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Accounting and Budgeting Software Market Size

Report ID: GMI7905
Published Date: Jan 2024
Report Format: PDF

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Accounting and Budgeting Software Market Size

Accounting and Budgeting Software Market size was valued at USD 18.7 billion in 2023 and is estimated to register a CAGR of over 12% between 2024 and 2032. Increasing seed funding for accounting platforms is propelling growth in the market. This surge in financial support enables the development and expansion of innovative solutions, fostering advancements in bookkeeping, budgeting & financial management.

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For instance, in June 2023, Omnevue secured USD 3.1 million in seed funding to bolster the growth and enhancement of its ESG accounting platform. The funding was spearheaded by venture capital entities, Elbow Beach Capital and Pi Labs accompanied by support from Zone2boost, an open innovation initiative and investor established by CaixaBank, Global Payments & Ingenico along with contributions from various angel investors.

Accounting and Budgeting Software Market Report Attributes
Report Attribute	Details
Base Year:	2023
Accounting and Budgeting Software Market Size in 2023:	USD 18.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	12%
2032 Value Projection:	USD 54.2 Billion
Historical Data for:	2018 - 2023
No. of Pages:	250
Tables, Charts & Figures:	387
Segments covered:	Type, Organization Size, Deployment Model, Application, End User
Growth Drivers:	Rising seed funding for accounting platforms The emphasis on ESG reporting Growing Small and Medium-sized Enterprises (SME) Ongoing technological advancements in accounting software
Pitfalls & Challenges:	Data privacy and security concerns Software integration challenges

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The accounting and budgeting software market is propelled by continual technological progress, particularly in cloud computing, artificial intelligence, and automation. These advancements empower accounting software with enhanced features, improved scalability, and increased accessibility. Cloud-based solutions enable real-time collaboration and data access from diverse locations, catering to the evolving needs of businesses in an increasingly digital & interconnected world. The integration of cutting-edge technologies enhances the efficiency and effectiveness of financial management processes, driving market growth.

Cybersecurity concerns pose a significant challenge to the accounting and budgeting software industry. Many small businesses and home offices lack robust cybersecurity measures, making them susceptible to cyber threats. Limited awareness, budget constraints, and the absence of dedicated IT staff contribute to vulnerabilities. Addressing these challenges requires focused efforts to enhance cybersecurity education, provide affordable & user-friendly security solutions, and promote best practices to safeguard sensitive data in the evolving landscape of remote work & small office operations.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of accounting and budgeting software reached USD 18.7 billion in revenue in 2023 and is set to observe 12% CAGR from 2024 to 2032, propelled by the rising seed funding for accounting platforms.

The on-premises segment accounted for more than 60% of the market share in 2023, owing to the rising need for enhanced control over server hardware and data configurations.

North America held more than 35% of the market share in 2023, due to the proliferation of cloud-based accounting software in the region.

The competitive landscape of the market includes prominent companies, such as Acumatica, FreshBooks, Wave Financial Inc., Intuit Inc., Microsoft Corporation NetSuite (Oracle), Sage Group, SAP SE, Xero, and Zoho Corporation.