What Fueled The Previous Growth In The Accounting Practice Management Software Market?
The accounting practice management software market has seen considerable growth due to a variety of factors.
• The accounting practice management software market is forecast to increase from $0.8 billion in 2024 to $0.9 billion in 2025, at a CAGR of 12.2%.
This growth is driven by greater adoption of digital technologies, a shift towards automation, the rise of cloud-based solutions, remote working trends, and a focus on secure data storage.
What Can Be Expected from the Accounting Practice Management Software Market?
The accounting practice management software market is expected to maintain its strong growth trajectory in upcoming years.
• The accounting practice management software market is set to grow to $1.4 billion by 2029, with a CAGR of 11.8%.
This growth is attributed to the adoption of blockchain, the shift to subscription-based models, niche solutions for specialized industries, demand for mobile-friendly accounting software, and enhanced cybersecurity. Trends include AI integration, real-time reporting tools, customizable features, and advanced compliance management tools.
What Are the Critical Driver Fuelling The Accounting Practice Management Software Market's Growth?
The growth of cloud-based solutions is expected to boost the accounting practice management software market. Cloud-based solutions offer cost-efficiency, global reach, and scalability, which benefits businesses and remote work environments. Accounting practice management software, hosted on the cloud, enables real-time collaboration and improves operational efficiency for firms. According to Eurostat in December 2023, 45.2% of EU enterprises used cloud services in 2023, an increase from 41% in 2021. This adoption of cloud technology is driving the demand for accounting practice management software.
How Is The Accounting Practice Management Software Market segmented?
The accounting practice management software market covered in this report is segmented –
1) By Type: On-Premise, Cloud-Based
2) By Deployment: Integrated, Standalone
3) By Application: Small And Medium-sized Enterprises (SMEs), Large Enterprises
4) By End-User Sector: Banking And Finance, Healthcare, Manufacturing, Retail
Subsegments:
1) By On-Premise: Desktop-Based Accounting Practice Management Software, Self-Hosted Solutions, On-Premise Software With Custom Integrations
2) By Cloud-Based: Saas (Software As A Service) Accounting Practice Management, Cloud-Based Collaboration And Workflow Solutions, Cloud-Based Time And Billing Management Software, Cloud Accounting And Client Management Software
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What New Trends Are Influencing The Accounting Practice Management Software Market?
Companies in the accounting practice management software market are developing innovative technologies like GPT-powered AI tools to gain a competitive advantage. GPT-powered AI tools use OpenAI's generative model to perform various tasks, such as summarizing emails and automating workflows. In May 2023, Karbon Inc. launched Karbon AI, which aims to boost accountant productivity by optimizing email management and improving client interactions through email summaries and tone adjustments.
Who Are the Key Players In The Accounting Practice Management Software Market?
Major companies operating in the accounting practice management software market are:
• Intuit Inc.
• Thomson Reuters Corp.
• Sage Group plc
• Xero Limited
• Unit4 N.V
• Canopy Pte. Ltd.
• MYOB Group Co Pty Ltd.
• IRIS Software Group
• BigTime Software Inc.
• Dext Prepare Inc.
• Capterra Inc.
• Onvio LLC
• TPS Cloud Axis Software Inc.
• OfficeTools Inc.
• Aero Workflow Inc.
• EasyCloud Consultants Pvt Ltd.
• TaxDome Inc.
• Pixie Labs Inc.
• Senta Saas Limited
• Karbon Inc.
• Financial Cents Inc.
• ApprovalMax Ltd.
• AccountancyManager Ltd.
What Is The Most Dominant Region In The Accounting Practice Management Software Market?
North America was the largest region in the accounting practice management software market in 2023. The regions covered in the accounting practice management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
