Cloud Accounting Software Global Market Report 2024

The cloud accounting software market size has grown strongly in recent years. It will grow from $4.48 billion in 2023 to $4.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed in the historic period can be attributed to several key factors. Firstly, there was a significant emphasis on business continuity planning, with businesses increasingly adopting cloud accounting solutions to ensure uninterrupted operations in the face of potential disruptions. Secondly, the need for enhanced data accessibility drove the adoption of cloud accounting software, enabling businesses to access financial data from anywhere with internet connectivity.

The cloud accounting software market size is expected to see strong growth in the next few years. It will grow to $7.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The projected growth in the forecast period is expected to stem from various factors. Collaborative ecosystems are anticipated to play a significant role, fostering cooperative efforts among businesses and stakeholders. Additionally, there is an increasing emphasis on environmental sustainability initiatives, driving the adoption of cloud accounting solutions that promote eco-friendly practices. Regulatory compliance updates are also expected to drive growth, as businesses seek to stay abreast of evolving regulations and requirements. Furthermore, cybersecurity enhancements will be crucial in ensuring the security and integrity of financial data.

The anticipated growth of the cloud accounting software market is attributed to the increasing household income, reflecting a rise in total earnings or revenue among all household members over a specified period. Cloud accounting software enables service providers to access financial data and conduct accounting tasks remotely, leveraging internet connectivity. This technology offers real-time updates, facilitates timely decision-making, improves accuracy in financial reporting, and enhances overall operational efficiency. Notably, in September 2022, the United States Census Bureau reported a real median household income of $70,784 in 2021, with a 1.2% increase in income inequality between 2020 and 2021. Furthermore, projections from S&P Global in January 2022 suggest a 12.1% increase in median household income to $81,230 by 2027 from $72,465 in 2022 in the US. The upward trajectory of household income is thus a key driver fueling the growth of the cloud accounting software market.

Innovative software solutions, such as accounting and audit services, are a focal point for major companies operating in the cloud accounting software market. These solutions are tailored to assist accounting firms in streamlining their operations efficiently by offering a comprehensive platform. For example, in November 2023, Zoho Corporation introduced Zoho Practice, an end-to-end practice management solution designed for chartered accountants (CAs). This software serves as a centralized hub for simplifying the activities of cloud accounting and auditing firms, facilitating internal and client communication for various business requirements. Additionally, Zoho Practice integrates seamlessly with Zoho Books, enriching the functionality and insights available to accounting professionals.

In September 2023 witnessed Visma Solutions' strategic acquisition of Silverfin Ltd., bolstering its presence in the Belgian software sector and reinforcing its position as Europe's cloud accounting software champion. Silverfin Ltd., a Belgium-based cloud-native provider of post-accounting software, including account preparation and related workflows, aligns with Visma's growth objectives and enhances its product portfolio. Through this undisclosed acquisition, Visma aims to expand its market reach and strengthen its capabilities in delivering innovative cloud accounting solutions to clients across Europe.

Major companies operating in the cloud accounting software market are Microsoft Corporation, International Business Machine Corporation, Oracle Corp., SAP SE, Intuit Inc., Workday Inc., Dropbox Inc., Sage Group plc, BMC Software Inc., Yonyou Company Ltd., Xero Limited, Epicor Software Corporation, Infor Global Solutions, Zoho Corporation Pvt. Ltd., Verint Systems Inc., Kingdee International Software Group (Hong Kong) Co. Ltd., HelpSystems Inc., Carbonite Inc., FinancialForce.com Inc., Reckon Limited, Robocloud Technologies Private Limited, Apptivo Inc., KashFlow Software Ltd., Wave Financial Inc., MEGI Cloud Accounting Software.

North America was the largest region in the cloud accounting software market in 2023. The regions covered in the cloud accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the cloud accounting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud accounting software encompasses software applications that deliver accounting and financial management capabilities via cloud-based platforms. Unlike traditional software installed on individual computers or servers, cloud accounting software operates entirely online, accessible through web browsers or dedicated mobile applications.

The primary types of cloud accounting software include browser-based, application service providers (ASP), and software as a service (SaaS). Browser-based solutions are accessed through web browsers, facilitating easy access without the need for individual device installations. These browser-based functionalities cater to a diverse range of enterprises, including small, medium, and large-scale businesses. They are utilized across various industries, such as information technology, banking, financial services, insurance, telecommunications, healthcare, government, and the public sector.

The cloud accounting software market research report is one of a series of new reports that provides cloud accounting software market statistics, including cloud accounting software industry global market size, regional shares, competitors with a cloud accounting software market share, detailed cloud accounting software market segments, market trends and opportunities, and any further data you may need to thrive in the cloud accounting software industry. This cloud accounting 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 cloud accounting software market consists of revenues earned by entities providing services such as payroll management, bank reconciliation, financial reporting, expense tracking, invoicing, billing, and bookkeeping. The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud accounting software market also includes sales of payroll software, expense management software, invoicing and billing tools, advanced accounting software, and basic accounting software. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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