How Is The Global Business Accounting Software Market Defined?
Business accounting software refers to computer programs or applications designed for managing financial operations, ensuring compliance with regulations, and providing valuable insights to support business growth and success. These software solutions handle various accounting functions, such as invoicing, billing, payroll processing, expense tracking, financial reporting, and tax preparation.
Business Accounting Software Global Market Report 2024 provides data on the global business accounting software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The business accounting software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Business Accounting Software Market Projected?
The business accounting software market has expanded rapidly, growing from $22.25 billion in 2023 to $24.48 billion in 2024 at a CAGR of 10.0%. Historical growth was driven by the replacement of manual processes, the growth of SMEs, cost-efficiency needs, globalization, and regulatory compliance. The market is projected to reach $36.27 billion by 2028, with a CAGR of 10.3%. Growth will be supported by a focus on user experience, data security, integration with third-party applications, and automation. Trends include a shift toward subscription pricing, improved UX/UI, business intelligence tool integration, and cloud-based solutions.
What Are The Primary Growth Drivers In The Business Accounting Software Market?
The increasing automation of accounting processes is expected to drive the growth of business accounting software. Accounting automation involves the use of software to handle financial record-keeping tasks, improving efficiency, accuracy, and reducing human error. The demand for automation in accounting is rising as businesses seek to streamline operations and ensure real-time financial management. For instance, in June 2022, a survey by Sage Group found that 40% of companies embraced new technology to assist with the closing process, up from 21% in 2021, while 87% of companies used cloud-based or hybrid accounting solutions, marking a 29% increase from the previous year. Therefore, the growing automation of accounting processes is driving the demand for business accounting software.
Get Your Free Sample of the Global Business Accounting Software Market Report
What Is The Segmentation Of The Global Business Accounting Software Market?
The business accounting software market covered in this report is segmented –
1) By Type: Commercial Accounting Software, Enterprise Accounting Software, Custom Accounting software
2) By Deployment: Cloud-Based, On-Premises
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
What Emerging Trends Are Shaping The Business Accounting Software Market Landscape?
Companies in the business accounting software market are focusing on creating innovative software solutions, such as Axway Financial Accounting Hub, to digitally transform business finance departments. Axway Financial Accounting Hub (FAH) is designed to streamline and automate financial accounting processes within organizations. For example, in June 2022, Axway Software Solutions, a France-based enterprise integration company, launched the Axway Financial Accounting Hub, which delivers high-quality data to business units, supporting operational excellence, agility, and trust in financial data. This platform was developed to drive the digital transformation of finance departments by addressing challenges and improving operational efficiency.
Which Region Has The Fastest Expansion In The Business Accounting Software Market?
North America was the largest region in the business accounting software market in 2023. The regions covered in the business accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
