The global accounting and budgeting software market experienced significant growth in 2020 and is projected to maintain a steady revenue compound annual growth rate (CAGR) in the forecast period. Several factors contribute to this growth, including the increasing penetration of the Internet of Things (IoT) and the growing adoption of cloud-based services across various industries. The digitalization of accounting & budgeting processes is also a key driver, offering benefits such as enhanced accuracy, quick data entry, reduced operational costs, and improved tax compliance. These factors contribute to the rising demand for accounting & budgeting software and support the overall market revenue growth.

Accounting & budgeting software is a computer application designed to assist bookkeepers and accountants in recording and reporting a company's financial activities. It enables businesses to gain insights into their income and spending patterns, facilitating optimal financial control. The capabilities of accounting & budgeting software vary among different products. Large-scale companies often choose customized systems that integrate vast volumes of data generated from various departments, while small businesses often opt for off-the-shelf solutions. The software can aid in debt reduction, budget management, financial consultancy, and provide data for external and internal assessments, annual financial audits, and financial analysis of the firm.

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This report further emphasizes that revenue growth of the global accounting & budgeting software market is significantly driven by rising concerns regarding tedious and time-consuming operations of finance departments that can be addressed by using specialized software for accounting and budgeting. The report also highlights that accounting & budgeting software can help to reduce the chances of mistakes happening due to manual accounting and budgeting.

Additionally, the growing trend of small and medium businesses working with e-commerce players and integrating with other online applications, such as automated bank feeds and automated billing capabilities, can increase the adoption of accounting & budgeting software. The report also suggests that accounting & budgeting software can assist account personnel in assessing the underlying components within an organization that affect how much money can be made by the organization.

Moreover, security and networking issues associated with hosted software on cloud or web portals could also be a significant challenge for the accounting & budgeting software market. Companies may be hesitant to store their sensitive financial data on the cloud due to security concerns or may face challenges in integrating with other systems and networks.

Top Companies Operating in the Accounting and Budgeting Software Market:

• FreshBooks
• BigTime
• BQE Core
• FINSYNC
• Sage Intacct
• Waze
• Adaptive Insights
• Prophix
• Wave Accounting
• Planful Inc.
• Workbooks
• Vena Solutions
• Oracle Corporation
• Microsoft Corporation
• SAP SE
• Xero Ltd
• Intuit Inc.

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Moreover, the report highlights that companies focusing on digitizing their accounting and budgeting services, as well as the increased use of software as a service (SaaS), is expected to boost revenue growth of the market. Overall, the report provides insights into the various factors that are expected to drive revenue growth of the global accounting & budgeting software market, including the increasing adoption of technology and the growing trend of small and medium businesses integrating with other online applications.

One of the primary factors is the high implementation and integration costs required to incorporate this software with the existing systems. This can deter some companies from adopting accounting & budgeting software, especially small and medium-sized businesses with limited financial resources.

The global market is further segmented into type and application:

Product Type Outlook (Revenue, USD Billion; 2018-2028)

• On-Premise
• SaaS

Application Outlook (Revenue, USD Billion; 2018-2028)

• SME (Small and Medium Enterprises)
• Large Enterprise

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Takeaways of the Competitive Overview Section:

• Overview of the company profiles of each market player
• Industrial chain analysis of each player
• Revenue share contribution
• Sales network and distribution channels and net profits and losses of each company
• Key business growth strategies are undertaken by these players

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