Global Accounting Software Market Anticipated to Grow at a Notable CAGR of 8.6% during Forecast 2018-2026

Published on : Aug 13, 2018

Albany, New York, August 13, 2018: Market Research Hub (MRH) has freshly publicized a study titled “Accounting Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026” to its vast archive, offering readers a clear perspective of the market current scenario as well as future growth prospects until 2026. To interpret market size estimations, metrics such as Year-on-Year (Y-o-Y) growth rates and compound annual growth rate (CAGR) have been used. Moving further, the study identifies opportunities present in the market by focusing on some of the prime regions including the Middle East and Africa (MEA), Europe, Asia Pacific, North America, and South America.

Accounting software is highly recommended for the people who are working in the business area. Accounting software helps rapidly identify cash flows in an operation. It is a software that manages all financial transactions and has extensive data at its disposal in order to generate various reports. In the long run, accounting software helps improve operations, profitability, efficiency, and also reduces costs. According to the research findings, due to its various features, the demand is increasing steadily. Analyst projects that the global accounting software market was valued at US$ 5,715.9 Mn in 2017 and is expected to reach US$ 11,771.6 Mn by 2026, expanding at a CAGR of 8.6% from 2018 to 2026.

Factors Fueling Market Growth

While analyzing in-depth scenario of the market, analysts found that significant expectation from accounting software presently is that the user-interface needs to be more engaging and is expected to provide a near consumer-like experience. This is a key factor that is anticipated to boost the accounting software market.

As the report moves ahead, the global market for accounting software has been segmented into deployment, software type, application, enterprise size, industry. By deployment, the study covers Software as a Service (SaaS), on-premise, and hybrid. Of these, rise in demand for SaaS-based models is anticipated to drive the accounting software market through 2026. Based on software type, the market can be divided into commercial off-the-shelf, enterprise accounting software, custom accounting software, reconciliation, and tax management.

The enterprise accounting software segment is projected to hold a notable share of the market by the end of 2018. On the basis of industry, the research finds that the banking, financial services, and insurance segment is expected to hold a prominent share of the market during the forecast period due to the fact that it will help in improving operations and efficiencies of the employees in the BFSI sector. Moreover, the research examines that North America is expected to dominate the global accounting software market during the forecast period.

At present, prime players operating in the global market include Oracle (NetSuite), Sage Group Plc., Zoho Corporation, Workday, Inc., Microsoft Corporation, Xero Ltd., AccountMate Software Corporation, Infor, Inc., MRI Software, Zeta Software LLC, Epicor Software Corporation, SAP SE, Intuit Inc., Red Wing Software Inc., and Acumatica Inc. The data analysis and statistics presented in this research report can help the reader make informed decisions to gain considerable knowledge regarding various opportunities, key players and comprehensive consumer intelligence, with which competitive advantage can be achieved.

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