GLOBAL ACCOUNTING SOFTWARE MARKET
HISTORIC YEAR 2019-2023
AND FORECAST TO 2032
By Type: Payroll Management, Custom Accounting, Spreadsheets, Tax Management, and Others
By Deployment Type: Cloud-Based, and On-Premise
By Enterprise Size: Small & Medium-Sized Enterprises (SMEs), and Large Enterprises
By End User: BFSI, IT & Telecom, Manufacturing, Energy & Utilities, Media & Entertainment, Government & Public Sector, Pharmaceutical & Healthcare, and Others
By Region: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
MARKET TAXONOMY
TABLE OF CONTENTS-
GLOBAL ACCOUNTING SOFTWARE MARKET-
HISTORIC YEAR 2019-2023
FORECAST TO 2032
11.3. Strategies Adopted by Key Market Players 12.12.Kashoo
11.4. Recent Developments in the Market 12.13. Acumatica
11.5. Company Market Share Analysis, 2023 12.14.FinancialForce
12. Company Profiles 12.15.QuickFS
12.1. SAP SE 12.16.ClearBooks
12.1.1. Company Overview
12.17.Epicor Software Corporation
12.1.2. Product Portfolio 12.18. Infor, Inc.
12.1.3. Financial Overview 12.19.Red Wing Software Inc.
12.1.4. Recent Developments
12.20.Reckon Ltd.
*Similar information will be provided for top 20 players 13. Conclusion & Recommendation
12.2. Oracle (NetSuite)
12.3. Tally Solutions Pvt. Ltd.
12.4. Wave Financial
12.5. FreshBooks
12.6. Xero
12.11.FreeAgent T A B L E O F C O N T E N T S
12.7. Intuit Inc. (QuickBooks)
12.8. Zoho Corporation (Zoho Books)
12.9. Sage Group
12.10.Microsoft Corporation
SECONDARY RESEARCH
The purpose of secondary research is to build a solid foundation for understanding the target market by leveraging existing data, reports, and publications. This step is essential to gaining an initial perspective on the market size, trends, competitive dynamics, challenges, and opportunities. Secondary research helps map out broad market insights that can guide further exploration and refinement of the research focus.
Download a detailed overview: https://www.skyquestt.com/sample-request/accounting-software-market
Analyst's Role:
• Source information from industry reports, government data, trade publications, and online repositories.
• Map out the competitive landscape, market challenges, and emerging opportunities.
• Highlight data gaps and refine the focus for primary research.
Data Sources
PRIMARY RESEARCH
The purpose of executing primary research is to gather firsthand insights that validate and complement the data gathered during secondary research. By directly engaging with market participants, primary research ensures that the findings are grounded in real-world market dynamics. This step provides fresh, up-to-date, and specific information that is essential to gain a more nuanced understanding of the market, uncovering insights that secondary sources may not capture.
Analyst's Role:
• Develop interview guides and surveys tailored to the study's objectives
• Engage with key industry stakeholders, such as business leaders, end-users, and experts.
• Capture a blend of qualitative and quantitative data, ensuring diversity in perspectives.
Break up of Primary Interviews with Industry Experts
BY COMPANY
BY DESIGNATION
EXECUTIVE SUMMARY
SEGMENTAL OPPORTUNITY ANALYSIS
GLOBAL ACCOUNTING SOFTWARE MARKET
Market Drivers & Challenges
MARKET OVERVIEW
Supply & Demand Trend Analysis
Market Attractiveness - Porters Five Analysis
o Threat of New Entrants
o Bargaining Power of Suppliers
o Bargaining Power of Buyers
o Threat of Substitute
o Intensity of Competitive Rivalry
ACCOUNTING SOFTWARE MARKET-
HISTORIC YEAR 2019-2023
GLOBAL FORECAST TO 2032
MARKET OVERVIEW: MARKET RESTRAINTS & CHALLENGES
Data Security and Privacy Concerns Hindering Adoption of Accounting Software
• As accounting software continues to migrate to cloud-based platforms, data security and privacy have emerged as significant challenges. The transmission and storage of sensitive financial data over the internet expose businesses to a variety of cyber threats, such as data breaches, hacking attempts, and unauthorized access. These risks can severely impact a company’s reputation, cause financial losses, and result in legal consequences. To mitigate these concerns, organizations must invest in robust security infrastructure, including encryption, multi-factor authentication, and secure data storage solutions. Implementing such measures, however, can be both complex and costly, posing a challenge for small to medium-sized businesses with limited IT resources.
• Furthermore, as data protection regulations such as GDPR and CCPA become increasingly stringent, businesses are required to comply with diverse privacy laws. Adhering to these regulations requires continuous monitoring and updates, adding another layer of complexity to the implementation of accounting software. Failure to comply with these regulations can lead to substantial fines and legal issues. The combination of high security costs and the complexity of compliance requirements can slow down the adoption of cloud-based accounting solutions, especially among organizations that lack the resources to navigate these challenges effectively. As a result, data security and privacy concerns remain a key restraint for the broader adoption of accounting software.
MARKET DYNAMICS
SUPPLY SIDE TRENDS
DEMAND SIDE TRENDS
KEY MARKET INSIGHTS
GLOBAL MARKET ANALYSIS BY REGION
ACCOUNTING SOFTWARE MARKET-
HISTORIC YEAR 2019-2023
GLOBAL FORECAST TO 2032
GLOBAL MARKET ANALYSIS BY REGION
GLOBAL ACCOUNTING SOFTWARE MARKET: REGIONAL ANALYSIS, 2019-2032 (USD BILLION)
Key Takeaways
The global accounting software market is witnessing varied growth across regions. North America leads with a high adoption rate driven by the demand for automation, AI integration, and cloud-based solutions in the business sector. Europe follows closely, with strong market growth spurred by stringent regulatory requirements and increasing SME adoption. The Asia-Pacific region is experiencing rapid expansion, particularly in emerging markets like India and China, due to digital transformation efforts and growing small business ecosystems. Meanwhile, Latin America and the Middle East are also witnessing steady growth as businesses modernize financial operations amid improving internet infrastructure.
