Global Accounting Software Market (2021-2026) by Deployment Type, Type, Application and Geography - Competitive Analysis, Impact of COVID-19, Ansoff Analysis

The Global Accounting Software Market is estimated to be worth USD 9.4 Billion in 2021 and is expected to reach USD 14.6 Billion by 2026, growing at a CAGR of 9.2%.

Market Dynamics

Increasing use of accounting software to reduce maintenance costs, increase security, better access, and easy updates are the major factors driving the market growth. The rising trend of accounting automation has helped accountants to minimize manual data entry, limit workflows, and make the entire accounting process easy, less time-consuming, and error-free. Furthermore, the complexity of tax, audit trails, and varying financial systems around the world and the need for real-time reports are rising the need for accounting automation. The companies and banks have invested in better software solutions for handling financial transactions such as payroll, general ledger, automated billing, and other solutions to increase productivity. These factors are anticipated to propel market growth. However, the high cost for implementation of software is hindering the market growth.

There are continuous innovations in technology and software to improve effectiveness and keep pace with accountant work. In addition, the small and mid-cap enterprises are adopting the accounting and Government initiatives in developing smart cities in developing countries is expected to create new opportunities for the accounting software market in the future.

Market Segmentation

The Global Accounting Software Market is segmented based on Deployment Type, Type, Application and Geography.

• By Deployment Type, the market is classified as On-premise and cloud-based. Amongst all, the on-premise segment is estimated to hold the highest market share during the forecast period.
• By Type, the market is classified as billing/ invoicing software, payroll management software, ERP software, and others. Amongst all, the billing/ invoicing software segment is estimated to hold the highest market share during the forecast period.
• By Application, the market is classified as corporate, public, Government, and forensic accounting. Amongst all, the corporate segment is estimated to hold the highest market share during the forecast period.
• By Geography, North America is projected to lead the market.

Recent Developments

1. Intuit acquired Credit Karma. The Companies Will Provide a Personal Financial Assistant to Power Prosperity. - 03rd December 2020.
2. HostBooks Accounting Software Company has launched its mobile app to help small businesses with payroll integration and other services. - 5th March 2020.

Company Profiles

Some of the companies covered in this report are Oracle Corporation, Microsoft Corporation, Infor Inc., Epicor Software Corporation, NetSuite Inc., Xero Ltd., Zoho Corp. Pvt. Ltd., Intuit Inc. etc.

Competitive Quadrant

The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

The report offers a comprehensive evaluation of the Global Accounting Software Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.

The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel within the industry.

The report includes an in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of COVID-19 on the market is also featured in the report.

The report also contains the competitive analysis using Positioning Quadrants, the analyst's proprietary competitive positioning tool.

Report Highlights

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market