Online Bookkeeping And Accounting Software Market
Which drivers are expected to have the greatest impact on the over the online bookkeeping and accounting software market’s growth?
The expected surge in the online bookkeeping and accounting software market is attributed to the rising automation in accounting. When we talk about automation in accounting, it signifies the application of software solutions for the execution of major tasks related to maintaining a firm’s financial data. This rising trend is fueled by the quest for accuracy, efficiency, and streamlined operations, thereby minimizing manual effort and errors made by humans. Accounting automation leverages online bookkeeping and accounting software for creating efficient processes, improving data precision, and making real-time financial management possible. For example, in June 2022, a Sage Group plc survey involving 1,400 corporates found that 40% of respondents had adopted new technologies to help with their closing process in 2022, a significant rise from the 21% seen in 2021. Additionally, 87% of those surveyed were using either a cloud-based or a hybrid accounting solution, demonstrating a considerable growth of 29% compared to the previous year. Therefore, the escalating automation in accounting is a key factor pushing the online bookkeeping and accounting software market’s growth.
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What is the future CAGR of the online bookkeeping and accounting software market, and how will it impact industry expansion?
The market size for online bookkeeping and accounting software has seen a significant expansion over the recent past. There is an anticipated growth from $3.97 billion in 2024 to $4.51 billion in 2025, implying a compound annual growth rate (CAGR) of 13.9%. The increase during the historical phase is owed to the need for proficiency, global integration, regulatory transformations, demand for accessible mobile accounting software, inventory administration, and customer relationship management.
Anticipations indicate a quick expansion for the internet-based bookkeeping and accounting software market in the coming years, with its worth expected to reach $7.58 billion by 2029, growing at a CAGR of 13.8%. This rise during the forecast period is linked to a heightened focus on user experience, an increased adoption of predictive analytics, security considerations, a surge in demand for superior reporting and analytics, regulatory standards, and improved collaboration tools. The forecast period will also see dominant trends like artificial intelligence and automation technologies, machine learning algorithms, blockchain technology, real-time financial reporting, integration with IoT devices, and customizable and scalable solutions.
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What are the most significant trends transforming the online bookkeeping and accounting software market today?
Focused on offering innovative solutions, major firms in the online bookkeeping and accounting software market, like QuickBooks Online Accountant, are catering to the evolving business requirements. QuickBooks Online Accountant is designed to simplify financial processes, reduce errors, and free up resources for companies to concentrate on strategy. For example, in May 2023, the financial software specialist firm Intuit Inc., based in the US, rolled out QuickBooks Online Accountant worldwide, making it available to accounting professionals in over 170 countries for free. The platform provides a singular login and dashboard that displays real-time client data, automates transactions, workflows for task automation, integrated applications for multiple functions, and employs artificial intelligence to predict tax estimates.
Which key market segments comprise the online bookkeeping and accounting software market and drive its revenue growth?
The online bookkeeping and accounting software market covered in this report is segmented –
1) By Type: Cloud-Based, On-Premises
2) By Pricing Model: Subscription-Based, Pay-As-You-Go
3) By Application: Small And Medium Enterprises (SMEs), Large Enterprises
Subsegments:
1) By Cloud-Based: Saas (Software-As-A-Service) Solutions, Subscription-Based Models, Cloud Hosting And Maintenance Services
2) By On-Premises: Licensed Software, Perpetual Licensing Models, On-Site Deployment And Support
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What regions are at the forefront of online bookkeeping and accounting software market expansion?
North America was the largest region in the online bookkeeping and accounting software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online bookkeeping and accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the online bookkeeping and accounting software market?
Major companies operating in the online bookkeeping and accounting software market are NetSuite Inc., SAP SE, Intuit Inc., Workday Inc., Baker Tilly International Ltd., The Sage Group plc, Zoho Corporation, Epicor Software Corporation, Xero Limited, Workiva Inc., Kingdee International Software Group Limited, Ramp Business Corporation, Reckon Limited, The Neat Company, Botkeeper Inc., Wave Financial Inc., Dext, Hubdoc Inc., Pandle Accounting Software, TaxSlayer Pro LLC, LessAccounting LLC, Accountzontrack LLC, FreshBooks Inc., Cougar Mountain Software Inc., FreeAgent Central Limited, KashFlow Software Ltd.
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What Is Covered In The Online Bookkeeping And Accounting Software Global Market Report?
•Market Size Forecast: Examine the online bookkeeping and accounting software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the online bookkeeping and accounting software market for a structured understanding.
•Key Players Overview: Analyze major players in the online bookkeeping and accounting software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the online bookkeeping and accounting software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the online bookkeeping and accounting software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the online bookkeeping and accounting software market.
•Industry Challenges: Identify potential risks and obstacles affecting the online bookkeeping and accounting software market.
•Competitive Landscape: Review strategic developments in the online bookkeeping and accounting software market, including expansions, agreements, and new product launches.
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