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Business Accounting Software Market : Global Demand Analysis & Opportunity Outlook 2024

Buy Now Report ID: 435 | Published Date: Feb 01, 2022

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


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business Accounting software
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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.

business Accounting software

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.CLICK TO DOWNLOAD SAMPLE

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.


By Region

Market-Growth-Drivers

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

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & 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. 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.



Author Credits:  Abhishek Verma, Hetal Singh


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