NEW YORK, Dec. 11, 2023 /PRNewswire/ — The business accounting software market by deployment (cloud-based and on-premises), end-user (large enterprises and SMEs), and geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2024-2028 report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the business accounting software market between 2024 and 2028 is USD 3.01 billion. A high focus on sustainability using green IT drives the market growth. Adopting cloud computing, virtualization, software automation, and multi-tenancy are some of the methods to achieve green IT. In addition, the adoption of cloud-based business accounting software saves energy costs by lowering the number of internal servers and enhancing application management efficiency.= which drives the market growth.
Technavio has announced its latest market research report titled Global Business Accounting Software Market 2024-2028
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Market Challenge –
Software compatibility issues with different online platforms hinder market growth. There are several compatibility issues for the business accounting software with various platforms, including Mac, Windows, and Android devices. Most business accounting software applications are mainly designed for a desktop. Furthermore, it is also common for business accounting software for Mac to have many unnecessary features. Therefore, it leads to a suite of complex and confusing tools instead of what the business really needs. Hence, such factors are hindering the market growth.
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The business accounting software market is segmented by deployment (cloud-based and on-premises), end-user (large enterprises and SMEs), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The market share growth by the cloud-based segment is significant during the forecast period. The increasing adoption of cloud-based solutions is fueled by the extensive use of the Internet and the advantages that cloud-based services offer. In addition, several organizations choose cloud-based business accounting software over on-premises traditional business accounting software due to its low deployment cost. Hence, such factors are fueling the growth of this segment which in turn drives the market growth.
North America accounts for 31% of the market growth during the forecast period. Factors such as the increasing requirement to accelerate business growth and automation of financial and accounting processes fuel the market growth in North America. Hence, such factors are driving the market growth in North America.
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Key Companies in the business accounting software market:
Epicor Software Corp., Expensify Inc., FreshBooks, Gridlex Inc., H and R Block Inc., Intuit Inc., Kashoo, Microsoft Corp., NatWest Group plc, Oracle Corp., Priority Software Ltd., Roper Technologies Inc., Rydoo NV, Sage Group Plc, Salesforce Inc., SAP SE, Xero Ltd., ZipBooks, Zoho Corp. Pvt. Ltd., and Red Wing Software Inc
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Business Accounting Software Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.96% |
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Market Growth 2024-2028 |
USD 3.01 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.26 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 31% |
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Key countries |
US, China, India, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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SOURCE Technavio
