Business Accounting Software Market is estimated to grow at a CAGR of 6.3%

Posted by Satr Martin on May 3rd, 2018

Business Accounting Software Market Overview

Business accounting software is a type of either online or offline application software which is used to keep tracks of accounting transactions or to manage money flowing in and out of a business. Business accounting software is a better solution for managing account of a business and it can easily manage accounts payables, account receivables, general ledger, business’s payroll and other business modules. Business accounting software has a number of advantages such as it ensures accurate financials of the business, time-saver, convincing, cheaper operation and higher overall productivity. Such benefits of business accounting software make this software more acceptable in small businesses. Some popular business accounting software includes zoho books, quick books, ava tax and dynamics are available in market.

Market Size & Forecast

Global business accounting software market is envisioned to flourish at a compound annual growth rate (CAGR) of 6.3% over the forecast period i.e.2017-2024. The global market for business accounting software was valued at revenue of USD 3.2 Billion in 2016 and is projected to reach at valuation of USD 4.4 Billion by the end of forecast period. Rapid emergence of business accounting mobile application and growing demand for effective way to manage accounts of small businesses are expected to be the dynamic factors behind the growth of global business accounting software market.

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Geographically, global business accounting software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America has been the dominating region the global business accounting software market with highest percentage share. Further, North America region is expected to witness a robust growth during the forecast period. Further, this growth of business accounting software market can be attributed to factors such as rising penetration of business accounting mobile applications and higher adoption of modern technology in this region.

Moreover, Asia Pacific region is anticipated to be fastest growing market for business accounting software during the forecast period. Asia Pacific region is also expected to grow at a robust pace owing to the factors such as emergence of small businesses and growing investment in business sector are likely to bolster the growth of global business accounting software market in Asia Pacific region.

Market Segmentation

Our-in depth analysis of the global business accounting software market includes the following segments:

By Application

Manufacturing

Service

Retail

By Type

Commercial Accounting Software

Enterprise Accounting Software

Custom Accounting Software       

By Distribution Channel

Offline Stores

Online Stores

By Region

Global business accounting software market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis

Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis

Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis

Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.

Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East) Market size, Y-O-Y growth & Opportunity Analysis

Growth Driver & Challenges

Global business accounting software market is primarily driven by growing demand for better account managing solution in business & enterprises coupled with increasing penetration of business accounting mobile application to manage functional modules of business. Further, increasing adoption of cloud accounting software to manage finances is also a major factor which is driving the growth of global market of business accounting software.

Moreover, business accounting software has ability to manage business modules such as account receivable, billing & invoicing, sales & purchase, account payables, business payrolls and reporting. These abilities of business accounting software making this software more acceptable in business sector, especially in small businesses. Considering all these factors, global business accounting software market is expected to be growing at a satisfactory pace in near future.

Furthermore, introduction of optical character recognition technology (a technology that can convert printed material into digital data) in the business accounting software is a major factor which is expected to fuel the demand for business accounting software in business sector. In addition to this, rising inclination of business sector towards green IT technology is also a major factor which is likely to drive the growth of global business accounting software market in near future.

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However, compatibility of business accounting software with change in technology is a major challenge to the market of business accounting software. Additionally, increasing commoditization of business accounting software is major factor which is envisioned to dampen the growth of global business accounting software market in near future.

Key Players

Microsoft

Company Overview

Key Product Offerings

Business Strategy

SWOT Analysis

Financial

FreshBooks

Acclivity

Intacct

Intuit

Oracle

Red Wing Software

Sage Group

Zoho

Xero

Expensify

Scope & Context

Overview of the Parent Market

Analyst View

Segmentation

The global business accounting software market is segmented as follows:

By Application Market Size & Y-O-Y Growth Analysis

By Type Market Size & Y-O-Y Growth Analysis

By Distribution Channel Type Market Size & Y-O-Y Growth Analysis

By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

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