd.
  • Epicor Software Corporation
  • Workday, Inc
  • Sage Group plc (Sage Intacct, Inc.)
  • FreshBooks (2ndSite, Inc.)
  • Kingdee International Software Group Co., Ltd.

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Related Reports:

North America Accounting Software Market Size & Opportunities 2022-2028

Europe Accounting Software Market & Growth Forecast 2022-2028

Asia Pacific Accounting Software Market, Share & Industry Outlook to 2028

LAMEA Accounting Software Market Growth, Trends & Forecasts 2022-2028

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