Accounting and Budgeting Software Global Market Report 2024

The accounting and budgeting software market size has grown rapidly in recent years. It will grow from $21.34 billion in 2023 to $23.86 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth observed in the historical period can be attributed to several factors, including the widespread digitization of accounting processes, the increasing demands for regulatory compliance, initiatives to reduce costs through efficient financial management, and heightened competition within the market. These factors collectively influenced the adoption and expansion of accounting and budgeting software during the specified historical timeframe.

The accounting and budgeting software market size is expected to see rapid growth in the next few years. It will grow to $37.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period can be attributed to various factors, including the widespread adoption of cloud computing, the integration of automation and artificial intelligence (AI) into accounting processes, the surge in remote work arrangements, the demand for globalization and scalability in financial solutions, and the increasing emphasis on cybersecurity. Key trends expected during this period encompass the rise of mobile accounting applications, the utilization of data analytics and predictive insights, seamless integration with e-commerce platforms, a focus on user experience and design, and an increased emphasis on sustainability reporting. These trends collectively reflect the evolving landscape of accounting and budgeting software, driven by advancements in technology and changing business requirements.

The surge in the number of startups is poised to drive the expansion of the accounting and budgeting software market. Startups denote newly established businesses or companies in their initial stages of development. Accounting and budgeting software tailored for startups streamline financial management, aiding in expense tracking, optimizing budgets, and delivering real-time insights crucial for informed decision-making during the early growth phases. For instance, as per the Center for Entrepreneurs' business startup index report 2022, a UK-based foundation focusing on entrepreneurship, new business registrations reached a historic high in 2022, marking a 4.53% increase from 2021 and totaling 790,390 startup registrations in 2022. Thus, the upsurge in startup numbers acts as a driving force behind the accounting and budgeting software market.

The escalating usage of smartphones is anticipated to propel the expansion of the accounting and budgeting software market. Smartphones are handheld electronic devices combining mobile phone capabilities with computing functionalities, internet connectivity, multimedia features, and a range of applications. Accounting and budgeting software accessible on smartphones empower users to manage their finances, make informed decisions, and efficiently handle financial activities whether at home, work, or while on the move. For instance, Uswitch, a UK-based price comparison website, reported that 92% of mobile users in the UK utilize smartphones as of November 2023. Additionally, data from The Office of Communications, a UK government-approved communications regulator, indicated that as of March 2022, 21% of internet users in the UK accessed the internet via smartphones. Hence, the increasing usage of smartphones serves as a catalyst for the growth of the accounting and budgeting software market.

Advancements in accounting tracking tools have emerged as a prominent trend gaining traction within the accounting and budgeting software market. Key companies operating in this sector are rolling out novel accounting tracking and management tools tailored to meet specific demands, aiming to fortify their market standing. For instance, in June 2023, Ledgible, a US-based software company specializing in audit and accounting, unveiled its latest NFT Suite. This suite offers comprehensive NFT (non-fungible token) portfolio management, tax and accounting tracking, reporting capabilities, and year-round planning. It serves as an all-in-one portfolio tracking tool intended for active investors, traders, and funds, facilitating convenient access to Ethereum-based NFT portfolios. The platform meticulously tracks and presents data on realized and unrealized gains or losses, empowering users to make well-informed decisions regarding their buying and selling activities.

Major players in the accounting and budgeting software market are launching innovative products, notably automated accounting software, to augment their profitability in the market. Automated accounting software represents a category of computerized applications engineered to streamline and automate diverse accounting and financial management tasks within organizational frameworks. For example, in September 2023, a UK-based provider specializing in accounting, payroll, and HR solutions introduced BrightPropose. This product is designed to optimize and simplify the process of creating proposals for accounting practices. Equipped with branded templates and a simplified fee-setting mechanism, the tool aims to eliminate pricing ambiguities, save time, and reduce administrative burdens. Its customizable nature is tailored to bolster the continual delivery of top-tier service, aligning with Bright's commitment to alleviating the workload of accounting professionals and fostering trust within the industry.

In September 2022, Visma, a Norway-based software company, successfully acquired Inqom SAS for an undisclosed amount. This strategic acquisition serves as an entry point for Visma into the French market, enabling the company to extend its services to a broader customer base. Visma is known for its distinctive accounting software with a focus on accounting, human resource management (HRM), and eGovernment software. Inqom SAS, the acquired entity, is a France-based software company specializing in providing new-generation SaaS software designed for accounting production and budgeting.

Major companies operating in the accounting and budgeting software market report are Microsoft Corporation, Prophix Software Inc., Oracle Corporation, SAP SE, Intuit Inc., Wolters Kluwer N.V., Blackbaud Inc., Zoho Corporation Private Limited, Deltek Inc., Xero Limited., NetSuite Inc, Coupa Software Inc., Odoo, Sage Group plc, Adaptive Inc., Expensify Inc., Planful Inc., Acumatica Inc., Wave Financial Inc., FreshBooks, Workday Adaptive Planning, Chargebee Inc., Scoro Software, FreeAgent, Questica, AccountMate Software Corporation, MIP Fund Accounting, 2ndSite Inc., Kashoo, TimeCamp Inc.

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

The main categories of accounting and budgeting software include accounting software and budgeting software. Accounting software is specifically designed to handle an organization's financial transactions and records. It supports businesses in maintaining accurate financial records, reconciling accounts, and generating the necessary financial reports for internal analysis and decision-making. These software solutions come in different deployment options, such as on-premises and software as a service (SaaS), catering to various enterprise sizes, including large enterprises and small and medium-sized enterprises. The applications of accounting and budgeting software extend to personal money management as well as business money management across different industry verticals, including information technology (IT) and telecom, healthcare, government and public sector, energy and utilities, banking, financial services, and insurance (BFSI), retail and e-commerce, manufacturing, and others.

The accounting and budgeting software market research report is one of a series of new reports that provides accounting and budgeting software market statistics, including accounting and budgeting software industry global market size, regional shares, competitors with an accounting and budgeting software market share, detailed accounting and budgeting software market segments, market trends and opportunities, and any further data you may need to thrive in the accounting and budgeting software industry. This accounting and budgeting 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 and budgeting software market includes revenues earned by entities through customized accounting and budgeting solutions such as invoicing, cash flow management, generating account reports, capturing payments, and sending receipts. 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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