Business Accounting Software Market 2021 Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

In a recent published report, Kenneth Research has updated the market report for Business Accounting Software Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Business Accounting Software Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Business accounting software is a type of either online or offline application software which is used to keep tracks of accounting transactions or to manage money flowing in and out of a business. Business accounting software is a better solution for managing account of a business and it can easily manage accounts payables, account receivables, general ledger, business’s payroll and other business modules. Business accounting software has a number of advantages such as it ensures accurate financials of the business, time-saver, convincing, cheaper operation and higher overall productivity. Such benefits of business accounting software make this software more acceptable in small businesses. Some popular business accounting software includes zoho books, quick books, ava tax and dynamics are available in market. 

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

Market Size & Forecast

Global business accounting software market is envisioned to flourish at a compound annual growth rate (CAGR) of 6.3% over the forecast period i.e.2017-2024. The global market for business accounting software was valued at revenue of USD 3.2 Billion in 2016 and is projected to reach at valuation of USD 4.4 Billion by the end of forecast period. Rapid emergence of business accounting mobile application and growing demand for effective way to manage accounts of small businesses are expected to be the dynamic factors behind the growth of global business accounting software market.

business Accounting software

Geographically, global business accounting software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America has been the dominating region the global business accounting software market with highest percentage share. Further, North America region is expected to witness a robust growth during the forecast period. Further, this growth of business accounting software market can be attributed to factors such as rising penetration of business accounting mobile applications and higher adoption of modern technology in this region.

Moreover, Asia Pacific region is anticipated to be fastest growing market for business accounting software during the forecast period. Asia Pacific region is also expected to grow at a robust pace owing to the factors such as emergence of small businesses and growing investment in business sector are likely to bolster the growth of global business accounting software market in Asia Pacific region.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Download Sample of This Strategic Report-
https://www.kennethresearch.com/sample-request-10075583

Key Players

Microsoft
FreshBooks
Acclivity
Intacct
Intuit
Oracle
Red Wing Software
Sage Group
Zoho
Xero
Expensify

Market Segmentation

Our-in depth analysis of the global business accounting software market includes the following segments:

By Application

Manufacturing
Service
Retail
By Type

Commercial Accounting Software
Enterprise Accounting Software
Custom Accounting Software 
By Distribution Channel

Offline Stores
Online Stores
By Region

Global business accounting software market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

Download Sample of This Strategic Report-
https://www.kennethresearch.com/sample-request-10075583

Growth Driver & Challenges

Global business accounting software market is primarily driven by growing demand for better account managing solution in business & enterprises coupled with increasing penetration of business accounting mobile application to manage functional modules of business. Further, increasing adoption of cloud accounting software to manage finances is also a major factor which is driving the growth of global market of business accounting software.

Moreover, business accounting software has ability to manage business modules such as account receivable, billing & invoicing, sales & purchase, account payables, business payrolls and reporting. These abilities of business accounting software making this software more acceptable in business sector, especially in small businesses. Considering all these factors, global business accounting software market is expected to be growing at a satisfactory pace in near future.

Furthermore, introduction of optical character recognition technology (a technology that can convert printed material into digital data) in the business accounting software is a major factor which is expected to fuel the demand for business accounting software in business sector. In addition to this, rising inclination of business sector towards green IT technology is also a major factor which is likely to drive the growth of global business accounting software market in near future. However, compatibility of business accounting software with change in technology is a major challenge to the market of business accounting software. Additionally, increasing commoditization of business accounting software is major factor which is envisioned to dampen the growth of global business accounting software market in near future.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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James Bullock is a Research Expert with a demonstrated history of working in the professional training & coaching industry. Strong professional skilled in business strategy , Strategic Planning, Research Strategy, and Marketing. also have interest in new innovations and technology

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