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Accounting and Budgeting Software Market Trends

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

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Accounting and Budgeting Software Market Trends

Technological advancements in budgeting software are driving growth in the accounting and budgeting software industry. Innovations such as artificial intelligence, automation, and improved data analytics enhance the functionality & efficiency of these software solutions. For instance, in September 2023, Euna Solutions introduced Budget Book Studio, a novel feature integrated into Euna Budget and powered by Questica. This addition empowers finance professionals in the public sector to effortlessly generate visually appealing online budget books, providing a convenient means to share comprehensive budget information with their community.

One of the significant trends propelling the accounting and budgeting software market is the increasing emphasis on Environmental, Social, and Governance (ESG) reporting. Organizations are adopting software solutions that support ESG accounting practices, reflecting a growing awareness of sustainability and responsible business practices. This trend aligns with global efforts toward corporate responsibility, influencing the development and adoption of software features that facilitate accurate tracking & reporting of ESG metrics within financial management processes.

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.