Accounting Software Market to Hit Sales of $47.5 Billion By 2028 | Demand for Accounting Software Increased by 54% Among SMEs in Just Last 3 Years
Global accounting software market was valued at USD 13.7 billion in 2021, and it is expected to reach a value of USD 47.5 billion by 2028, at a CAGR of more than 19.4% over the forecast period (2022–2028).
Westford, USA, Sept. 06, 2022 (GLOBE NEWSWIRE) — Accounting software is becoming increasingly popular as businesses seek to improve their financial management. This growth in demand is likely due to the benefits that accounting software can offer, such as transparency and accuracy. QuickBooks is one of the most popular accounting software programs in the global accounting software market. This product has a wide range of features that can help businesses, especially SMEs manage their finances more effectively. In addition to this, there are many other options available. Some of the most popular include Xero, accountants’ Choice, and Peachtree Accounting.
One important factor for accounting software market is how it integrates with other business systems says analyst at SkyQuest. For example, Sage Accounting Cloud can integrate with Microsoft Dynamics CRM and Salesforce so that sales and purchase data is automatically updated.
SkyQuest has published a report on global accounting software market. The report would help you identifying key market dynamics, top players, market share analysis, competitive analysis, global consumer base by country, market forecast, pricing analysis, consumer behavior, market adoption rate, among others.
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SkyQuest Says, Demand for Accounting Software Among Small Businesses Grew 54% between 2018 and 2021
As small businesses continue to grow and become more complex, players in the global accounting software market are adapting to cater to their needs. According to the SkyQuest, accounting software has seen strong adoption by small businesses across all industries. This trend is likely to continue in the near future as these businesses face increased demands for accuracy, collaboration, and automation.
SkyQuest’s recent study shows that the number of small businesses that use an accounting software increased by 54% between 2018 and 2021. The main reasons given for this growth are better organization and increased accuracy of financial reports. Accounting software typically costs between $100 and $1,000 per year, which is significantly cheaper than hiring a full-time accountant. Additionally, accounting software can be customized to meet the specific needs of small businesses.
Many small businesses in the global accounting software market are looking to improve their accounting prowess by adopting certified software. A recent study shows that over 60% of small businesses are using accounting software from a certified provider. In addition, Certified Integrator Report Research shows that the number of users of certified accounting software is on the rise, with more than 550 new users signing up each month. Certified providers are continuing to invest in their software and services in order to meet the needs of small businesses. The certifications offered through these providers provide businesses with the assurance that their software meets rigorous industry standards.
SkyQuest has done a detailed analysis of the global accounting software market. The report would help the market participant in understanding current growth momentum across the industry verticals, size of end-users, their spending capacity choice of providers, factors affecting their purchasing decision, among others.
US and China are Enjoying Higher Growth Opportunity in Global Accounting Software Market
According to SkyQuest, the extended market opportunity for accounting software is greatest in the United States and China. Accounting software is enjoying strong demand in both countries because of their growth regions and needs to manage complex financial and operational data. Our study suggests that the top five accounting software vendors in these two countries accounted for more than US$8.6 billion in sales in 2021.
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However, the accounting software market growth will be driven by Asia’s continued development into mature economies and by increasing demand for IT solutions within organizations. In addition, as regulatory compliance becomes more critical across all industries, accounting software will become even more important to businesses. It has been those companies that are able to embrace digital transformation will have the strongest competitive edge. By digitizing their processes and automating tasks where possible, companies can free up resources to focus on strategic priorities and customer interactions.
SkyQuest published a new report on global accounting software market. The report provides a detailed analysis of market segmentation by region and country. It focuses more on presence of key players by region, there revenue generation by region, consumer base, popularity and preferences by features, government regulations, challenges, and threat.
Accounting Software Market is Maturing, But Top 5 Players are holding More than 60% Market Share
SkyQuest’s latest report found that Sage Software held the top spot with a market share of 17.5%. This was followed by rivals Microsoft Office 365 (16.1%), ConnectWise (8.2%), Oracle (11.9%), and Intuit QuickBooks (11.1%). The popularity of accounting software market is not surprising given its importance to businesses. Today’s 356 million active users of accounting software across globe attest to its ubiquitous status as a business-critical application.
Global accounting software market is maturing. More customers are looking for value-added features in their accounting software, as opposed to relying solely on functions such as financial reporting or invoicing. In terms of vendors, Sage Software leads the way with over 27% market share of the market in 2021. However, this share is likely to decline over time due to the company’s own product offerings
When it comes to specific functionality, SkyQuest found that users in the accounting software market want more than just basic functionality. They want software that can help them manage compliance requirements (Microsoft) or that can automate their workload.
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Top Players in the Global Accounting Software Market
- Oracle (NetSuite) (US)
- Sage Group Plc. (UK)
- Zeta Software LLC (UK)
- Microsoft Corporation (US)
- Epicor Software Corporation (US)
- Xero Ltd. (New Zealand)
- SAP SE (Germany)
- Intuit Inc. (US)
- Infor, Inc. (US)
- Acumatica Inc. (US)
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