Accounting Practice Management Software Global Market Report 2024

The accounting practice management software market size has grown rapidly in recent years. It will grow from $0.72 billion in 2023 to $0.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to the increasing adoption of digital technologies, growing demand for automation, the rise of cloud-based solutions, the shift towards remote working environments, and increasing emphasis on secure data storage.

The accounting practice management software market size is expected to see rapid growth in the next few years. It will grow to $1.25 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period can be linked to several factors, including the adoption of blockchain technology, the transition towards subscription-based pricing models, the creation of specialized solutions for specific industries, rising demand for mobile-compatible accounting software, and the implementation of advanced cybersecurity measures. Key trends expected during this period encompass the integration of artificial intelligence (AI), improved integration capabilities, a growing emphasis on customizable features, the introduction of real-time reporting and analytics tools, and the deployment of advanced compliance management solutions.

The anticipated surge in cloud-based solutions is set to drive the growth of the accounting practice management software market in the coming years. Cloud-based solutions encompass applications, storage, on-demand services, computer networks, or other resources accessed via the internet through a provider's shared cloud computing infrastructure. The growth of cloud-based solutions is attributed to their cost-efficiency, global accessibility, support for expanding businesses, and facilitation of remote work and collaboration. Accounting practice management software streamlines operations on the cloud by offering remote access, real-time collaboration, and scalable infrastructure, thereby enhancing efficiency and flexibility for accounting firms. For example, according to Eurostat in December 2023, 45.2% of enterprises within the European Union utilized cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Moreover, compared to 2021, EU enterprises' adoption of cloud computing services increased by 4% in 2023. Notably, medium-sized enterprises witnessed a significant rise in adoption, with 59% procuring cloud computing services in 2023, up from 53% in 2021. Consequently, the growth of cloud-based solutions is a key driver of the accounting practice management software market's expansion.

Prominent companies in the accounting practice management software market are concentrating on developing innovative technologies, such as GPT-powered artificial intelligence tools, to gain a competitive advantage. A GPT-powered artificial intelligence tool utilizes OpenAI's Generative Pre-trained Transformer (GPT) model to perform various tasks. For instance, in May 2023, Karbon Inc., a US-based software company, introduced the GPT-powered artificial intelligence tool Karbon AI. Karbon AI aims to enhance accountant efficiency and improve client experiences by optimizing email management. Its features include summarizing lengthy email threads, adjusting email tones, prioritizing inbox messages, and generating email drafts based on prompts and workflow tasks.

In February 2022, Paradigm, a US-based software company, acquired Trustbooks LLC for an undisclosed sum. With this acquisition, Paradigm intends to enhance its offerings to the legal sector by providing an attorney-friendly solution that monitors client trust account activities and automatically updates ledgers for immediate access. Trustbooks LLC is a US-based software company specializing in accounting practice management software tailored specifically for law firms.

Major companies operating in the accounting practice management software market are Intuit Inc., Thomson Reuters Corp., Sage Group plc, Xero Limited, Unit4 N.V, Canopy Pte. Ltd., MYOB Group Co Pty Ltd, IRIS Software Group, BigTime Software Inc., Dext Prepare Inc., Capterra Inc., Onvio LLC, TPS Cloud Axis Software Inc., OfficeTools Inc., Aero Workflow Inc., EasyCloud Consultants Pvt Ltd, TaxDome Inc., Pixie Labs Inc., Senta Saas Limited, Karbon Inc., Financial Cents Inc., ApprovalMax Ltd., AccountancyManager Ltd.

North America was the largest region in the accounting practice management software market in 2023. The regions covered in the accounting practice management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the accounting practice management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Accounting practice management software is specifically designed to assist accounting firms in efficiently handling their internal operations and client engagements. These software solutions are aimed at streamlining administrative tasks, fostering collaboration among team members, improving client communication, and ultimately boosting productivity and profitability for accounting practices.

The primary categories of accounting practice management software include on-premise and cloud-based solutions. On-premise refers to IT systems' hardware infrastructure and software applications that are maintained and operated within a company's physical location. These solutions can be deployed in integrated or standalone setups and are utilized across small and medium-sized enterprises (SMEs) as well as large enterprises. They are extensively used in sectors such as banking and finance, healthcare, manufacturing, and retail among other end-user domains.

The accounting practice management software market research report is one of a series of new reports that provides accounting practice management software market statistics, including accounting practice management software industry global market size, regional shares, competitors with a accounting practice management software market share, detailed accounting practice management software market segments, market trends and opportunities, and any further data you may need to thrive in the accounting practice management software industry. This accounting practice management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The accounting practice management software market includes revenues earned by entities by providing services such as workflow management, client management, and document management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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