Business Accounting Software Market to grow by USD 3.01 billion growth between 2023 to 2028; A high focus on sustainability using green IT drives the market growth. – Technavio

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.

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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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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.

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SOURCE Technavio