The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 14, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s The Accounting and Budgeting Software Global Market Report 2023, the market is projected to surge from $19.07 billion in 2022 to $21.34 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 11.9%. This upward trajectory is set to continue, propelling the accounting and budgeting software market to $33.11 billion by 2027 at a steady CAGR of 11.6%.
Driving Force: Surge in Startups
The impetus behind this remarkable accounting and budgeting software market growth is the escalating number of startups worldwide. Startups, representing the embryonic stages of businesses, are instrumental in propelling the accounting and budgeting software market forward. Accounting and budgeting software streamline financial management for startups, providing real-time insights crucial for informed decision-making during the early growth stages. Notably, in 2022, the UK witnessed a record-breaking 4.53% increase in new business registrations, reaching 790,390 startup registrations, as reported by the Center for Entrepreneurs' business startup index report.
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Accounting And Budgeting Software Market Leaders
Key players steering the accounting and budgeting software market include Microsoft Corporation, Oracle Corporation, and Intuit Inc. This formidable lineup underscores the market's depth and the commitment of industry leaders to fostering innovation and advancing financial technologies.
Trend Spotlight: Innovations in Accounting Tracking Tools
Innovations in accounting tracking tools take center stage as a key trend in the accounting and budgeting software market. Companies such as Ledgible are at the forefront, introducing specialized accounting tracking and management tools to meet evolving demands. Ledgible's NFT Suite, launched in June 2023, offers professional NFT portfolio management, tax and accounting tracking, reporting, and year-round planning, catering to the growing needs of active investors in the cryptocurrency space.
Regional Dynamics and Market Segmentation
North America dominated the accounting and budgeting software market in 2022, with innovations continuing to emanate from this region.
The accounting and budgeting software market is intricately segmented based on type (accounting software, budgeting software), deployment type (on-premise, Software as a Service - SaaS), enterprise size (large enterprises, small and medium-sized enterprises), application (personal money management, business money management), and industry verticals (IT and Telecom, healthcare, government and public sector, energy and utilities, BFSI, retail and ecommerce, manufacturing, and other industry verticals).
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In conclusion, the Accounting and Budgeting Software Global Market Report 2023 is an indispensable guide for businesses seeking to capitalize on the dynamic landscape of financial technologies. Industry players can leverage the insights provided in the report to align their strategies with market trends, meet the demands of startups and evolving industries, and foster innovation. Seize the opportunity to propel your business to new heights by staying ahead of the curve with this comprehensive report.
Accounting And Budgeting Software Global Market Report 2023 by The Business Research Company provides insights on the accounting and budgeting software market size, accounting and budgeting software market segments, accounting and budgeting software market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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