Market Research Future (MRFR), in its research report, asserts that the global Tax and Accounting Software Market 2020 is booming and slated to grow exponentially over the review period, recording a substantial market valuation and a healthy 7.9% CAGR in the forecast period.
The prominent market players operating in the global market as acknowledged by MRFR are Intuit Inc., SAP SE, The Sage Group, Oracle Corporation, Microsoft Corporation, TeamSystem SpA, FreshBooks, Epicor, Unit4, Xero Limited, Red Wing Software Inc., Wolters Kluwer, Tally Solutions Private Limited, Kingston & Knight Accountants, Dezan Shira & Associates, and KPMG International among others.
Drivers and Restraints
The advent of digital commerce and technological developments, such as integration with other online applications such as automated bank feeds, automated billing apps, among others, and small and medium-sized businesses collaborating with e-commerce players will drive the tax and accounting software industry.
However, concerns about data protection and privacy could hinder growth of the accounting software market.
The geographical overview of the global market has been analyzed in four major regions, comprising North America, the Asia Pacific, Europe, and the rest of the world. North America recorded for the largest market share of 39.73% in 2018, with a market share of $7.4 billion; the market is expected to register a CAGR of 5.9% over the review period. With the rising number of enterprises in the developing regions such as Asia-Pacific, Middle East, and Africa, Latin America, and the demand for these solutions has augmented significantly. Europe was the second-largest market in 2018, recorded $5.2 billion; the market is anticipated to exhibit a CAGR of 6.9%.
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The global Tax and Accounting Software Market has been segmented based on software type, organization size, deployment mode, and vertical.
Based on the software type, the market has been segmented into accounting software, tax and accounting software, and tax software. The accounting software has been divided into payroll management software, billing/invoice software, ERP system, and others. The accounting software segment recorded the largest market share of 67.6% in 2018, with a market value of USD 12.5 billion and is expected to register a CAGR of 7.6% over the review period. The tax software segment was assessed at $6.3 billion and is projected to register the highest cagr of 8.4%.
Based on the deployment mode, the market has been bifurcated into the cloud and on-premises. The on-premises segment has been assessed as a larger market share of 51.9% in 2018, with a market value of $9.6 billion and is expected to register a cagr of 5.0% during the review period. The cloud segment recorded a value of $8.9 billion and is projected to register a higher CAGR of 10.5%.
Based on the organization size, the market has been bifurcated into small- and medium-sized
enterprises and large enterprises. The SME segment accounted for the broader market share of 58.9% in 2018, with a market value of $10.8 billion; it is poised to register a higher CAGR of 8.1% over the review period. The large enterprise segment recorded a value of $7.7 billion; it is projected to exhibit a CAGR of 7.5%.
Based on the vertical, the market has been segmented into BFSI, retail and consumer goods, IT and telecommunications, healthcare, manufacturing, and others. The manufacturing segment assessed as the largest market share of 33.1% in 2018, with a market value of $6.1 billion and is expected to register the highest CAGR of 8.4% during the review period. The retail & e-commerce sector was the second-largest market in 2018, recorded at $3.6 billion, and is anticipated to observe a CAGR of 7.9%.
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