Accounting & Budgeting Software Market : Growth in use of advanced technologies such as AI & ML | At CAGR of 11.4% 2023
Accounting & Budgeting Software Market : Growth in use of advanced technologies such as AI & ML | At CAGR of 11.4% 2023
PORTLAND, UNITED STATES, UNITED STATES, June 14, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Accounting & Budgeting Software Market," The accounting & budgeting software market was valued at $16.85 billion in 2021, and is estimated to reach $47.97 billion by 2031, growing at a CAGR of 11.4% from 2022 to 2031.
Accounting software boosts productivity, as it can be used to control cash flow in and out of a firm or to keep track of accounting activities. Due to its simplicity in handling business payroll, general ledger, account payables and receivables, and other business modules, it has emerged as a superior option for managing a company's finances as it is nonprofit budgeting software. This factor notably benefits the growth of accounting & budgeting software market. However, rise in data breaches and high implementation cost hamper the accounting & budgeting software growth of the market. Moreover, it can be also used as personal finances software by the users for personal businesses. Furthermore, it can also be used as personal bookkeeping software for personal use.
Furthermore, the global accounting & budgeting software market is in its developing phase, and exhibits high growth potential, due to rise in implementation of advanced technologies such as artificial intelligence (AI) and machine learning (ML). In addition, increase in collaborations of enterprises and fintech are expected to promote the accounting & budgeting software market growth in future. For instance, Planful Inc., a leader in cloud-based financial planning and analysis (FP&A) and consolidations software, and Trintech, a major international provider of financial close solutions, announced a strategic partnership to resell each other's products in July 2021. This is expected to create an integrated end-to-end solution for the financial and accounting process. Through this agreement, the companies will have access to the best-in-class single accounting & budgeting platform for their financial data, enabling them to carry out end-to-end FP&A, consolidation, and accounting closing operations without any delays.
By application, the business money management segment acquired a major share. The demand for business money management have increased due to the use of automation in accounting and budgeting process integrating business intelligence (BI) and predictive analytics with budget planning, which allows businesses to promote actionable planning and see different pathways toward financial success, leading to better business performance and ultimately growth.
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Region wise, North America dominated the market in accounting & budgeting software market analysis in 2021. This was attributed to the fact that users in the region are seeking accounting systems tailored to their specific needs, as opposed to generic accounting applications.
The demand for accounting & budgeting software has increased considerably during the COVID-19 pandemic. This is attributed to increased demand for recording financial data precisely owing to the trend of remote working. Moreover, accounting & budgeting software market is expected to witness growth with the increased adoption among various small & medium sized enterprises. These factors significantly contribute towards accounting & budgeting software market trends. Thus, these factors promoted the growth of the accounting & budgeting software industry during the pandemic situation.
By offering, the solution segment accounted for the highest accounting & budgeting software market share, in terms of revenue in 2021.
On the basis of industry vertical, the healthcare segment is expected to exhibit the fastest growth rate during the forecast period in accounting & budgeting software market.
Region wise, North America generated the highest revenue of accounting & budgeting software market size in 2021.
The key players operating in the accounting & budgeting software market analysis include Coupa Software, Inc., FreshBooks, Intuit Inc., Microsoft, MIP Fund Accounting, Oracle, Planful, Prophix, QuickBooks, Quicken, The Sage Group plc, SAP SE, Scoro Software, Vena Solutions, Wave Financial Inc., Xero Limited and Zoho Corporation Pvt. Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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