The global accounting and budgeting software market size was US$ 16.8 billion in 2021. The global accounting and budgeting software market size is estimated to reach US$ 44.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.4% during the forecast period from 2022 to 2030.
A computer program known as accounting and budgeting software automates accounting processes and business transactions, including accounts payable, accounts receivable billing, and payment processing, also known as personal bookkeeping software. The financial capital resources that businesses need to maintain their operations in the future can be prepared with the use of accounting and budgeting software. In addition, accounting and budgeting software provides essential data for internal and external evaluations, annual financial reviews, and financial analysis of a business, but more sophisticated software versions can also be used to reduce debt, manage budgets, or as an additional tool for financial planning. They also help in providing advice.
Factors Affecting Marketing Growth
The rise in the adoption of nonprofit budgeting software for improving the efficiency of the business is driving the growth of the global market.
The possibility of losing crucial accounting data and the expensive initial cost of software are the issues that are hindering the growth of the global market.
The possibility to access unexplored markets and the availability of trained professionals are expected to drive the growth of the global market.
Impact on COVID-19 Analysis
COVID-19 had a significant impact on the growth of the global accounting & budgeting software industry, due to the rise in usage and adoption of online & digitalized platforms for financial operations globally. Accounting & budgeting software is experiencing massive growth as various businesses and the banking industry is increasingly relying on software to execute their financial operations. Moreover, the need for more dynamic and remote access to corporate financial records and systems by people who primarily need to access financial accounts regularly, correct information to make choices, and manage financial affairs has risen as a result of remote working.
North America dominated the market in global accounting & budgeting software market analysis in 2021. This was attributed to the fact that users are seeking accounting systems tailored to their specific needs, as opposed to generic accounting applications in the region.
The prominent players in the global accounting and budgeting software market are:
Zoho Corporation Pvt. Ltd
Wave Financial Inc
The Sage Group plc
The global accounting and budgeting software market segmentation focuses on Offering, Type, Application, Enterprise Size, Industry Vertical, and Region.
Segmentation on the basis of Offering
Segmentation on the basis of Type
Segmentation on the basis of Application
Personal Money Management
Business Money Management
Segmentation on the basis of Enterprise Size
Small and Medium Sized Enterprises
Segmentation on the basis of Industry Vertical
Retail and Ecommerce
IT and Telecom
Government and Public Sector
Energy and Utilities
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America