The global accounting software market was worth over US$11bn in 2018. According to Fortune Business Insights, the market is expected to top US$20bn by 2026, registering a remarkable compound annual growth rate of 8.02% during the period.
Over the forthcoming years, the user interface of accounting software is expected to become more engaging to meet customer requirements.
The rising adoption of modern technologies in Asia Pacific is driving the accounting software market
‘Preference towards new and advanced accounting software is increasing over conventional software as they have become obsolete,’ says a Fortune Business Insights analyst. ‘Conventional accounting software lacked technological competitiveness, which created an environment for expansion and upgradation of the accounting software market.’
In 2018, the market in North America was worth US$3.76bn. The region is expected to lead in the global accounting software market through the forecast period.
The rising adoption of modern technologies in Asia Pacific, such as business accounting apps, is driving the accounting software market. The region is expected to register strong demand for enterprise resource planning (ERP) software to manage spreadsheets and understand tax management better. Moreover, the market generated a value of US$2.64bn in 2018.