The accounting software market share is expected to increase by USD 7.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.64%.

This accounting software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers accounting software market segmentation by deployment (on-premises and cloud) and geography (North America, Europe, APAC, MEA, and South America). The accounting software market report also offers information on several market vendors, including Epicor Software Corp., Infor Inc., Intuit Inc., Microsoft Corp., Oracle Corp., Sage Group Plc, SAP SE, Unit4 NV, Xero Ltd., and Zoho Corp. Pvt. Ltd. among others.

What will the Accounting Software Market Size be During the Forecast Period?

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Accounting Software Market: Key Drivers and Challenges

The increasing demand for cloud-based accounting software is notably driving the accounting software market growth, although factors such as data privacy and security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the accounting software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Accounting Software Market Driver

One of the key factors driving growth in the global accounting software market is the increasing demand for cloud-based accounting software. The growth is supported by the growing popularity of comprehensive financial aggregation, reporting, and analysis across various corporate units. Cloud-based accounting software is high in demand by end-users to manage their finances as it reduces processing time, maintenance costs, give real-time reporting to all company accounts, and ensures visibility throughout the organization. Thus, the increase in the adoption of cloud-based accounting software is expected to positively impact the market in focus during the forecast period.

Key Accounting Software Market Challenge

The growing data privacy and security concerns will be a major challenge for the global accounting software market growth during the forecast period. The security risks and privacy concerns associated with the execution of retail e-commerce can negatively impact the adoption of accounting software, as the cost to effectively deploy cybersecurity processes to make retail e-commerce safe is quite high. End-users need a reliable internet connection, third-party services, and be more aware of cybersecurity to decrease the vulnerabilities of accounting software. Accounting software handles the confidential data of customers along with the financial data of the company. Therefore, any security breach can be a significant risk in terms of financial losses and brand reputation, which can impede the accounting software market growth during the forecast period.

This accounting software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Accounting Software Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Epicor Software Corp.
• Infor Inc.
• Intuit Inc.
• Microsoft Corp.
• Oracle Corp.
• Sage Group Plc
• SAP SE
• Unit4 NV
• Xero Ltd.
• Zoho Corp. Pvt. Ltd.

This statistical study of the accounting software market encompasses successful business strategies deployed by the key vendors. The accounting software market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The accounting software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Accounting Software Market?

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39% of the market's growth will originate from North America during the forecast period. The US is the key market for accounting software in North America. Market growth in this region will be faster than the growth of the market in Europe, APAC, MEA, and South America.

The significant increase in the government expenditure on accounting management systems in various public and private entities and the presence of key vendors will facilitate the accounting software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Deployment Segments in the Accounting Software Market?

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The accounting software market share growth by the on-premises segment will be significant during the forecast period. Factors such as low long-term costs and protection of financial data from various cybersecurity dangers are increasing the installation of on-premises accounting software, which will drive growth in this market segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the accounting software market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Accounting Software Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive accounting software market growth during the next five years
• Precise estimation of the accounting software market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the accounting software industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of accounting software market vendors

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