COMPETITIVE DASHBOARD
Top 5 Players
Market Positioning of Key Players, 2023
Strategies Adopted By Key Market Players
Recent Development
Market Share Analysis, 2023
ACCOUNTING SOFTWARE MARKET
HISTORIC YEAR 2019-2023
GLOBAL FORECAST TO 2032
Why SkyQuest ?
The following figure represents the market positioning of Global Accounting Software Market players for the year 2024. The market positioning of the leading player is done considering the following points:
Global Accounting Software Market Competition Dashboard
SAP SE- COMPANY OVERVIEW
COMPANY AT A GLANCE
Established 1972
Headquarter Germany
Ownership Public
Revenue (US$)- 2023 28.8 Billion
Employees ~ 106,043
Website www.sap.com
PRODUCT PORTFOLIO
OVERVIEW
SAP SE (SAP) is one of a leading global provider of enterprise software, specializing in solutions for business operations and customer relations. It is one of the leaders in the enterprise resource planning (ERP) industry, delivering comprehensive software solutions to businesses of all sizes. The company operates in multiple business segments, including cloud applications, software, analytics, database management, and ERP solutions. SAP's product offerings, particularly in financial management and accounting software, are designed to help businesses optimize their financial processes, ensuring accuracy and compliance. SAP’s products in the accounting software segment offer comprehensive solutions for managing financial transactions, reporting, and analytics. The company has a robust global presence, operating in over 180 countries, supporting a vast customer base worldwide.
PRODUCT CATEGORY PRODUCT
Accounting Software
SAP offers comprehensive accounting and financial close solutions that streamline finance processes, from consolidation to reporting. The software leverages intelligent automation, machine learning, and advanced analytics to optimize manual tasks, improve decision-making, and ensure financial compliance. With tools like group reporting, intercompany management, and real-time performance monitoring, SAP provides businesses with trusted, data-driven insights for efficient financial management.
SAP SE - FINANCIAL OVERVIEW
SAP SE, RECENT FINANCIALS IN USD BILLION
SKYQUEST'S TAKE ON THE COMPANY
Based on SkyQuest's in-depth study, we found that SAP SE's revenue has experienced steady growth over the past three years. In 2021, the company generated USD 22.8 billion in revenue, which increased to USD 28.1 billion in 2022, marking a notable year-over-year growth. The company continued its upward trajectory in 2023, achieving USD 28.87 billion, further solidifying its position in the global market for enterprise software and cloud solutions.
Our study also reveals that SAP SE's consistent revenue growth reflects strong performance across its core business segments, particularly in cloud and software solutions. This upward trend indicates that SAP has effectively capitalized on the ongoing demand for digital transformation and enterprise software services. The company’s focus on innovation and expanding its product offerings has been instrumental in sustaining this growth, positioning SAP as a leader in the enterprise technology space.
Based on SkyQuest's in-depth study, we found that SAP SE's revenue is predominantly driven by its cloud and software segment, which constitutes 86.3% of its total revenue. This reflects the company's strong foothold in the enterprise software market, as businesses increasingly adopt cloud-based solutions to drive digital transformation. The cloud and software segment includes SAP's flagship products like SAP S/4HANA, SAP AI Core, SAP Business Technology Platform, and other cloud services, which continue to experience robust demand. In contrast, the services segment, which makes up the remaining 13.7%, covers consulting, implementation, and support services. While this portion contributes a smaller share of the overall revenue, it still plays a crucial role in delivering tailored solutions and ensuring customer success. The dominance of cloud and software indicates SAP's successful shift toward a subscription-based revenue model and highlights the growing reliance on cloud services in the enterprise technology industry.
ABOUT US
Established in 2006, SkyQuest is a Global Market Intelligence, Innovation Management organization that connects innovation to new markets, networks & collaborators for achieving sustainable development goals.
SOME OF OUR CLIENTS
OUR CUSTOMIZED RESEARCH CAPABILITIES
CUSTOMER, DISTRIBUTOR, SUPPLIER INTELLIGENCE
o Identification of potential partners
o Shortlisting/finalization of potential partners
o Customer need analysis
o Customer's purchase and usage behavior
o Customer/partner feedback and satisfaction
o Brand perception analysis
PRODUCT INTELLIGENCE SUPPORT
o Import and Export Intelligence
o Commodity pricing intelligence
o Product pricing intelligence
o Product Positioning Assessment
o New product launch tracker
o Product claims assessment
o Product Concept Testing
COMPETITIVE DASHBOARD SUPPORT
o Company profiling
o Competition assessment incl. market share
o Drilled down revenue estimations
o Employer value proposition
DATA COLLECTION AND ANALYSIS SUPPORT
o Data analytics and visualization
o Data collection, manipulation incl. web scraping
o B2B and B2C surveys and interviews
MARKET INTELLIGENCE SUPPORT
o Market size and segmentation
o Growth opportunities
o Market dynamics and new developments
o Go to Market Strategies
MARKET STRUCTURE ASSESSMENT
o Macroeconomic analysis
o Value Chain and Supply Chain Analysis
o Regulatory assessment
o Sales Channel scouting and assessment
