Global Accounting Software Market Report 2026: Market Segments, Size, Trend and Market Projections for Upcoming Years

 The Infinium Global Research analyzes the Accounting Software Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global accounting software market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of accounting software. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the accounting software market during the period. Accounting software market to grow with a CAGR of 8.9% over the forecast years

"We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026." 

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one has observed changes in all fields of software with evolution as the core of the software industry.  Software and technology have kept on evolving, be it hotel management, sales, and marketing, or be it finance and accounting. The arena of Accounting, adapting to the future of accounting software in the arena of Accounting will determine the future of the companies. The future of accounting revolves primarily around cloud-computing, artificial intelligence, compliance, and round-the-clock support terms.

The ongoing COVID-19 pandemic has caused disruptions in almost all economies in the world. It is likely to cause supply chain chaos and ultimately force major players and intact industries to rethink and adapt to the global supply chain model. Additionally, the COVID-19 pandemic has also caused a sharp drop in employment and economic growth and caused extensive disturbance of the economy of numerous countries. However, as numerous countries are providing economic packages to fuel the economy amid the COVID-19 pandemic, the accounting software market is likely to gain momentum over the middle term and long term. Supply chain disruptions will be witnessed due to lockdown in many countries which is also expected to cause serious impacts to businesses. Major component producer countries for vehicles such as the USA and China have been severely hit by COVID 19, resulting in a strict lockdown and shutting down the manufacturing industry for a short period.

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The BFSI Segment to Remain the Largest Preferred End User for Accounting Software

The BFSI segment held the highest share in 2019 which is attributable to the growing presence of most data-rich businesses in the banking sector. Banking, financial services, and insurance (BFSI) firms have a huge amount of consumer personal data. This data includes the documents and records of consumers which determine their identity. BFSI organizations manage over 3.8 petabytes of data, according to the industry experts operating in banking and financial security companies. Moreover, the growing digitalization in the field of BFSI is further driving the growth of the accounting software market for BFSI end-use. A large number of consumers use digital platforms to carry out their banking and financial operations owing to the growing penetration of the internet. Thus, it becomes necessary for the BFSI companies to manage digital consumer data more securely and efficiently.

North America to Be the Dominant Region in Accounting Software Market

As per the geographic trends, the North America region is expected to have the largest revenue in the global accounting software market. The domination of North American in the global market is mainly due to the countries such as the U.S and Canada, which have the most advanced technological infrastructure. These nations are the front-runners of the adoption of new technology in the banking sector. These countries have a foremost dominance, with sustainable and well-established economies that empower them to strongly invest in R&D activities, thereby contributing to the development of novel technologies in the digital banking platforms. The growing adoption of cloud-based solutions by several organizations has led to a higher demand for accounting software.

Additionally, the presence of a large number of IT firms in North America is also contributing to the growth of accounting software in the North American region. Europe has the second-largest share in the total accounting software market. The U.K. and Germany generated the largest revenue in the Europe accounting software market. Similarly, the Asia Pacific accounting software market, particularly in China is anticipated to increase significantly by 2025.

Companies Operating in the Accounting Software Market Focusing on Collaboration and Acquisition

The accounting software market is moderately consolidated. The top players occupy the major share of the accounting software market as they already have their client base, which doesn't want to switch to new players, and new players cannot sustain the market for a longer period as they get acquired by the top players in the long run. Some of the key players include SAP SE, Infor Inc., Sage Software Inc., Red Wing Software, Unit4 Business Software Limited, Zeta Software LLC, Xero Ltd., MRI Software, Acumatica Inc, and Microsoft Corporation, Oracle Corporation, among others. Over the recent past, the accounting software market has witnessed a range of inorganic growth strategies such as acquisitions and mergers, partnerships, and collaboration adopted by companies. For instance, in April 2019, Infor has acquired of the company behind ReServe Interactive, a leading provider of cloud-based hospitality software. Infor acquired Efficient Frontiers Inc for an undisclosed sum.

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