Market Research: Global Business Accounting Software Analysis 2017-’24

Business accounting software refers to all the systems and applications that are used to record, manage and process financial data. It is used widely by accountants, bookkeepers, and finance professionals to record transactions, monitor financial activity and report relevant financial information to stakeholders.

Accounting software generally comprises various commonly used modules such as accounts payable and receivable, trial balance, general ledger, and payroll. It can be developed in-house or purchased from a third party. It may be web-based, desktop-based, or even app-based. The market for business accounting software is huge, given its applicability in nearly all types of organizations, and different accounting software varies in its scope and functionality.

The global market size for business accounting software was estimated at $ 3.2 billion in 2016 and has continued to grow at a steady rate, with key players such as Microsoft, Freshbooks, Oracle, Acclivity, and Zoho dominating the market.

Market Size and Growth Rate of Business Accounting Software

The market for business accounting software was estimated at $3.2 billion in 2016. It is expected to grow at a steady CAGR (Compound Annual Growth Rate) of 6.03% to $4.10 billion by 2024. In 2013, the projected rate of growth was only 3.01% CAGR.

In 2010, the revenue from cloud software for the finance/accounting segment amounted to $1.9 billion USD. It was expected to grow to $2.16 billion USD by 2016 but has surpassed that number.

The robust growth rate is due to the increasing necessity to automate the routine tasks of book-keeping and recording of financial information, keeping track of bank transactions, online and in-store sales, stock, and inventory, to mention a few. The surge of cloud accounting software is also responsible for more companies opting for business accounting software.

All the above-mentioned facts and statistics have been generated from data collected by the SoftwareSuggest team.