Global Business Accounting Software Market Analysis Projects Growth

Business accounting software is either online or offline application software that keeps track of accounting transactions and manages the monetary affairs of a business. It provides businesses a cheaper, faster, efficient and reliable alternative to the use of human workforce by automating the management of accounts payables, account receivables, general ledger, business’s payroll and other business modules. Businesses are increasingly tapping on to this knowledge and making more use of business accounting software.

According to the latest studies, the recent trends suggest a flourish in the market at a compound annual growth rate (CAGR) of 6.8 percent during the 2017-2024 forecast period. The global market value for business accounting software which was valued at $3.2 billion in 2016 is expected to reach $4.4 billion by the end of 2024. The rapid growth of the business accounting software market is the result of the rapid emergence of business accounting mobile applications and the requirement of small businesses to effectively manage their accounts.

The business accounting software market is geographically divided into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa region with North America being the dominant market. The market in North America is expected to see a steady growth citing factors like the increasing penetration of mobile business accounting software and the adoption of technological advancements.

Additionally, the region predicted to be the fastest grower in the business accounting software market during the forecast is the Asia Pacific. The emergence of small businesses and increasing investments in the business sector offer the perfect platforms for growth in this region.