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Accounting Software Global Market Report 2022: Ukraine-Russia War Impact
Major players in the accounting software market are Intuit Inc, Sage Software Inc, SAP SE, Oracle Corporation, Microsoft Corporation, Infor Inc, Epicor Software Corporation, Unit4 Business Software Limited, Xero Ltd, Zoho Corp, Red Wing Software Inc, MYOB Group Pty Ltd, Reckon Ltd, Saasu Pty Ltd, and Tally Solutions Private Limited.
New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Accounting Software Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368546/?utm_source=GNW
The global accounting software market is expected to grow from $13.94 billion in 2021 to $15.71 billion in 2022 at a compound annual growth rate (CAGR) of 12.65%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The accounting software market is expected to grow to $24.13 billion in 2026 at a compound annual growth rate (CAGR) of 11.34%.
The accounting software market consists of sales of accounting software by entities (organizations, sole traders, and partnerships) that are used for optimizing business financial accounting processes such as invoicing and billing, tax calculation, financial reporting, project management, and others. Accounting software is used by bookkeepers, accounting professionals, and business owners to process accounting transactions and manage accounts.
The main components of accounting software include solutions and services.Accounting software solutions help in optimizing business financial accounting processes and handle day-to-day business transactions for hassle-free bookkeeping.
The different accounting software types include spreadsheets, commercial accounting software, enterprise accounting software and custom accounting software.The deployment types for accounting software include on-premise and cloud, used by enterprise sizes such as large enterprises and SMEs.
The different accounting software industry verticals include BFSI, retail and e-commerce, manufacturing, IT and telecom, healthcare, government and public sector, energy and utilities, media and entertainment and other verticals.
North America was the largest region in the accounting software market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing demand for automation in accounting processes is driving the growth of the accounting software market.The increasing demand from the finance and accounting professionals around the world for increasing the efficiency of the accounting processes generates higher demand for accounting software.
According to a 2022 survey by Airbase, a spend management platform, comprising nearly 200 finance and accounting professionals in the US, 78% of the respondents agreed that automation would have a positive impact on their growth, and 47% said that a lack of automation was costing them time and money. Therefore, the increasing focus on automation in accounting processes drives the accounting software market.
Technological advancement is a key trend gaining popularity in the accounting software market.Major companies in the accounting software market are integrating advanced technologies such as AI (artificial intelligence) to launch innovative solutions.
For instance, in July 2021, Xero, a New Zealand-based accounting software company, launched new planning, insights, and reporting tool, Analytics Plus, for small and medium-sized businesses. The tool combines cash flow forecasting and advanced predictions using AI to give businesses insights into different financial parameters.
In October 2021, FreshBooks, a Canada-based invoice and accounting software company, acquired FastBill for an undisclosed amount.With this acquisition, FreshBooks gained access to FastBill’s expertise in European Union tax filing policies and enhanced accounting technologies.
FreshBooks intends to expand into new markets and expand its platform to be more extensive. FastBill is a Germany-based accounting software provider.
The countries covered in the accounting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The accounting software market research report is one of a series of new reports that provides accounting software market statistics, including accounting software industry global market size, regional shares, competitors with a accounting software market share, detailed accounting software market segments, market trends and opportunities, and any further data you may need to thrive in the accounting software industry. This accounting software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06368546/?utm_source=GNW
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