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Accounting Software Market
WILMINGTON, DE, UNITED STATES, October 3, 2024 /EINPresswire / -- The global accounting software
market size was valued at $11.9 billion in 2020, and is estimated to reach $70.2 billion by 2030, growing at a CAGR of 19.6% from 2021 to 2030.
The accounting software market trends in Asia-Pacific is expected to exhibit the highest growth during the forecast period. Owing to rapid technological advancements, digitization of economies, and
government initiatives increased expandable income among the region's middle-income population are the key factors that power the overall economy's growth of Asia-Pacific. In addition, the increasing penetration of mobile-based accounting software's and higher adoption of cloud computing technologies, drive the growth of the market in this region. Moreover, governments in this region are continually emphasizing on investing in IT operations regarding various industries, allowing businesses to adopt new software and services to streamline their business operations. Growing digitalization, is expected to provide lucrative growth opportunities for the market in this region.
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Increase in trend of automation is encouraging the creation and usage of innovative technologies, which resulted in rapid demand for accounting software to streamline the business process. Furthermore, the advancements in industrial-grade digital technology, major inclination toward cloud-based accounting software, and rise in need for improved tax planning and financial management method majorly contribute toward the growth of the market. Moreover, businesses are shifting towards the digitalization and increasing implementation of Industry 4.0 to cope with ongoing tough business competition, which creates the need for seamless solution and platform to meet the businesses requirements, thus boosting the adoption of accounting software in various sectors rapidly.
The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The global COVID-19 pandemic has drastically affected businesses across the world. It has positively impacted the adoption of accounting software due to lockdown imposed by governments of different countries. Post COVID-19 situation, companies are focusing on emerging technology such as AI-powered solutions, automation, computing technology, and app-based accounting software across industries such as BFSI, healthcare, and IT & telecom to perform contactless operation. This factor further creates demand for cloud-based accounting system, which drives the adoption of accounting software market globally. Furthermore, as industries are moving towards the digitalization, it is creating the demand for the accounting automation software, as it provides agile efficiency by eliminating manual tasks that slow down business operations as well as it provides real-time reporting features.
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In addition, it also reduces human errors and business risks that come with manual data- entry, such as required copying and pasting data from one invoice into various spreadsheets for multiple businesses. Due to such benefits, it provides lucrative growth opportunities for market growth during the forecast period Moreover, the pandemic has introduced considerable challenges for companies, which are trying to execute key processes, report accurately with data spread over multiple locations, operate complex systems, and efficiently communicate with teammates; particularly where there is no infrastructure for such processes. Hence, a greater number of companies are investing in accounting software. Furthermore, accounting software provides limitless scalability and continual enhancement of functionality, which are critical in accomplishing digital transformation, thus boosting the market growth post pandemic.
This report gives an in-depth profile of some key market players in the accounting software market, include Infor Inc., Intuit, Inc., Microsoft Corporation, Oracle Corporation, Sage Group Plc., SAP SE, Thomson Reuters, Xero Ltd., Zeta Software LLC, and Zoho Corporation. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.