How Has the Accounting And Budgeting Software Market Evolved Historically and What is its Current Size?
The accounting and budgeting software market has seen considerable growth due to a variety of factors.
•The market size of accounting and budgeting software has seen accelerated growth lately. It is forecasted to increase from $24.01 billion in 2024 to $26.72 billion in 2025, witnessing a compound annual growth rate (CAGR) of 11.3%.
The historical growth can be linked to factors such as the digitization of accounting processes, the necessity for regulatory compliance, initiatives for cost reduction, and intense market competition.
What is the Forecasted Market Size and CAGR for the Accounting And Budgeting Software Market?
The accounting and budgeting software market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for accounting and budgeting software is anticipated to witness a swift expansion in the forthcoming years. It is projected to reach $43.17 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.7%.
Factors contributing to this growth in the forecast period include the adoption of cloud computing, automation and AI integration, remote work, globalization, scalability, and concerns about cybersecurity. Noteworthy trends during this forecast period are expected to be mobile accounting applications, data analytics and predictive insights, association with e-commerce platforms, focus on user experience and design, and sustainability reporting.
What Are The Primary Growth Drivers In The Accounting And Budgeting Software Market?
The growth of the accounting and budgeting software market is projected to be fueled by a surge in startup companies. Newly formed enterprises in their early developmental and growth phases use accounting and budgeting software to simplify financial management, monitor expenditures, enhance budget efficiency, and gain critical real-time data necessary for strategic decision-making. For example, the Center for Entrepreneurs' 2022 business startup index report indicated that in April 2023, new business registrations in the UK hit a record high in 2022, representing a rise of 4.53% from 2021, with a total of 790,390 startups registered in 2022. This increase in startup formations underpins the expansion of the accounting and budgeting software market.
What Is The Segmentation Of The Global Accounting And Budgeting Software Market?
The accounting and budgeting software market covered in this report is segmented –
1) By Type: Accounting Software, Budgeting Software
2) By Deployment Type: On-Premise, Software As A Service (SaaS)
3) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises
4) By Application: Personal Money Management, Business Money Management
5) By Industry Vertical: Information Technology(IT) And Telecom, Healthcare, Government And Public Sector, Energy And Utilities, Banking, Financial Services And Insurance (BFSI), Retail And Ecommerce, Manufacturing, Other Industry Verticals
Subsegments:
1) By Accounting Software: Small Business Accounting Software, Enterprise Accounting Software, Cloud-Based Accounting Solutions, On-Premise Accounting Solutions
2) By Budgeting Software: Corporate Budgeting Software, Personal Budgeting Software, Budget Forecasting Tools, Collaborative Budgeting Solutions
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What Emerging Trends Are Shaping The Accounting And Budgeting Software Market Landscape?
The growth and advancements in accounting tracking tools is a prominent trend in the accounting and budgeting software market. To maintain their competitive edge, key players in this market are rolling out novel tracking and management tools for accounting purposes to cater to distinct needs. For instance, Ledgible, a US audit and accounting software firm, unveiled its NFT Suite in June 2023. It is an all-in-one portfolio tracking solution for professional NFT portfolio management and also features tax and accounting tracking, reporting, and year-round planning. Specifically designed for active investors, traders, and funds, it simplifies the tracking of Ethereum-based NFT portfolios. It delivers both realized and unrealized profit or loss data, thereby aiding in making well-informed buying and selling choices.
Who Are the Key Players in the Accounting And Budgeting Software Market?
Major companies operating in the accounting and budgeting software market include:
• Microsoft Corporation
• Prophix Software Inc.
• Oracle Corporation
• SAP SE
• Intuit Inc.
• Wolters Kluwer N.V.
• Blackbaud Inc.
• Zoho Corporation Private Limited
• Deltek Inc.
• Xero Limited.
• NetSuite Inc
• Coupa Software Inc.
• Odoo
• Sage Group plc
• Adaptive Inc.
• Expensify Inc.
• Planful Inc.
• Acumatica Inc.
• Wave Financial Inc.
• FreshBooks
• Workday Adaptive Planning
• Chargebee Inc.
• Scoro Software
• FreeAgent
• Questica
• AccountMate Software Corporation
• MIP Fund Accounting
• 2ndSite Inc.
• Kashoo
• TimeCamp Inc.
What are the Regional Insights into the Accounting And Budgeting Software Market?
North America was the dominant region in the accounting and budgeting software market in 2024. The regions covered in the accounting and budgeting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
