Accounting Software Market to Transcend USD 30.18 Billion by 2031, Growing Emphasis on Improving Financial Efficiency Promoting Market Growth | SkyQuest Technology

WESTFORD, Mass., July 15, 2024 /PRNewswire/ -- According to SkyQuest, the global Accounting Software Market size was valued at USD 15.07 billion in 2022 and is poised to grow from USD 16.28 billion in 2023 to USD 30.18 billion by 2031, growing at a CAGR of 8.02% during the forecast period (2024-2031).

Accounting software is used to manage and keep track of accounts and financial transactions of an individual entity or an organization. Rising financial awareness and implementation of stringent mandates for accounting are slated to bolster accounting software market growth. Emphasis on improving operational efficiency and financial productivity will promote the use of accounting software in enterprises going forward. The global accounting software market is segmented into type, deployment mode, component, end user, and region.

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Accounting Software Market Overview:

Segments covered in Accounting Software Market are as follows:

• Type
  • Spreadsheets, payroll management software, billing & invoice software, commercial accounting software, enterprise accounting software, custom accounting software

• Deployment Mode
  • On premise, Cloud-based

• Component
  • Solution, services

• End-User
  • Retail, BFSI, manufacturing, IT & Telecom, government & public sector, energy & utilities, media & entertainment, pharmaceutical & healthcare, others

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Rising Incidence of Monetary Fraud in the BFSI Industry Makes it Prime User of Accounting software

Banking, financial services, and insurance (BFSI) industry deals with vast amount of financial transactions and financial data. Management of this huge amount of data is highly crucial for BFSI companies and this is why they deploy accounting software to keep their data and assets in check. The increasing incidence of monetary fraud and the imposition of stringent regulations to keep the BFSI industry operating efficiently are also pushing the use of accounting software in this segment. Efforts to improve the operational efficiency of BFSI operations are also estimated to benefit the demand for accounting software in the future. Meanwhile, the demand for accounting software in the retail and e-commerce space is also forecasted to increase at a robust pace and create new opportunities for accounting software providers.

Commercial Accounting Software Takes Center Stage for Accounting Software Providers

Rising need for better security and compliance management in commercial settings to comply with modern regulations. Commercial accounting software is being used to manage financial transactions and ledgers of companies to balance the books and keep a record of receivables and payables. Management of accounts is highly crucial for companies and commercial organizations to optimize their business and profitability in the future.

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Cloud-based Accounting Software Projected to Be Preferred for its Flexibility and Scalability

As cloud technology advances, most software companies are deploying their offerings on cloud platforms. Cloud-based accounting software provides high scalability and flexibility, which is why their demand and preference are increasing on a global level. Moreover, the pay-as-you-go and subscription-based approach of cloud-based accounting software is also a key factor that helps this segment hold a notable market share. New as well as established accounting software companies should target this segment to boost revenue generation in the long run.

There are a lot of opportunities to be explored by accounting software companies in this market. Targeting the cloud-based deployment segment and BFSI industry will be highly rewarding for almost all accounting software market players in the future.

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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