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 refers to the maintenance of account books and transactions on digital devices. The growing digitization of almost all industry verticals and increasing penetration of advanced technologies in the financial services sector are all boosting the demand for accounting software.
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The imposition of stringent regulatory mandates to ensure financial safety and the need for compliance with increasingly complex tax regulations are slated to drive up the demand for accounting software over the coming years. The rising use of automation in different accounting firms and the need for reduced human errors are also estimated to favor accounting software market growth going forward. A high emphasis on resource optimization and operational cost reduction will also favor the adoption of accounting software in the future. Growing inclination of organizations towards automated solutions to reduce costs of human resource management will also create new opportunities for accounting software companies in the long run.
Cloud, AI, and SMEs – Stars of the Accounting Software Future
The development of cloud-based accounting software will help companies promote their adoption amongst SMEs as they have limited spending potential. Subscription-based accounting software will be highly sought-after by established as well as new enterprises in the future. Integration of artificial intelligence (AI) and other advanced technologies to improve the efficiency of accounting software will be a key target for all market players. The Asia Pacific region will be highly remunerative for accounting software providers targeting SMEs owing to the presence of a robust start-up landscape.
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- Eleven, an accounting software provider focused on automation, announced the launch of its new AI-powered accounting solutions in June 2024. The new solutions equipped with artificial intelligence help eliminate human errors.
- AccountTECH, a leading accounting software provider for the real estate industry, launched its new enterprise accounting software in April 2024. The new solution is entirely cloud-based and is capable of automating almost all real estate accounting operations.
- Iplicit, an accounting software provider based in England, announced its plans to launch its operations in the United States back in January 2024. The company outlined its intentions to enter the United States market by 2025 as its revenue increases rapidly over the course of 2024.
- A free accounting solution was launched by AI Account Pte. Ltd. in May 2024 for SMEs operating in the Asia Pacific (APAC) region. This new cloud-based accounting software utilizes AI technology and offers a 12-month free trial without the need for credit card registration.
- Marg Erp, an accounting software company based in India, announced the launch of its new online accounting software back in April 2021. Marg Books is a solution that can be used for a variety of industry verticals and can be accessed using any computer or mobile device from anywhere in the world.
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The accounting software market is highly opportune for upcoming as well as established companies. However, the market is rife with competition, and selecting the right strategy will be highly important for any accounting software market player looking to make a mark in this space. Automation will be the priority for all accounting software providers as the integration of AI becomes mainstream for almost all financial services.
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