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Accounting Software Market Strategy in the Making Leveraging Focus Groups for Business Success | Intuit, Inc., Zeta Software LLC, Thomson Reuters Corporation

Accounting Software Market Strategy in the Making Leveraging Focus Groups for Business Success | Intuit, Inc., Zeta Software LLC, Thomson Reuters Corporation

Report Ocean is a comprehensive analysis of the “Accounting Software Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

Refreshed Content:

The Global Accounting Software Market, valued at approximately USD 15.86 billion in 2022, is poised for substantial growth, projected to witness a healthy growth rate of more than 19.6% over the forecast period from 2023 to 2030. Accounting software, designed to streamline and automate financial tasks and record-keeping processes, plays a pivotal role in organizational efficiency. It facilitates the management and tracking of financial transactions, including invoicing, billing, payroll, expense tracking, and tax preparation. The market’s growth is attributed to factors such as the increasing adoption of innovative technologies, the rise of virtual Chief Financial Officers (CFOs), and the trend of automating accounting processes to enhance efficiency.

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Firstly, the increasing adoption of innovative technologies aimed at boosting business productivity, along with the rise of virtual Chief Financial Officers (CFOs), is positively impacting the market. Secondly, the trend of automating accounting processes to improve efficiency and eliminate manual tasks is also fueling market growth. Moreover, the presence of advanced and reliable IT infrastructure is creating a lucrative demand for accounting software solutions.

Furthermore, the rising adoption of cloud and software services is expected to drive the market’s growth. In 2022, cloud infrastructure services witnessed a substantial increase in enterprise spending, reaching 225 billion U.S. dollars. Looking ahead, the software as a service (SaaS) market is anticipated to be valued at around 197 billion U.S. dollars in 2023, with further estimated growth to reach 232 billion U.S. dollars by 2024. Additionally, the increased adoption of mobile and app-based accounting software, coupled with investments in artificial intelligence (AI)-oriented accounting software, is expected to create numerous opportunities for market expansion. However, data security and privacy concerns pose challenges, stifling market growth throughout the forecast period from 2023 to 2030.

Market Dynamics:

  • Cloud infrastructure services witnessed a significant increase in enterprise spending, reaching 225 billion U.S. dollars in 2022.
  • The software as a service (SaaS) market is anticipated to be valued at around 197 billion U.S. dollars in 2023.

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Key Regions:

Asia Pacific dominated the market in 2022, driven by the rising penetration of business accounting mobile applications and the growing adoption of cloud computing technologies. North America is expected to witness significant growth, with accounting software solutions gaining popularity across various industries.

Major Market Players:

Key market players shaping the landscape include Intuit, Inc., Zeta Software LLC, Thomson Reuters Corporation, Oracle Corporation, SAP SE, The Sage Group Plc, Microsoft Corporation, Zoho Corporation, Xero Ltd, and Infor Inc.

Recent Developments:

  1. March 2023: Focus Softnet introduced FocusLyte, a cloud-based accounting software designed for medium and small enterprises, aiding efficient management of invoices and payments.
  2. January 2023: updated its ezAccounting software, allowing customers to handle payroll and various business tasks conveniently within a single application.

Objective of the Study:

The study aims to define market sizes of different segments & countries in recent years and forecast values to the coming years. The report incorporates both qualitative and quantitative aspects, analyzing driving factors, challenges, potential opportunities, competitive landscape, and product offerings of key players.

Detailed Segments and Sub-segments:

By Component:

  • Solution
  • Services

By Deployment Mode:

  • On Premise
  • Cloud

By Enterprise Size:

  • Large Enterprises
  • SMEs

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By Type:

  • Spreadsheets
  • Commercial Accounting Software
  • Enterprise Accounting Software
  • Custom Accounting Software

By Industry Vertical:

  • Retail and Ecommerce
  • Manufacturing
  • IT and Telecom
  • Healthcare
  • Media and Entertainment
  • Others

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • ROE
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • RoAPAC
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
  • Segments Covered: Component, Development Mode, Enterprise Size, Type, Industry Vertical, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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Advantages of Opting for Our Market Research Report:

Strategic Decision-Making:

Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

Market Understanding:

A comprehensive understanding of the market is crucial for success. Our reports delve deeply into market size, segmentation, and growth drivers, ensuring businesses have a nuanced comprehension of the landscape they operate in, aiding in effective planning and execution.

Competitive Intelligence:

Staying ahead of the competition is paramount. Our reports offer detailed competitive intelligence, highlighting key players, their market share, strategies, and strengths. This enables businesses to identify opportunities for differentiation and develop robust strategies for sustainable growth.

Customer Insights:

Understanding customer behavior is fundamental to success. Our research provides in-depth customer insights, including preferences, buying patterns, and needs. This information is instrumental in tailoring products and services to meet customer expectations and enhance overall satisfaction.

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Every business venture involves risks, and our reports are designed to identify and assess potential risks within the industry. This proactive approach empowers businesses to develop risk mitigation strategies, ensuring resilience in the face of challenges and uncertainties.

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For investors and stakeholders, our reports offer a reliable foundation for investment decisions. Through thorough analysis of market trends and growth projections, we provide essential information to support sound investment and funding choices, maximizing returns on investment.

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Long-term Business Planning:

Successful businesses thrive on effective long-term planning. Our reports provide a forward-looking perspective, forecasting industry trends and potential challenges. This foresight is indispensable for crafting robust business plans that stand the test of time and dynamic market conditions.

Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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