FMI's Comprehensive Study on Accounting Software Market

The Accounting Software Market is anticipated to reach a valuation of US$ 14.1 billion at a CAGR of around 5.8% through 2032, according to a recent analysis by Future Market Insights (FMI). By the end of 2022, the market is anticipated to reach US$ 8.0 billion.

The commercial off-the-shelf, enterprise accounting, custom accounting, reconciliation, and tax management software segments make up the software category. By 2032, the market for enterprise accounting software is expected to be worth US$ 5.2 billion, growing at a 6.8% annual rate.

Different organizations are executing enterprise accounting software since they help the board perform business exercises in a solitary system. ERP is a prominent segment of prominent software, and an ERP system contains various modules that address unequivocal business needs.

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Several organizations have been implementing enterprise accounting software since they assist with carrying out resource management and coordinate all business activities in a single system. ERP is a prominent section of enterprise software, and an ERP system comprises different modules that address explicit business needs.

ERP system does not require a wide range of tools to handle the various needs of different departments, as it has an integrated solution multiple tasks can foresee in a single platform.

As enterprise business grows, the need of automating complex data and as the reporting strategies will increase and the monitoring of assets is very much required, and in these scenarios, enterprise accounting software is prominently useful. The accounting and fund management capacities and abilities intrinsic in ERP arrangements give real-time information to the departments which boost decision-making effectively.

Key Takeaways from the Accounting Software Market Study

• Enterprise accounting software is expected to hold the largest share in the component segment and is expected to grow at a CAGR of 6.8% in forecast period.
• The market in the U.S. is projected to account for a CAGR 7.0% from 2022 to 2032.
• Software as a Service is expected to emerge as the fastest-growing segment with market value of US$ 9.2 Bn in 2032 and registering a CAGR of 6.8% from 2022 to 2032.

"Global revenue through the offices of certified public accountants is expected to swell by US$ 1 Bn between 2022 and 2024; carrying enormous opportunity for accounting software market" says an FMI analyst.

Author: Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm.