Global Accounting & Budgeting Software Market is Expected to Reach $47.97 Billion by 2031: Allied Market Research

The growth of the accounting and budgeting software market is attributed to several factors, including rise in adoption of automation in daily business-related operations, rise in accuracy of books of accounting and budgeting, and surge in use of advanced technologies such as AI & ML. Based on region, North America garnered the major share in 2021, accounting for around two-fifths of the global accounting and budgeting software market revenue.

/EIN News/ -- Portland, OR, July 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global accounting and budgeting software market generated $16.85 billion in 2021, and is estimated to reach $47.97 billion by 2031, witnessing a CAGR of 11.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market. 

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Report Coverage and Details: 

Report Coverage	Details
Forecast Period	2021 to 2031
Base Year	2021
Market Size in 2021	$16.85 billion
Market Size in 2031	$47.97 billion
CAGR	11.4%
No. of Pages in Report	454
Segments Covered	Offering, Type, Application, Enterprise Size, Industry Vertical, and Region
Drivers	Rise in adoption of automation in daily business-related operations  Rise in accuracy of books of accounting and budgeting  Surge in use of advanced technologies such as AI & ML.
Opportunities	Opportunity to access unexplored markets and the availability of trained professionals  Rise in developments & initiatives toward accounting & budgeting software
Restraints	High initial cost of software  Rise in developments & initiatives toward accounting & budgeting software

COVID-19 Scenario: 

• The outbreak of the COVID-19 pandemic had a significant impact on the global accounting and budgeting software market, owing to increase in usage and adoption of online & digitalized platforms for financial operations globally.  
• Accounting & budgeting software experienced massive growth as various businesses and the banking industry have increasingly relied 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 risen because of remote working. This, in turn, became one of the major growth factors for the accounting & budgeting software market during the global health crisis. 

The report comprehensively analyzes the global accounting and budgeting software market, covering its various segments such as Offering, Type, Application, Enterprise Size, Industry Vertical, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.  

Based on offering, the solution segment held the largest share in 2021, accounting for more than three-fifths of the global accounting and budgeting software market revenue and would dominate the market in terms of revenue through 2031. The services segment, however, is estimated to witness the fastest CAGR of 13.4% during the forecast period.  

Based on type, the accounting software segment captured the largest share of around three-fourths of the global accounting and budgeting software market revenue in 2021 and is expected to lead the trail during the forecast period. However, the budgeting software segment is likely to achieve the fastest CAGR of 13.5% by 2031. 

On the basis of application, the business money management segment held the largest share in 2021, accounting for more than three-fourths of the global accounting and budgeting software market revenue and would dominate the market in terms of revenue through 2031. The personal money management segment, on the other hand, is estimated to witness the fastest CAGR of 13.4% during the forecast period. 

Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global accounting and budgeting software market revenue.  The market in Asia-Pacific, however, is expected to manifest the fastest CAGR of 16.3% from 2022 to 2030 and is likely to maintain its dominance during the forecast period.  

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Leading players of the global accounting and budgeting software market analyzed in the research include Planful, MIP Fund Accounting, SAP SE, The Sage Group plc, Wave Financial Inc., QuickBooks, FreshBooks, Zoho Corporation Pvt. Ltd, Xero Limited, Scoro Software, Microsoft, Prophix, Coupa Software, Inc., Intuit Inc., Vena Solutions, Oracle, and Quicken. 

The report analyzes these key players of the global accounting and budgeting software market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player. 

KEY BENEFITS FOR STAKEHOLDERS 

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the accounting & budgeting software market analysis from 2021 to 2031 to identify the prevailing accounting & budgeting software market share. 
• Market research is offered along with information related to key drivers, restraints, and opportunities. 
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 
• In-depth analysis of the accounting & budgeting software market size segmentation assists to determine the prevailing accounting & budgeting software market opportunity. 
• Major countries in each region are mapped according to their revenue contribution to the global market. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
  
• The report includes the analysis of the regional as well as global accounting & budgeting software market trends, key players, market segments, application areas, and market growth strategies. 

Accounting & Budgeting Software Market Report Highlights 

Aspects, Details 

By Offering 

• Solution 
• Services 

By Type 

• Accounting Software 
• Budgeting Software 
  

By Application 

• Personal Money Management 
• Business Money Management 

By Enterprise Size 

• Large Enterprises 
• Small and Medium Sized Enterprises 

By Industry Vertical 

• IT and Telecom 
• Healthcare 
• Government and Public Sector 
• Energy and Utilities 
• Others 
  
• BFSI 
• Retail and Ecommerce 
• Manufacturing 

By Region 

• North America (U.S., Canada) 
• Europe (United Kingdom, Germany, France, Italy, Spain, Russia, Rest of Europe) 
• Asia-Pacific (China, Japan, India, Australia, South Korea, Singapore, Rest of Asia-Pacific) 
• LAMEA (Latin America, Middle East, Africa) 

Key Market Players:  Wave Financial Inc., Prophix, Vena Solutions, Quicken, Intuit Inc., Scoro Software, Zoho Corporation Pvt. Ltd, FreshBooks, The Sage Group plc, MIP Fund Accounting, Microsoft, Planful, Coupa Software, Inc., QuickBooks, Oracle, Xero Limited, SAP SE 

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